The imperative to power up the transition away from fossil fuels has never been greater. Currently, only 29% of global electricity generation comes from renewables, but given electricity generation accounts for 23% of global greenhouse gas emissions, we have to move further and faster to increase our global renewable power capacity by 2030.
The COP27 Egyptian Presidency launches the Africa Just and Affordable Energy Transition Initiative (AJAETI). By 2027, its three primary objectives are to offer technical and policy support to facilitate affordable energy for at least 300 million people in Africa; provide access to clean cooking fuels and technologies; and increase the share of renewable electricity generation by 25%.
Launch of the Planning for Climate Commission, a new global initiative focused on speeding up planning and approvals for the massive deployment of renewables and green hydrogen needed to address climate change and energy security. The Commission is a joint initiative by the Green Hydrogen Organisation, International Hydropower Association, the Global Wind Energy Council, and the Global Solar Council.
RMI and Lion’s Head Global Partners have partnered to launch a targeted USD 15 million Project Preparation Facility and an associated USD 75 million Caribbean Climate Smart Fund to invest in energy projects across the Caribbean. These projects will support climate resilience in the face of intensifying storms, stabilize electricity prices, and increase energy security while saving tens of millions of dollars each year in fossil fuel imports.
The International Renewable Energy Agency (IRENA) will share new insights from its recently launched “Renewable Energy Targets in 2022 – A guide to design” and its Energy Transition Support to Strengthen Climate Action: Insight to Impact 2022 reports. The new insights will offer important input to the first Global Stocktake.
Launch of the Global Renewables Alliance. Organizations representing wind, solar, hydropower, green hydrogen, long-duration energy storage, and geothermal energy industries will officially join forces in an unprecedented alliance. It brings together, for the first time, all the technologies required for the energy transition in order to ensure an accelerated energy transition. As well as ensuring targets are met, the Alliance also aims to position renewable energy as a pillar of sustainable development and economic growth.
A new analysis concludes green hydrogen could sustainably industrialize Africa and boost GDP by 6 to 12% in six key countries. It concludes that by 2050, green hydrogen could increase the GDP of Egypt, Kenya, Mauritania, Morocco, Namibia, and South Africa by $126bn.
Source
Agencies
