GS Paper III
Why in News?
Global installed hydropower capacity (excluding pumped hydro) would need to grow by almost 17% from the 2022 level. Moreover, triple renewable energy capacity (COP28), and double energy efficiency by 2030 are required to limit global warming.
About COP28:
- The 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) will be held from 30 November to 12 December 2023 in Dubai, United Arab Emirates (UAE).
- Dakar Declaration in news:
- The Dakar Declaration issued by the ministers from the least developed countries (LDCs) in October 2023, outlines their expectations and priorities for the 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change.
- The declaration emphasizes urgent global action, increased climate finance, operationalisation of the Loss and Damage Fund, an ambitious Global Stocktake, and the operationalisation of the UNFCCC centralized carbon market mechanism.
- The Dakar Declaration highlights the unique vulnerabilities of the least developed countries to climate change and calls for urgent and concrete actions by all countries, particularly developed nations and major emitters, to address the climate crisis, provide support to vulnerable nations, and ensure a sustainable and equitable future.
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What is the role of ISA in tripling Renewable Energy capacity? · International Solar Alliance (ISA) is a joint effort declared by the Indian PM during the Paris Summit (COP21) to mobilize efforts of tropical countries against climate change through the deployment of solar energy solutions. · At present, 116 countries are signatories to the ISA Framework Agreement and 94 countries have ratified. · Solar energy contributes to more than 50% of new renewable energy capacity additions every year. Currently, all member states of the United Nations are eligible to join the ISA. Initiatives taken by ISA in tripling renewable Energy capacity: · ISA has launched the Green Hydrogen Innovation Centre to produce, transport and use low and zero-carbon hydrogen. · It provides guarantees in crowding in private sector investment into solar mini-grids in Africa. · ISA is strengthening 20 solar startups in Africa which is to be expanded in other regions. |
What are the challenges in tripling renewable energy capacity by 2030?
- Need for higher capacity: Annual capacity additions have been more than doubled till 2022, rising by about 11% per year on average since past years from 2015. To triple the total capacity by 2030, the world would have to add nearly 1,000 GW of new capacity every year. Hence, a higher annual growth rate is required to put renewable on track to meet the 2030 capacity target.
- Need for more stronger and strategic policy: A higher annual growth rate would require a much stronger policy push from governments.
- Huge Cost: According to an IRENA outlook, investments of about 5.3 trillion USD would be required per year, till 2050, for energy transition to limit the global rise in temperatures to within 1.5 degree Celsius from pre-industrial times.
- Sufficiency of Climate Goals and Temperature: Even if the tripling target is achieved by 2030, it alone would not be sufficient for the 1.5-degree Celsius goal.
- Renewable energy, if tripled, would be able to avoid only 7 billion tonnes of CO2 equivalent or less than one-third of what is required.
Way Ahead:
- There is an urgent need to boost cross-sector infrastructure planning, increase cross-border cooperation and develop regional power grids.
- The adoption of targets with specific and real-time horizons is required to practically implement the targets on the ground.
- Strong regulatory frameworks including building codes and energy efficiency standards for appliances should be implemented from the core with efficiency.
- Fiscal and financial incentives are needed to enhance the desired output in the limited time frame.
- Public campaigns to build awareness of the role of energy efficiency measures are needed to build effective public participation.
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PYQs Do you think India will meet 50 percent of its energy needs from renewable energy by 2030? Justify your answer. How will the shift of subsidies from fossil fuels to renewables help achieve the above objective? Explain. |
