Acceleration of transition to Renewable Energy and farewell to Fossil Fuels

COP28, the United Nations Climate Change Conference, is just around the corner. As governments plan to come up with a plan to triple our renewable energy capacity by 2030, more funding will be needed, especially to assist developing nations, which, besides remaining underfunded, are also being severely hit by climate disasters.

The latest news is that the European Union, United States, and the United Arab Emirates–which plays host to the conference and will take place in Dubai – are hoping to persuade more governments to triple renewable energy capacity this same decade , as reported by Kate Abnett and Valerie Volcovici for @Reuters. To accomplish this audacious goal, considerable collaboration will be needed, together with money.?

Andreas Sieber , from Climate Home News , has said that to reach this milestone, a yearly investment of $4 trillion is needed , especially to help countries in regions like the Global South, which, outside China, still remains largely underfunded in terms of renewable energy initiatives.?

The central focus of discussions at COP28 will revolve around the gradual reduction of fossil fuels, coupled with ambitious pledges to triple the deployment of renewable energy sources. Notably, COP26 marked a milestone by including a reference to the reduction of coal for the first time, while COP27 witnessed unsuccessful attempts to extend this commitment to encompass all fossil fuels. The COP president acknowledges the inevitability of this phase-down, making the key question at COP28 whether participating nations will commit to a specific timeline for this transition.

Finger crossed ??????

Innovation:

1. Green Genius from Lithuania, a green energy company that is developing a pioneering energy-as-a-service solution, recently raised €6.9 million to propel its operations , which already include partnerships with renowned companies such as the Carlsberg Group, according to Silicon Canals .?This is interesting because financing schemes will be key to increasing the accessibility of solar options. For example, as @Pooja Chandak shared with @SolarQuarter, in Jordan, the Ministry of Energy has entered into an agreement with the Ministry of Agriculture to help farmers install solar systems .?
2. Further innovative schemes can also be expected from French giant Engie, which, as @Livia Neves reported in pv magazine Global , just acquired several 545 MW of installed solar capacity in Brazil , in order to propel utility-scale solar generation in the country.
3. India is leading an alliance to fund solar projects in Africa, according to @Sibi Arasu with the The Associated Press . The venture is deploying $35 million in solar-related projects such as mini-grids and rooftop installations that can adapt to the needs of people in developing countries.

• Preflet – Smart Energy Saving
• Found Energy – Renewable Energy Transportation
• Cottage – Clean Energy Transition
• Elyos Energy – Energy Optimization Platform
• Terawind – High Strength Wind Turbines
• FusionOne – Plastic Waste to Hydrogen
• MoltexFLEX – Modular Nuclear Reactor
• Proteum Energy – Feedstocks into Low-carbon Hydrogen
• Tornasol Energy – Plug and Play Solar Kits
• True Energy Supply – Power Factor Correction
• Kavaken – Energy Intelligence
• Felexole – Flexible Wind Technology
• Electrion – Energy Storage as a Service (ESaaS)
• GKN Hydrogen – Metal Hydride Hydrogen Storage
• EaasGlobal – Blockchain-based Energy Exchange
• WatGen – Renewable Mobile Power Source
• The Magnetic Energy – Magnetic Energy Generation
• rebase.energy – Energy Modeling
• Saiflow – Energy Cybersecurity Platform
• P2X Solutions – Power-to-Renewable Hydrogen

International News:

• In the United Kingdom, a virtual climate change conference is highlighting groundbreaking projects that are taking place in North Northamptonshire.
• The provincial government of Newfoundland and Labrador, in Canada, has begun a public engagement process to develop both a Climate Change Mitigation Action Plan and a Climate Change Adaptation Action Plan.
• The effects of climate change are having a negative impact on the shipping industry, which could lose $10 billion a year by 2050.
• In India, Amazon has reached 50 renewable energy projects !
• Project Photon, a major solar power project in Sri Lanka, has seen the completion of its second phase, accelerating Sri Lanka’s energetic transition

As you can see, it was a week filled with action, especially as we get ready for COP28. We expect that, throughout this month, we will see a lot of coordinated efforts to accelerate progress prior to the convention. Because the effects of climate change are being so devastating for countries and businesses alike, the public and private sectors are realizing that this is an issue that concerns us all. Therefore, I believe that we are likely to see plans to set more ambitious targets at COP28, which, possibly, are our only chance if we want to keep any hopes of mitigating the impact of climate change and adapting to a new reality.