- In a significant move on climate change issues at G20 summit, the leaders accepted to work towards tripling global renewable energy capacity by 2030.
- This step would help to limit global warming to 1.5 degrees Celsius from pre-industrial levels.
Analysis:-
- Renewable energy is already being deployed at a rapid pace across the world, with an annual capacity additions growing by around 10% every year.
- For countries like China and India, renewable energy is the most preferred way to contribute in Greenhouse Gas Emissions.
- In 2022, about 295 GW of new capacity was added, highest ever.
- In the same way, to triple the total capacity by 2030, the world would have to add nearly 1000 GW of new capacity every year.
- According to the International Energy Agency, annual capacity additions have more than doubled from 2015 to 2022, rising by about 11% per year on average.
- To achieve such goal a higher annual growth rate would require much strong policy push from governments.
Role of International Solar Alliance (ISA):
- The multilateral body of ISA plays a very crucial role in such types of enactments.
- Solar energy constitutes more than 50% of new renewable energy capacity additions every year.
- In 2022, out of 295 GW of new renewable energy capacity created, 191 GW, or 65% came from solar energy.
- The ISA was proposed in 2015 by the Indian Prime Minister for rapidly scaling up solar energy across the world.
- The International Solar Alliance has been in alignment with the G20 Presidency throughout the year, worked in three ways:
- ISA had launched the Green Hydrogen Innovation Centre, to build the knowledge and capacity of all countries to produce, transport and use low and zero carbon hydrogen.
- ISA have enabled solar mini grids to provide universal access, especially where grid extension is too expensive, for example- Africa.
- ISA have identified 20 solar startups in Africa and strengthening it. It is now looking at Asia & Pacific Region.
Challenges:
- Availability of Financial Resources:
- The investments of about 5.3 trillion USD would be required per year till 2050, to enable the energy transition.
- The Global investment across all transition technologies reached a record high of 1.3 trillion USD in 2022.
- Yet, annual investment would need to more than a quadruple to remain on the 1.5 degree Celsius pathway.
- Unavoidable Situation:
- Even if the tripling target is achieved by 2030, it would alone not be sufficient for the 1.5 degree Celsius goal.
- The tripling would be able to avoid only 7 billion tonnes of CO2 equivalent, or less than one third of what is required.
Source - Indian Express