The United Nations Conference on Climate Change 2024 (COP29) focuses significant attention on energy, as one of the key areas in the fight against climate change.
This is why the COP29 presidency has officially launched three energy initiatives, calling on stakeholders to provide support. Through them, the efforts that the presidency invests in improving the results of the first Global Review of progress in the field of renewable energy and hydrogen are expressed.
Global Agreement on Energy Storage and Grids COP29 represents the first initiative within which the signatories committed to the collective goal of installing 1,500 GW of energy storage capacity by 2030. That is six times more capacity than the one in 2022. In addition, it includes an obligation to add new or reconstruct existing networks, namely 25 million kilometers of network by 2030, with the recognition that it is necessary to add another 65 million kilometers by 2040.
Agreement on Green Energy Zones and Corridors COP29 it implies that the signatories undertake to promote green energy zones and corridors in order to connect renewable energy sources with the most vulnerable communities. This includes the development of larger intra-sectoral and inter-regional interconnected power grids that enable cost-effective and safe transmission of electricity over long distances.
Declaration on Hydrogen COP29 it refers to the increase in the production of renewable, clean and low-emission hydrogen, which the signatories have committed to. It is also about accelerating the decarbonization of current hydrogen production from fossil fuels. The goal is to significantly increase the production of green hydrogen from the current one million tons per year, but also to reduce the 96 million tons of hydrogen that is currently produced from fossil fuels.
Francesco La Camera, Director General of the International Renewable Energy Agency (IRENA), recalled the global goal of tripling renewable energy capacity by 2030, which was achieved at last year’s COP28. According to him, in order to achieve this goal, it is not enough to just increase the production of renewable energy, but also to overcome the challenges related to the connection of renewable sources with networks. As he pointed out, energy storage, expansion of networks and significant investments are key factors.
Another support for the development of renewable hydrogen is represented by the promise of representatives of international and national development financial institutions to support the initiative 10 GW Lighthouse. The initiative has set as its goal cooperation on the development of renewable hydrogen projects with a capacity of between 100 MW and 1 GW in developing and emerging countries, until the final investment decision (FID) stage by 2030, according to the official COP29 website.
IRENA and the Ministry of Energy of Azerbaijan officially launched the Partnership for the Acceleration of Renewable Energy in Central Asia (APRECA), with the aim of accelerating investments and improving interregional connectivity to accelerate the deployment of renewable energy sources, boost green industrialization and maximize socioeconomic benefits in the region .
The European Bank for Reconstruction and Development (EBRD), together with the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB), announced a significant investment for solar projects in Azerbaijan. Namely, each of the mentioned banks will invest 160 million dollars for the construction of two solar power plants, with a total capacity of 760 MW.
Katarina Vuinac
Source: energetskiportal.rs
