Are renewables prepared for the COP30 discussion on fossil fuels?

The transition to clean energy is inevitable

The world falls short of tripling renewable energy by 2030

Data and finance are needed by developing countries to be green

Clar NiChonghaile

At the climate summit, it may be premature to declare the end to the fossil fuel age. But up to 80 nations are calling for a concrete plan that will move us away from polluting energy.

The 195 countries at the COP30, including the oil producers, will have to agree on a plan to reduce oil and gas consumption. There are also practical challenges to overcome, as the demand for electricity is expected to rise due to the increase in artificial intelligence, and the population growth.

The world has not reached the target of triple clean energy in 2030 set by the COP28 conference held two years ago in Dubai, where countries for the first agreed to "transition away from fossil fuels".

The expansion of clean energy isn't happening fast enough in countries that most need it.

Bruce Douglas, CEO of the Global Renewables Alliance in Brussels, says that developing nations need more money to switch over to clean energy and to join the "unstoppable revolution" of renewables. This could lead to 8,000 new jobs per day within the next decade.

"The gap is shrinking, but we still need to increase investment and deployment .... Douglas stated in an interview during COP30 that "targets are great but pledges aren't panels and targets aren't turbines."

Douglas stated that governments need to implement ambitious climate plans in order to gain the confidence of investors in projects which would give energy-poor citizens power and reduce mortality rates due to air pollution from burning fossil fuels.

The key to a successful business is access to capital.

Douglas stated that capital is flowing at record levels, but not to the markets most in need.

He said that only 17% of clean energy investment goes to emerging and developing economies. In Africa, this number drops to 4%, as 620 million people do not have stable, affordable energy access.

Urielle Nsenda is a negotiator from the Democratic Republic of Congo. She said that developing countries such as hers need support in designing renewable projects.

She said that "another problem for countries in Africa is the lack of data in this sector, which would help us identify and build projects suitable for national circumstances," in Belem.

According to the International Energy Agency (IEA), the DRC is a country with a significant hydropower potential. Other African countries, on the other hand, are increasing their renewable energy capacity by focusing more on solar power.

Nsenda stated, "The energy shift requires us to adapt infrastructure." "We don't wish to bear the burden alone."

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Douglas said that richer governments could provide financial subsidies to local communities for solar investments. Larger-scale projects may require measures to lower the costs of investment and reduce the risk.

He said that in many cases, the perceived risk was higher than the real risk. Therefore, default rates are lower for some countries than what they use to set interest rates.

Douglas called for the end of more than $1 trillion in fossil fuel subsidies around the world, and policies that would ensure it didn't penalize those who are most vulnerable with higher electricity bills.

He said: "You build renewables while you transition away from fossil-fuels."

The draft of a potential deal for the COP30 negotiations, drawn up in Brazil by the host country, includes a line urging parties to gradually phase out fossil fuel subsidies.

The transition will have an impact on the workers, industries and consumers.

Fuel prices tripled after Nigeria eliminated fuel subsidies in 2023 as part of an economic reform package. This sparked nationwide protests.

Nigeria wants to reduce its dependency on oil, generate 30% of its electricity from renewable sources by 2030 and develop local manufacturing capability.

As local renewable energy production grows, the manufacturers are facing competition from Asian giants, including China, who dominate the global supply chain for solar panels with their cheaper, mass-produced panels.

Prince Papa, Africa's campaigner for global Fossil-Fuel Non-Proliferation (FFNPTI) Initiative, said this ahead of COP30.

The U.S. administration of President Donald Trump, which has blocked renewable energy projects in the United States and is urging other countries to do the same, is a major obstacle to the global transition to clean energy.

Douglas said that global momentum will prevail.

(source: Reuters)