A Deep Dive into Global Energy Transition for a Sustainable Future

WORLD CLEAN ENERGY DAY!

The International Day of Clean Energy serves as a poignant reminder of the complex challenges intertwined in achieving sustainable development and combatting climate change. Clean energy, a linchpin in addressing these issues, is not merely an environmental choice but an economic imperative with far-reaching consequences. This analysis delves into the intricate facets of the global energy transition, shedding light on the critical role of clean energy in fostering socio-economic development, environmental sustainability, and climate change mitigation.

Clean Energy and Societal Impact: Access to clean energy is not just a luxury but a fundamental right that empowers communities and nations alike. With 675 million people still lacking reliable power sources, predominantly in Sub-Saharan Africa, the connection between clean energy, socio-economic development, and environmental sustainability becomes paramount. The impending Global Stocktaking on SDG7 in April 2024 serves as a litmus test for our collective progress, emphasizing the urgency of addressing existing gaps and challenges.

Clean Energy and Climate Change Mitigation: The imperative to combat climate change demands a radical shift from fossil fuels to clean, accessible, affordable, sustainable, and reliable energy sources. Fossil fuels, responsible for nearly 90% of global carbon dioxide emissions, continue to dominate energy production, necessitating a stringent commitment to reducing emissions by almost half by 2030 and achieving net-zero by 2050. Renewable energy emerges as a beacon of hope, offering a cleaner and healthier future.

Renewable Energy - A Closer Look: Renewable energy, derived from constantly replenished natural sources, stands as a sustainable alternative to finite fossil fuels. The inexhaustible potential of sunlight, wind, water, waste, and Earth's heat provides a pathway to a cleaner and healthier planet. The transition to renewable energy is not only an environmental choice but an economic one, with falling prices making it an increasingly attractive and feasible option globally.

Five Compelling Reasons for Accelerating the Transition:

1. Global Availability of Renewable Energy: Harnessing renewable energy locally mitigates import dependency, fostering economic diversification and inclusive growth. The International Renewable Energy Agency's estimate that 90% of the world's electricity can come from renewable energy by 2050 underscores the potential for a transformative shift.
2. Cost Competitiveness of Renewable Energy: Rapidly falling prices make renewable energy the cheapest power option in most regions. The potential to decarbonize the power sector and reduce carbon emissions hinges on the increasing cost competitiveness of renewables, offering a real opportunity for a cleaner future.
3. Health Benefits of Renewable Energy: Clean energy not only addresses climate change but also mitigates air pollution, responsible for millions of deaths annually. The adoption of wind and solar energy contributes to improved air quality and public health, making it a holistic solution to environmental and human well-being.
4. Job Creation in the Renewable Energy Sector: Investments in renewables create three times more jobs than the fossil fuel industry, necessitating a just transition to support workers in the changing landscape. The transition to renewable energy offers an unprecedented opportunity for job creation, economic growth, and poverty alleviation.
5. Economic Viability of Renewable Energy: Shifting subsidies from fossil fuels to renewables is not only environmentally responsible but economically sensible. Redirecting funds towards renewable energy contributes to sustainable economic growth, job creation, improved public health, and enhanced equality on a global scale.

Five Critical Actions for Expediting the Renewable Energy Transition:

1. Globalizing Renewable Energy Technology: Ensuring renewable energy technology becomes a global public good involves addressing obstacles to knowledge sharing and technological transfer, including intellectual property rights barriers.
2. Enhancing Global Access to Components and Raw Materials: A robust supply of renewable energy components and raw materials requires international coordination, sustainable practices, and investments to protect ecosystems and cultures.
3. Levelling the Playing Field for Renewable Energy Technologies: Domestic policy frameworks must align with global cooperation efforts, streamlining renewable energy projects and catalysing private sector investments to ensure a smooth transition.
4. Shifting Energy Subsidies from Fossil Fuels to Renewables: The transition to renewable energy demands a redirection of subsidies from fossil fuels, not only cutting emissions but contributing to sustainable economic growth, job creation, improved public health, and enhanced equality on a global scale.
5. Tripling Investments in Renewables: Meeting the annual $4 trillion investment in renewable energy until 2030 requires commitment and accountability from global financial systems. This investment is pivotal for achieving net-zero emissions and reaping the economic and environmental benefits.

UN-Energy's Role in Achieving SDG7: UN-Energy, with its pivotal role in supporting countries to achieve SDG7, fosters collaboration among over thirty UN entities and partners. Through Energy Compacts, the initiative propels sustainable energy finance and investment through 2030, laying the groundwork for a future powered by clean and accessible energy.

COP28 Conclusions: The recently concluded COP28 in Dubai signifies a landmark agreement, signalling the "beginning of the end" of the fossil fuel era. The decision on the world's first 'global stocktake' emphasizes the urgency of deep emissions cuts and scaled-up finance for a swift, just, and equitable transition. Recognizing the need to cut emissions by 43% by 2030 and achieve a tripling of renewable energy capacity, the stocktake calls for decisive actions to phase down unabated coal power, phase out inefficient fossil fuel subsidies, and drive the transition away from fossil fuels. It is a clarion call for governments and businesses to turn pledges into real-economy outcomes without delay, underscoring the critical juncture we find ourselves in as custodians of the planet's future.

As we celebrate World Clean Energy Day, the imperative for a profound energy transition cannot be overstated. By comprehensively analysing the challenges, opportunities, and actions required, we pave the way for a future where clean energy empowers nations, protects the planet, and ensures a just and inclusive global transition. This is not merely a choice; it is a responsibility to secure a sustainable legacy for generations to come.

(Written?by Erum Khan, Chairperson 'Climate Hub Forum', Senior Fellow UN SDG's, Next Generation leader (UN NGL), Consulatant/Expert Sustainable Tourism/Policymaking, G100 Women, Country Chair- Tourism and Hospitality Pakistan, Member Sustainability Professionals of Saudi Arabia, Member BOD Touris, Culture, Antiquities & Archive Dep. Govt of Sindh, Sustainable Brand Strategist)