COP28 to reveal ‘full picture’ of UAE’s clean energy future

COP28 will be organized by the UAE from 30 November to 12 December next year, and this Renewable Energy Dialogue will give IRENA’s permanent members an insight into the UAE’s plans and key issues ahead of the global conference. Following the 2015 Paris Agreement, COP28 will conduct the first global stocktake to examine whether the emission reduction pledges made by the 200 signatories are sufficient to keep the increase in global average temperature between 1.5C and 2C by 2015. industrial level.

“We intend to host a conclusive, frank dialogue on the current state and future of the energy transition. Building on the findings of the global stocktake, the first thorough review of the Paris Agreement, we will position energy as a key catalyst for the climate crisis. We A science-backed, engineer-backed, business-backed, policy-driven transition work program will be advocated,” Al Suwaidi said.

The official highlighted some encouraging trends in the renewable energy space.

“The world is on track to have as much renewable energy capacity in the next five years as it has in the past 20 years. It is a fact that the world continues to break new ground in renewable energy. The industry outpaces all other energy sectors in terms of new investment. Renewables Energy is now more affordable than hydropower. Two-thirds of renewables are cheaper than the cheapest coal by 2021, and last year, renewables accounted for 81% of all investments,” said Al Suwaidi.

“What was once seen as impractical, inefficient and expensive is now outpacing other types of emerging markets. This is remarkable and illustrates the power of innovation and collaboration. However, we still have a long way to go. Just Renewables are still far behind in terms of overall market share. That’s a big gap to make progress on climate action,” he added.

According to IRENA, which fosters collaboration and knowledge for a clean energy future, the annual growth rate of renewable energy must triple to 8,000 GW per year by 2030 to meet the warming targets set in Paris seven years ago.

“In other words, renewable energy has to jump dramatically to 65% of electricity supply,” Al Suwaidi explained.

So at COP28, which will be hosted in Dubai Expo City, the UAE will work to develop a transitional work plan to transform the energy system, which could involve trillions of dollars in commitments. It will also highlight the state’s clean energy initiatives to date.

“As energy leaders and climate advocates, we will draw on our own energy experience. When we volunteered to host COP28, we knew it would attract global attention. We also knew that a large part of that attention would be focused on the oil and gas producing countries. We hope that in participating in COP28, the international community can see the whole picture,” Al Suwaidi said.

“Yes, they will see that we are responsible for supplying oil and gas in an energy insecure world, but we hope they will also see that we are committed to decarbonization, not in theory but in practice, as we are pioneers in renewable energy and owns three of the largest solar plants at the lowest cost in the world. We hope they will see that we have become a major investor in renewable energy projects abroad with $50 billion in renewable energy projects, Another $50 billion is in the pipeline,” he added.

As an example of the UAE’s efforts, Al Suwaidi pointed to the 10 GW wind farm that UAE Masdar will build in Egypt in partnership with Egypt’s Infinity Power and Hassan Allam Utilities.

“We are also working with our partners in the U.S. to mobilize $100 billion in renewable energy for the Partnership to Accelerate Clean Power Initiative. Additionally, we aim to provide 100 million Africans with clean energy [by 2035 through the Etihad 7 programme],” He says.

IRENA has also been held in the UAE since its inception in 2008 and is another symbol of the UAE’s commitment to clean energy.

IRENA Director General Francesco La Camera emphasized the need for increased ambition and action by private sector partners and industry.

“We are not where we should be and we have a huge task ahead of us. The 2030 renewable energy targets put forward by industry are only half what they should be, and these too are commitments, not installed capacity,” he warned.

To that end, COP28 will also see a larger green zone, a space for industry and the private sector to explore deals and collaborations, rather than the blue zone that hosts UN-managed government negotiations. Al Suwaidi said that with the UAE’s participation in the COP meeting, the expansion of the space also shows the growing participation of the Green Zone.