The report by the 28th session of the Conference of the Parties (COP 28) Presidency, the International Renewable Energy Agency (IRENA) and the Global Renewables Alliance was recently launched pre-COP event in Abu Dhabi.
COP 28 marks the year of the first Global Stocktake, in which the world reflects on its progress in implementing the Paris Agreement.
COP 28 – Key Suggestions From the Report
Increase In Renewable Power Generation Capacity:Tripling renewable energy capacity for power generation and doubling energy efficiency by 2030 is crucial to limiting the global temperature increase to 1.5 degrees Celsius above pre-industrial levels by the turn of the century.
It has to be increased from 3,382 gigawatts (GW) in 2022 tomore than three times to reach 11,174 GW by 2030.
Over the same period, installed solar photovoltaic capacity need to increase to more than 5,400 GW from 1,055 GW in 2022.
Wind installations need to exceed 3,500 GW (3,040 GW onshore and 500 GW offshore) from 899 GW in 2022.
According to IRENA 1.5°C Scenario, by 2030, global installed hydropower capacity (excluding pumped hydro) would need to grow by almost 17 per cent from the 2022 level, reaching 1 465 GW.
Share Of Variable Renewable Energy: The combination of solar PV and wind power, a rise from 10 per cent of the total electricity generated in 2021 to 46 per cent by 2030 is needed to meet the 2030 target.
Increase In Energy Intensity: The global annual rate of energy intensity improvement should double by 2030 from the current level.
Technical Energy Efficiency Improvements: It is embodied by heat pumps, more efficient appliances, and electric vehicles — together with flexible, smart electrification strategies and deployment of decentralized energy – are of tremendous importance in decarbonising end-use sectors such as buildings and transportation.
Grid modernisation and expansion: Action is needed to drive grid modernisation and expansion and ensure supply-side, flexibility and demand-side management.
Increase in investment: It has to be increasedfrom $486 billion in 2022 to $1,300 billion by 2030.
To achieve this, the global financial architecture must be reformed to support the energy transition in the Global South.
Funding from multilateral development banks: It should be increased exponentially, and public capital should be redirected from the fossil fuel industry to renewable energy development.
Infrastructure: There is an urgent need to boost cross sector infrastructure planning, increase cross-border co-operation and develop regional power grids.
Global Stocktake
The global stocktake is a process for countries and stakeholders to see where they’re collectively making progress towards meeting the goals of the Paris Climate Change Agreement – and where they’re not.
Comprehensive coverage with a concise format Integration of PYQ within the booklet Designed as per recent trends of Prelims questions हिंदी में भी उपलब्ध
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Comprehensive coverage with a concise format Integration of PYQ within the booklet Designed as per recent trends of Prelims questions हिंदी में भी उपलब्ध
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