Tera Med, led by IRENA, pledges to develop 1 terawatt of installed renewable energy capacity in the Mediterranean region by 2030 “
and capturing most of the international media attention, other notable advances related to clean energy and renewables such as solar power were overlooked. One of the most consequential was the deal brokered on the carbon market mechanisms of the Paris Agreement, commonly referred to in climate circles as Article 6. After almost 10 years of heavily contested negotiations, this last-to- be-resolved section of the 2015 Paris Agreement now enables the country-to-country process for emissions trading and carbon credits to become fully operationalized under the UN’s centralized carbon market mechanism. Other notable clean energy initiatives emerging from COP29 include: ● A reaffirmation of COP28’s commitment to triple global renewable energy capacity to approximately 11,000 gigawatts by 2030 and to double the global annual energy efficiency rate from 2% to 4% every year by 2030. Annual investments in energy efficiency globally would need to reach $1.8 trillion by 2030 to achieve this goal.
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The Global Energy Storage and Grids Pledge, which is designed to accelerate COP28’s renewable energy targets by building resilient, interconnected power systems. This includes a six-fold increase in global energy storage capacity to 1.5 terawatts by 2030, with 25 million kilometres of new or refurbished grids proposed by 2030.
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THE FUTURE OF ENERGY
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