The 29th United Nations Climate Change Conference (COP29) held in Baku, Azerbaijan, saw significant advancements in renewable energy initiatives, reinforcing global commitments to climate goals.
Key Takeaways from COP29 for Renewable Energy Sectors
- Renewable Energy Expansion: COP29 reaffirmed the goal of tripling global renewable energy capacity by 2030, following progress made in 2023, where investments in renewable energy hit a record £450 billion. However, a gap of £1.2 trillion annually persists, requiring urgent action to scale investments further [1, 4].
- Major Financial Commitments: A new £240 billion annual climate finance agreement was reached, tripling the previous pledge to support developing nations in transitioning to clean energy and enhancing climate resilience. This funding aims to bridge the disparity in renewable energy investment, particularly in emerging economies [1].
- Regional and National Initiatives:
- The TeraMed initiative (led by IRENA) by Mediterranean countries pledged to develop one terawatt of renewable capacity by 2030, which could generate millions of jobs in solar energy, with potential investments of £553 billion [2].
- Latin American countries agreed to “No More Coal-Fired Power Plants” in the region, and Africa launched a continent-wide energy efficiency strategy to modernise its infrastructure [2].
- Technology and Collaboration: A Global Energy Storage and Grids pledge was announced to enhance renewable energy storage and grid resilience [2]. Additionally, partnerships like the Hydro4NetZero initiative aim to leverage sustainable hydropower for system flexibility [2].
- Enhanced Policy Frameworks: The conference emphasized updating national determined contributions (NDCs) by 2025 to align with these ambitious energy targets. The “Baku Priority Actions” will guide international cooperation on advancing clean technologies [1].
Images from COP29, Baku, Azerbaijan [5]
Conclusions
COP29 marked a pivotal moment, demonstrating that accelerating renewable energy deployment is critical to achieving the Paris Agreement’s 1.5°C target. The outcomes of COP29 underscore the urgency of collaborative action and financing to meet continually ambitious goals.
Despite these milestones, substantial efforts are needed to mobilize private and public investments, particularly in developing countries, to make renewable energy affordable and accessible universally, and ensuring equity in the energy transition remains a central focus [3].
About Pager Power
Pager Power undertakes technical assessments for developers of renewable energy projects and tall buildings worldwide. For more information about what we do, please get in touch.
References
[1] United Nations (24 November 2024). COP29 UN Climate Conference Agrees to Triple Finance to Developing Countries, Protecting Lives and Livelihoods, Last accessed: 25/11/2024, Available at: https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and#:~:text=UN%20Climate%20Change%20News%2C%2024,of%20the%20clean%20energy%20boom
[2] Climate Champions (United Nations), (11 November 2024). New announcements at COP29 power forward clean energy transition, Last accessed: 25/11/2024, Available at: https://climatechampions.unfccc.int/new-announcements-at-cop29-power-forward-clean-energy-transition/
[3] RMI (14 November 2024). To Get Back on Course, World Must Deliver the Efficiency Goal: Coalition calls for heightened energy efficiency focus at COP 29, Last accessed: 25/11/2024, Available at: https://rmi.org/press-release/to-get-back-on-course-world-must-deliver-on-efficiency-goal/#:~:text=About%20Mission%20Efficiency,towards%20energy%2Defficient%20economies%20worldwide
[4] IRENA (12 November 2024). Investment Takes Centerstage at COP29 Ministerial to Triple Renewables, Last accessed: 25/11/2024, Available at: https://www.irena.org/News/articles/2024/Nov/Investment-Takes-Centerstage-at-COP29-Ministerial-to-Triple-Renewables
[5] Wikimedia Commons, Search ‘COP29’, Last accessed 26/11/2024, Available at: https://commons.wikimedia.org/w/index.php?search=COP29&title=Special:MediaSearch&go=Go&type=image
