COP28 shocker: Nations defy oil tycoons with bold renewable energy promise

At the ongoing COP28 summit in Dubai, leaders from nearly 120 nations made a sensational commitment to triple the world’s renewable energy capacity within the next seven years. This historic pledge marks a major shift away from fossil fuels, propelling global efforts to achieve net-zero carbon emissions by 2050. Notably, major oil producers like Saudi Arabia, Russia, Iran, and China, have not joined this trailblazing initiative.

The commitments, though voluntary and non-binding, focus on aggressively deploying solar, wind, hydroelectric, and other renewable sources. President Sultan Al Jaber, spearheading COP28, emphasized the critical need for broader participation, especially from key stakeholders. More than half of all nations are now on board to triple global renewable capacity and double energy efficiency by 2030.

Clean energy advocates, including Greenpeace’s COP28 delegation head Kaisa Kosonen, praised the commitment. Kosonen remarked, “The future will be powered by solar and wind, but it won’t happen fast enough unless governments regulate fossil fuels out of the way.”

Massive Shift at COP28: Nations Unite to Escalate Renewable Energy, Challenge Oil Giants

In a significant development, oil and gas companies responsible for 40 per cent of global production, including industry giants Saudi Aramco and UAE’s ADNOC, pledged to decarbonize their operations by 2050 and curb methane emissions. However, these commitments notably exclude emissions from the burning of fuels by customers.

Methane emissions, a critical factor in greenhouse gas warming, were a focal point at COP28. The US Environmental Protection Agency announced tighter curbs on these emissions from the country’s oil and gas industry. High-level discussions between US climate envoy John Kerry and his Chinese counterpart Xie Zhenhua underscored the urgency of addressing this issue.

Amidst the COP28 summit, the United States led over 20 nations in a call to triple nuclear energy capacity by 2050, asserting its potential role in achieving carbon neutrality.

The US Vice President Kamala Harris announced a substantial $3 billion contribution to a fund aiding developing countries in their energy transition and climate change impacts. This marks Washington’s first pledge since 2014, signaling renewed commitment to global climate goals.