The transition to renewable energy has become a central issue in the fight against climate change and the pursuit of a more sustainable future. Renewable energy, particularly from sources such as solar and wind, has played a fundamental role in reducing carbon dioxide (CO₂) emissions, significantly contributing to limiting global warming. According to the International Energy Agency (IEA), renewable energy technologies, such as solar photovoltaic (PV) and wind, were responsible for about 85% of the growth in electricity generation in 2022, marking significant progress in the global energy transition.
The importance of renewable energy stands out, especially for its ability to replace fossil fuels, which remain the primary contributors to greenhouse gas emissions. In addition to directly contributing to climate change mitigation, these energy sources offer additional benefits, such as greater energy security and diversification of the energy matrix, as noted in REN21’s 2024 Global Status Report. With the continued expansion of renewables, electricity generation from these sources is expected to surpass coal by 2024, reinforcing their central role in decarbonizing the power sector.
However, this transition is not without its challenges. One of the biggest obstacles is the need to triple the globally installed renewable energy capacity by 2030, a target set during COP28 and which will be reaffirmed at COP29, scheduled to take place in November 2024 in Azerbaijan.
To reach this target, it will be necessary to overcome barriers such as high financing costs, reliance on supply chains concentrated in a few countries, and the need for infrastructure to integrate these new technologies into the global electricity grid.
Moreover, financing for renewable energy and climate change adaptation is a central issue that will be widely debated at COP29. The event, often referred to as the “Financing COP,” will have as one of its main focuses the New Collective Quantified Goal (NCQG), which aims to align global financial contributions with the estimated needs to address climate challenges. The private sector will play a crucial role in this process, as it is responsible for much of the capital needed for clean energy infrastructure investments.
Energy access inequality also remains a significant issue, especially in emerging regions. It is estimated that, despite progress, around 745 million people still do not have access to electricity, most of them in Sub-Saharan Africa and South Asia. This highlights the importance of policies that ensure a just and inclusive energy transition.
The role of renewable energy in transitioning to a low-carbon future also extends to sectors such as transport and industry. The growth of charging networks for electric vehicles, along with the development of energy storage technologies, has the potential to transform entire cities, making them cleaner and less dependent on fossil fuels.
As we approach COP29, it is expected that world leaders will reaffirm their commitments to expanding renewable energy and implementing policies that encourage the use of clean technologies. The conference will serve as a critical platform to assess progress made since COP28 and set new goals to achieve the 2030 climate targets and beyond.
COP29 will also be a milestone in discussing the operationalization of financial and market mechanisms, such as the carbon markets established under Article 6 of the Paris Agreement, which have so far faced difficulties in fully materializing. These markets have the potential to mobilize capital for clean energy projects while reducing global emissions, but challenges remain to ensure their effectiveness.
Finally, COP29 will be a crucial opportunity to address climate adaptation. As the effects of climate change intensify, especially in vulnerable countries, the need for robust adaptation strategies has never been more urgent. Coordinated actions and investments are essential to ensure that these countries can effectively face the climate impacts.
In summary, COP29 will be a decisive event in the race to meet the 2030 climate goals. The transition to renewable energy is at the heart of this agenda, with significant challenges ahead, but also enormous opportunities to shape a cleaner and more sustainable future.
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