Wolfgang Obergassel’s Post

A new International Energy Agency (IEA) report has found that, following COP28 in 2023, several countries’ targets and implementation plans are not yet in line with the key goals set at the conference. https://lnkd.in/es4jGnHW #solarenergy #renewables #COP28 #COP29

A recent IEA report highlights that countries must strengthen their plans to triple global renewable power capacity by 2030 - a goal set at COP28 to limit global warming. As countries prioritize solar and wind in the renewable energy ramp-up, a key challenge will be integrating these intermittent sources into power grids. Produced from renewable electricity, hydrogen and captured CO2, renewable methanol is a liquid fuel that can utilize surplus renewable power. It is a transportable energy carrier compatible with existing infrastructure, making it an effective solution to balance renewable power supply and demand fluctuations. The opportunity for utilizing renewable resources is clear and now governments and the private sector must work together to turn promises into concrete plans and actions to expand renewable power capacity by 2030 and beyond.  Link: https://lnkd.in/gzFaeA_Y #iea #greenenergy #ccus #netzero #carboncapture #cleantech #sustainability #eMethanol #methanol

🌍 Hydrogen’s Crucial Role in Achieving COP29 Goals 🌍 As COP29 Azerbaijan approaches, it is clear that we are far from achieving our climate targets. To decarbonise our energy system, among all solution that we know work, it’s important to accelerate our efforts for a hydrogen economy. Renewable and low-carbon hydrogen are essential for reducing emissions in energy-intensive sectors that are difficult to abade or electrify🔌⚡. However, DNV's projections from this year's ETO indicate that the global uptake of hydrogen will fall significantly short of the Paris Agreement goals 🗼🌍. We expect hydrogen and its derivatives to comprise only 0.25% of the global final energy mix by 2030 and 4% by 2050. Discover how DNV anticipates hydrogen’s role evolving through 2050 in our Energy Transition Outlook 2024. 🔗 Read more #HydrogenEconomy #EnergyTransition #COP29 #Sustainability @DNV

COP28 goals at risk! Latest International Renewable Energy Agency (IRENA) report shows we must triple annual investments in renewable energy to $1.5 trillion by 2030 to meet COP28 goals. Are policymakers ready to make the necessary reforms? https://lnkd.in/dvkgYHQa

#COP29 host country #Azerbaijan aims to harness its Solar and Wind power potential to increase the share of renewables in power generation to nearly a third, from less than 10% currently, through investments of $2 billion in green energy initiatives. International investors have shown significant interest in financing these projects, and the country is seeking to cement these commitments through its role as host of the United Nations Climate Change Conference (COP29) in November 2024. Rystad Energy COP29 Azerbaijan State Oil Company of the Republic of Azerbaijan (SOCAR) ACWA Power https://lnkd.in/gnT_pg8Z

The use of renewable energy jumped by a surprise 14 per cent in 2023 but is still below target, a new report shows, dealing a blow to ambitious plans to triple the use of energy from natural sources by 2030, as agreed at the 28th Conference of Parties (COP28).  #NationClimate https://lnkd.in/dkVin24N

Countries' renewable energy plans fall short of target, says IRENA Summary: The International Renewable Energy Agency (IRENA) has released a report highlighting that current government plans and targets for renewable energy deployment are set to achieve only half of the growth needed to meet the U.N.'s climate goal of tripling renewable energy capacity by 2030. This goal, along with a target to double energy efficiency, is vital to limiting global warming to 1.5°C this century. To meet the renewable energy target set during COP28, global installed capacity would need to rise from 3.9 terawatts (TW) today to 11.2 TW by 2030, requiring an additional 7.3 TW in under seven years. However, based on current trajectories, the world is likely to fall short by 3.8 TW, or 34%, by the end of the decade. The report also emphasizes the need for a massive increase in investment, with annual spending on renewable capacity needing to triple from $570 billion in 2023 to $1.5 trillion per year by 2030. Furthermore, the annual rate of energy intensity improvement needs to double, from 2% in 2022 to 4% annually through 2030. IRENA's director general, Francesco La Camera, warns that without stronger commitments, the world is at risk of missing the COP28 goals, urging nations to update their climate commitments (NDCs) by February 2025 and use COP29 in Azerbaijan as a pivotal moment to accelerate efforts. #RenewableEnergy #COP28 #ClimateAction #EnergyTransition #Sustainability #NetZero #GlobalWarming #CleanEnergy #ClimateGoals #EnergyEfficiency #IRENA #UNGoals

#realitycheck As we are reaching the end of week II of #COP29, similar bold announcements as the one in #COP28 to triple #renewableenergy by 2030, make the headlines. However, as per the analysis below governments need to 'do more and talk less'‼️ And it is not only about #powergeneration. The unsexy (better ways to describe are welcome) subject of electricity networks, their investment, construction and expansion of the #transmission network is the elephant in the room. #Energyefficiency is also there to remind us that what makes sense does not always equal uptake. Clearly this asks for #policyintervention for markets to support 'doing more with less'. 👉The world’s renewable energy #capacity was about 3.4 terawatts in 2022. To meet COP28 targets countries would need to reach just over 11TW by 2030. It won't be easy. But then what are the alternatives? #renewables #efficiency #policy #powergrids https://lnkd.in/eatejHEc

🌍 Renewables Now Power 30% of Global Electricity 🌱   Exciting news for the planet! Renewable energy, led by solar and wind, now generates 30% of the world's electricity. This leap forward, primarily driven by efforts in China, Brazil, and the Netherlands, signifies a notable shift towards sustainable energy practices.   Despite China's mixed progress, expanding renewables and coal, the global shift suggests we might have reached the peak usage of fossil fuels for power generation. This development is crucial as the power sector is the largest global emitter of greenhouse gases.   As we look to the future, the challenge remains to ensure equitable access to clean energy resources worldwide, especially for developing countries facing high financing costs.   The next UN climate summit, COP29, is poised to tackle these financial inequalities, focusing on making energy transitions inclusive and affordable. Read the full article here: https://lnkd.in/eEaBGkRH #RenewableEnergy #Sustainability #ClimateAction #COP29 #EnergyTransition

Despite rapid growth in renewable energy, COP28's tripling target for 2030 is at risk. Renewable capacity must grow 16.4% annually, yet 2023's 14% increase established only a 10% compound annual growth rate (2017-2023). If this pace continues, the world will fall 1.5TW short of the 11.2TW target. To meet this goal, massive mobilization of finance and policy actions are required. There is an urgent need for accelerated efforts. https://lnkd.in/dbbv89V5 #RenewableEnergy #ClimateChange #COP28 #IRENA #SustainableDevelopment