Dubai, 4 December 2023 (TDI): At COP28, the Head of the International Energy Agency (IEA) Fatih Birol highlighted the need and on-ground practicalities of energy transitions towards clean and green technology-driven alternatives to mitigate climate change.
According to IEA President Fatih Birol, clean energy is on the rise. This year, renewable energy will account for over eighty percent of all new power plants developed worldwide.
Additionally, there has been significant growth in the number of electric vehicles. This year, one out of every five vehicles sold will be electric.
In a report published by the International Energy Agency, the rate of electrification is increasing. Electricity’s share of total final consumption will rise from 20% currently to 41% in the Announced Pledges Scenario (APS) and more than 50% in the Net Zero Emissions (NZE) Scenario by 2050.
Electrification, coupled with efficiency gains and greater consumption of low-emissions fuels, is a crucial contributor to a decline in fossil fuel demand.
Hydrogen and carbon capture, utilization, and storage (CCUS) are making important strides. More than 400 GW of electrolysis for hydrogen and 400 million tons of CO2 capture capacity are expected to be functional by 2030, according to the project pipeline.
Provided all anticipated initiatives go ahead, this might theoretically reach the APS objectives but rising costs and supply chain constraints might hinder progress.
United States Special Presidential Envoy for Climate John Kerry and Fatih Birol addressed the interconnection of energy with climate and its link with individual health.
They discussed how air pollution emanating from coal usage to the fumes released from primitive cooking has been a cause of millions of premature deaths each year.
Fatih Birol also pronounced that IEA, the global energy authority, will conduct a worldwide summit on clean cooking access in the spring of 2024.
The IEA executive director had a productive meeting with UN Secretary-General Antonio Guterres about the current negotiations at COP28 and the shared goal of ensuring a successful resolution aligned with energy and climate targets.
IEA Head Fatih Birol had a great conversation with IMF Managing Director Kristalina Georgieva and WTO Director-General Ngozi Okonjo-Iweala about ways to drive innovations in clean energy along with ways to make sure that every nation can benefit from the rapidly expanding clean energy economy.
IEA President Fatih Birol expressed his pleasure at joining Egypt’s Minister Rania Al-Mashat and the leaders of the European Bank for Reconstruction and Development (EBRD) and the Asian Infrastructure Investment Bank (AIIB) for a conversation about financing global energy transitions.
They discussed that mobilizing significantly more private financing is critical for meeting the need for renewable energy investment in emerging and developing nations.
An increasing fourfold of clean energy investments is required in emerging and developing nations if the growing demand for energy services is to be supplied sustainably while meeting climate commitments.
However, fund-intensive renewable energy projects remain difficult to finance and will necessitate extraordinary private capital mobilization.
IEA is holding a session on December 4 that will highlight effective policies and public financing to increase private investment in clean energy and promote public-private synergy.