BAKU, Nov 21 2024 - At COP29, global leaders launched three significant pledges aimed at accelerating the clean energy transition, crucial for combating climate change.
Green Energy Zones and Corridors Pledge: This initiative aims to establish green energy zones and corridors to enhance investment and economic growth.
Global Energy Storage and Grids Pledge: Targets a sixfold increase in global energy storage capacity to 1,500 gigawatts by 2030, with over 80 million kilometers of energy grids to be built or upgraded by 2040.
Hydrogen Declaration: Focuses on unlocking clean hydrogen potential through public-private collaboration, addressing barriers to create a global hydrogen market.
To achieve climate goals, an estimated USD 4.8 trillion per year is required by 2030, increasing to USD 5.3 trillion by 2035. Emerging economies will need USD 1.6 trillion annually by 2030.
Nuclear energy's role was emphasized, with 25 countries pledging to triple global nuclear power capacity by 2050. Currently, nuclear energy contributes 23.5% of low-carbon electricity globally, with 415 reactors operating across 31 nations.
Discussions also highlighted the necessity of phasing out inefficient fossil fuel subsidies and integrating just transition strategies into Nationally Determined Contributions (NDCs).