In a landmark development at the UN climate talks in Dubai, nearly 120 nations pledged to triple world’s renewable energy capacity within seven years. A massive deployment of solar, wind, hydroelectric and other renewables is indeed a crucial effort to replace planet-heating fossil fuels and achieve net-zero carbon emissions by 2050.
This ambitious commitment, while lauded for its potential impact on mitigating climate change, also raised critical discussions on the need to phase out fossil fuels. The United States, in particular, advocated for an increase in nuclear capacity and a significant reduction in methane, a potent greenhouse gas responsible for about one-third of global warming. However, clean power advocates emphasized that this commitment must be accompanied by concrete actions to phase out dirtier forms of energy, ensuring a swift and effective transition. In his address at COP28, the UN Secretary General António Guterres rightly and forcefully emphasised that the planet cannot be saved with a mere influx of fossil fuels. The urgency lies in embracing renewables at a faster pace to combat the challenges posed by climate change. The transition to renewable energy is not only an environmental imperative but also a global responsibility to secure a sustainable future.
In another positive development, the COP28 conference witnessed operationalisation of the Loss and Damage fund. This fund, a long-standing demand of developing nations, aims to provide crucial support in dealing with challenges posed by climate change. While welcoming this significant step, it is essential to ensure that necessary funds are allocated to the Loss and Damage fund. Developing countries, often disproportionately affected by climate-related disasters, require financial assistance to adapt and mitigate the impacts of a changing climate.
In addition, they will also be required assistance to switch to renewables. Prime Minister Anwaar ul Haq Kakar’s address at COP28 further emphasised the urgency of action. He called for immediate execution of the $100 billion commitments for climate finance, stressing the importance of both mitigation and adaptation strategies. Industrialised nations, being historically responsible for majority of emissions, must take the lead in not only cutting emissions to achieve the 1.5 degrees Celsius target but also assisting developing nations in their battle against the impact of climate change.
