118 countries said OK, and Türkiye’s decision attracted attention

This year, an initiative to accelerate global decarbonization was announced within the scope of the twenty-eighth Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), chaired by the United Arab Emirates.

Under this initiative, 118 countries have committed to tripling global renewable energy capacity and doubling the pace of progress in energy efficiency by 2030.

Countries that have signed the pledge include the United Arab Emirates, the United States, Brazil, Japan, the United Kingdom, Mexico, Poland, Germany, Australia, Canada, Denmark, France, Kenya, the Netherlands, Nigeria and Spain.

Türkiye’s decision attracted attention

Turkey, China, India and South Africa have not yet signed this commitment.

Tripling global renewable energy capacity would mean an increase from the current level of 3.4 TW in 2022 to 11 TW in 2030. These two targets are among two of the five important steps announced by the IEA for the success of the summit ahead of COP28.

In addition, within the scope of the initiative, 50 companies representing more than 40 percent of global oil production have signed the Oil and Gas Decarbonization Agreement (OGDC).

Billion dollar commitment

As part of the initiative, $1 billion was also pledged to finance methane emissions reduction projects.

At the meeting in which COP28 President Sultan Ahmed Al Jaber announced the initiative, he called on more countries to sign a commitment to triple global renewable energy capacity and double the pace of progress in energy efficiency.

Al Jaber described the launch of the OGDC as a “great step”, saying: “Although many national oil companies have adopted net-zero emissions targets for 2050 for the first time, I know they and others can do more. The entire industry is committed to keeping the temperature rising.” Global at 1.5 degrees is achievable.” “We need to set stronger goals to achieve.” He said.

In her assessment of the initiative, Joyce Lee, head of policy and projects at the World Wind Energy Council, said it reflects the consensus that tripling global renewable energy capacity by 2030 is “the most effective way” to combat climate change.

Noting that this increase in renewable energy capacity must be coupled with the phasing out of fossil fuels, Li said: “What is important now is for countries to urgently transform this goal into investment policies, regulation and measures.” He said.

Dave Jones, global analytics lead at London-based Ember Research, noted that tripling global renewable energy capacity and doubling the rate of progress in energy efficiency is critical to the goal of limiting global temperature rise to 1.5 degrees, saying: “If the target is achieved Efficiency, for the first time in history “Economic growth will be decoupled from the growth of global energy demand. These two targets will not only ensure that demand for oil, coal and gas peaks by 2030, but can also lead to an effective “demand decline.” He said.

“He should have been in Türkiye too.”

Umit Sahin, coordinator of climate change studies at the Istanbul Sabancı University Policy Center, stated that Turkey should be among the countries that signed the initiative and said:

“The Turkish National Energy Plan aims to increase the total installed capacity of wind and solar energy to 51 GW by 2030. At the end of 2022, the total installed capacity of wind and solar energy reached the level of 21 GW. These numbers increase Turkey’s installations. From Energy Wind and solar to 2 GW.”The announcement at COP28 is also about capacity. “As a country that aims to pave the way for renewable energy, Turkey should sign this declaration as soon as possible and show that it is pursuing a constructive climate and energy transformation policy.”

The oil and gas industry’s commitments are insufficient

Murray Worthy, senior oil and gas researcher at research firm Zero Carbon Analytics, found the targets in the OGDC inadequate and made the following assessment:

“This does not go beyond commitments that the oil industry has already made but has not yet fulfilled. Most importantly, it does not require companies to address the burning of fossil fuels, which is the main cause of emissions from fossil fuels. These commitments only cover production process emissions, which constitute a very small portion.” of the problem.” Although it is worth noting that the UAE has obtained new commitments from some national oil companies, what is important is whether these commitments will lead to a real reduction in the sector’s total emissions, which even if implemented, This voluntary commitment will not suffice.”