A RECAP OF COP 28 ENERGY RESOLUTIONS; Are Nations on Track To Achieving Targets ?

At the conclusion of COP 28 almost 200 countries made major collective pledges on energy at the COP28 climate summit in Dubai with the goal of keeping within reach of the Paris Agreement target of global warming to 1.5 °C.

It was refreshing to note that in what was a first at COP, governments recognized that to achieve this target, energy-related emissions need to reach net zero by 2050. In this regard, key targets were set towards reaching this goal by 2030. This article breaks down the major commitments that were put in place to see to this goal by 2030.

Triple renewable power capacity globally by 2030

In achieving cleaner energy usage in the world, increasing the power capacity came top of the agenda. At the meeting it was revealed that 2023 saw the fastest increase in renewable power usage over the past three decades. There was a general agreement that if this capacity was tripled then the goal would be achievable.

 Double the global rate of energy efficiency improvements by 2030

All the governments at COP28 decided to double the global average annual rate of energy efficiency improvements by 2030. Most of the energy efficiency reports indicate that the annual progress needs to jump by 200 basis points to touch an average 4 percent between now and 2030.2023 saw the global energy efficiency improve by an estimated 1.1%, which was well below the target.

Accelerate efforts to cut down unabated coal power

The meeting revealed that despite the conversation on moving toward cleaner sources of energy, electricity generated worldwide from coal which is the largest contributor of carbon dioxide touched an all-time high in 2023. Despite a prediction that the usage of coal is likely to peak before the end of the decade before falling gradually, a much faster decrease is necessary to be on track for 1.5 °C.

Accelerate efforts globally towards net zero emission energy systems before or by around mid-century

The COP 28 recognized that to keep global warming to 1.5 °C , the energy sector needs to reach net zero emissions by 2050, utilizing zero- and low-carbon fuels well before or by around mid-century.

Completely move away from fossil fuels in energy systems…

It is important to note that it was in COP28 that nearly 200 countries agreed on the emergency that transitioning away from fossil fuel systems is. The patterns that supported this emergency were observed to be the rapid growth of clean energy, high oil demand as well as peaks in natural gas and coal. The COP however noted that the journey to net zero by 2050 needed the demand for coal to drop by more than a quarter of the levels in demand in 2022. In the transition however energy bodies like the International Energy Association (IEA) have advised governments to do it in an orderly and equitable manner.

Accelerate zero- and low-emissions tech

Under this agreement the COP28 noted that all the technologies in the low emissions category needed to attain net zero emissions by mid-century. This it noted needed to touch on industries and sectors of zero- and low-emissions by mid-century. It was agreed that the acceleration needed the world to move to low-emissions hydrogen and CCUS also indicating that nuclear power was as a more mature technology with emphasis put on governments to work on increasing capacity for the energy source to be utilized.

 
Substantially reduce methane emissions by 2030

The COP28 agreement largely calls on reducing non-carbon-dioxide emissions globally and stresses the on uttermost importance to cut methane emissions this decade in particular. Energy experts put the much needed methane emissions at 75% from 2022 levels by 2030 on a pathway to limiting warming to 1.5 °C.

The production of fossil fuels alone according to major energy analysts resulted in about 120 million tons of methane emissions in 2023, equivalent to around 3.4 billion tons of CO2 which is close to a record only set in 2019. There are however signs of progress with transparency on emissions improving in the backdrop of proper policy framework.

Improve the reduction of emissions from transport

All the governments agreed at COP28 to increase the reduction of emissions from road transport. Proposals on achieving this touched on the development of infrastructure and the rapid deployment of low emission vehicles with electric vehicles taking center stage in the conversations.

The COP was alive to the data that showed that the demand for electric cars reached a new record in 2023, which on ground representation of the data  accounting for nearly one in five new cars sold globally.

If the rate of growth in electric cars is sustained, it would be more than enough to align with the IEA’s net zero pathway – though 2023 demand was notably concentrated in a handful of major markets and must be spread more broadly around the world.

Raising the bar for the next round of NDCs

Following the conclusion of the first global stock taking process at COP28, countries are beginning to develop the next round of Nationally Determined Contributions, or NDCs, under the Paris Agreement. These NDCs will be crucial in determining the pace at which global greenhouse gas emissions decline over the next decade.