SOLAR AND CLEAN FUELS EXAMINING THE COP TALKS
Although progress has been made, our work is far from complete…this is no time for victory laps. We need to set our sights and redouble our efforts on the road to Belém.” UN Climate Change Executive Secretary Simon Stiell “
Significant regional clean energy initiatives were also launched, including: ● Tera Med, led by IRENA, which pledges to develop 1 terawatt of installed renewable energy capacity in the Mediterranean region by 2030.
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The No More Coal-Fired Plants initiative in Latin America, a regional agreement to halt the construction of any new coal-fired generation facilities in the region and accelerate the transition to clean energy. The African Energy Efficiency Alliance, which aims to align Africa with global targets to double energy efficiency by 2030, while growing Africa’s energy productivity by 50% by 2050.
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As the gavel dropped to mark the close of COP29, UN Climate Change executive secretary Simon Stiell cautioned that although “progress has been made, our work is far from complete … This is no time for victory laps. We need to set our sights and redouble our efforts on the road to Belém.” To translate Baku’s agreements into tangible outcomes and pave the way for COP30 in November 2025, the international community must prepare to submit all the Nationally Determined Contributions (NDCs) by February 10, 2025, with updated, ambitious targets for 2030, and aligned with the outcomes of COP28’s first Global Stocktake in 2023. Technical work on the Article 6 mechanisms must continue, in preparation for discussions at the UNFCCC subsidiary bodies session in Bonn in June 2025. The accelerated implementation of the carbon market mechanisms is vital for enabling governments and non-state actors to trade greenhouse gas emission credits. Stricter standards in building codes, industrial processes and appliances, and stronger incentives for energy retrofits and new technologies are cost-effective means of scaling up energy efficiency efforts to meet the climate goals.
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The Green Energy Zones and Corridors Pledge to facilitate the integration of renewable energy capacity by linking green energy zones across large geographic regions. A key aim of this initiative is to launch stronger regional cooperation in renewable energy development and deployment. The COP29 Hydrogen Declaration, which commits parties to scale up the demand for and deployment of zero-emissions hydrogen by integrating hydrogen into national climate and energy plans and accelerating global hydrogen standards. Additional pledges of $85 million for the Loss and Damage Fund, bringing the total contributions to $720 million. Notable new contributions were announced by Australia, Austria, Luxembourg, New Zealand, Korea and Sweden. In 2025 the fund will begin financing new clean energy projects in those countries most affected by climate change.
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$85
million Additional pledges made by nations at COP29, for the Loss and Damage Fund, bringing the total contributions to $720 million
gigawatts The COP commitment to global renewable energy capacity by 2030
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THE FUTURE OF ENERGY
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