Energy sector remains the biggest contributor to global greenhouse gas (GHG) emissions today, accounting for more than two-thirds of the total emissions. Therefore, transitioning to low-carbon energy sector is increasingly recognised as key to achieving carbon neutrality by mid-century and mitigating the adverse effects of climate change.
Renewables present an innovative, sustainable, and cost-effective solution to reduce GHG emissions at scale, thus helping countries to achieve the objectives of the Paris Agreement. Yet, the renewable energy commitments reflected in the first round of nationally determined contributions (NDCs) submitted in 2015 would only lead to an average annual increase in renewable energy deployment of 3.6% over 2015-2030.
Before the closing of the first NDC review cycle at COP26, the Parties which have ratified the Paris Agreement had the opportunity to submit new or updated pledges. As the lead intergovernmental agency for the renewables-driven energy transition, IRENA worked closely with its global membership to put renewable energy at the heart of enhanced NDCs for COP26 in Glasgow.
A total of 72 Parties in different geographies around the world benefited from IRENA’s support on different facets of the energy transition. The number of Parties is equal to a total emission of around 3.2 billion tonnes of CO2 eq, indicating the huge potential for emission reduction in line with climate goals.
The latest submissions to the United Nations Framework Convention of Climate Change (UNFCCC) shows promising results; all of the NDCs submitted by Parties mention the energy sector as a key area for climate action, with renewable energy as a key option to decarbonise the sector. IRENA analysis found that of the total 194 NDCs, 143 mention quantified renewable energy targets; 109 consider quantified renewable energy targets in the power sector; while 31 NDCs mention quantified renewable energy targets for direct heat and/or transport sector.
Moving from ambition to action, the next important phase is ensuring that all the climate pledges made in the NDCs are implemented. IRENA will continue to offer and expand its support to its membership in enhancing and implementing their energy transition actions. The support will be strengthened through dedicated project facilitation services, as well as analytical work and capacity building that will allow Parties to create an enabling environment to drive renewable energy investment at scale.
Accelerating private sector investment in large-scale Renewable Energy
Following its 2020 edition, the Economic Policy Dialogue series (EPD) is back with six new sessions that will run until June 2023. Organized by the United Nations Development Programme (UNDP) and the World Bank Group in Tunisia through TERI Trust Fund, these monthly meetings aim to bring together relevant key stakeholders to create a space for constructive, inclusive, and transparent debate, allowing to collectively address the challenges of economic and social reforms facing the country.
The six EPD sessions are organized to foster dialogue on structural reforms and collectively identify practical and operational solutions to facilitate the implementation of reforms needed to address economic and social challenges as well as economic and development priorities.
The first session will be held on Thursday, 24 November 2022, and will focus on “Accelerating private sector investment in large-scale renewable energy.” Through a frank and direct debate, this dialogue session will aim to propose solutions to accelerate the realization of large-scale renewable energy projects, find ways to overcome the identified barriers and propose innovative mechanisms for a win-win partnership to regain investor confidence and catalyze the development of these projects. Accelerating the implementation of these projects is the only way to reduce the energy deficit and contribute to achieving energy transition objectives: energy security, economic competitiveness, social equity, and climate action.
Tunisia’s interests in the energy transition are evident given the country’s increasing energy demand (1.5% per year) and the worsening of the energy deficit. All the while, the country remains, despite the adoption of several forward-looking laws, far from the objectives it had set itself – namely, 30% of renewable energy in the energy mix in 2030.
At the end of each session, proposed in a participatory format, recommendations will be formulated to initiate and fuel reflection on possible national socio-economic reforms. These reforms aim to improve access to regional development, youth employability, and economic and financial inclusion within the Sustainable Development Goals (SDGs) framework.
World Bank Group Announces International Low-Carbon Hydrogen Partnership
Today, on Energy Day at COP27, the World Bank Group announced the creation of the Hydrogen for Development Partnership (H4D), a new global initiative to boost the deployment of low-carbon hydrogen in developing countries.
H4D will help catalyze significant financing for hydrogen investments in the next few years, both from public and private sources. The partnership will foster capacity building and regulatory solutions, business models, and technologies toward the roll out of low-carbon hydrogen in developing countries. Through H4D, developing countries will gain further access to concessional financing and technical assistance to scale up hydrogen projects.
“Low-carbon hydrogen can have a significant role in countries seeking to accelerate their clean energy transition,” said David Malpass, President of the World Bank Group. “Our new hydrogen partnership will enable developing countries to prepare low-carbon hydrogen projects and boost energy security and resilience for their people while lowering emissions.”
Low-carbon hydrogen offers a solution to decarbonize heavy industries that produce more than 25 percent of global CO2 emissions, for which there is presently no viable alternative to fossil fuels. Low-cost, low-carbon hydrogen fuel can become a viable replacement for diesel in transportation. Hydrogen also has the potential to provide long-term energy storage options and bolster the reliability of renewable energies with variable outputs, like solar photovoltaics and wind.
For low- and middle-income countries, low-carbon hydrogen has the potential to generate export revenues, creating a value-added export sector that generates jobs for skilled labor and helps promote food security, since hydrogen can be used to produce ammonia, a key component of fertilizers. It can also generate energy capacity to meet local needs, including decarbonizing in-country manufacturing and smelting sectors, and provide energy access to remote populations.
The main activities of the H4D partnership, to be hosted in the Energy Sector Management Assistance Program (ESMAP) of the World Bank, will include:
- Convening international cooperation to increase the knowledge base in low-carbon hydrogen technologies for developing countries.
- Building capacities by following a global public goods approach.
- Understanding requirements from emerging markets and the private sector for the deployment of low-carbon hydrogen and its derivatives.
- Creating opportunities to inform innovation and for new technologies to gain visibility.
- Generating policy dialogue on enabling the deployment of low-carbon hydrogen across countries.
- Fostering collaboration with private sector partners for clean hydrogen projects.
EU leaders accuse US natural gas producers of profiteering
European leaders are unhappy with natural gas prices. Some leaders are insisting that the EU impose a price cap on all natural gas imports, regardless of origin, – notes Oilprice.com.
France’s president Emmanuel Macron accused the United States of a “double standard” because of the difference between the price at which liquefied natural gas produced in the U.S. sells in Europe and the price at which natural gas sells within the U.S.
“The North American economy is making choices for the sake of attractiveness, which I respect, but they create a double standard,” Macron said, also adding that “they allow state aid going to up to 80% on some sectors while it’s banned here – you get a double standard.”
He wasn’t alone among European national leaders in being unhappy about gas prices. In fact, as many as 15 leaders were unhappy, and they insisted that the EU imposes a price cap on all natural gas imports, regardless of origin.
Now, the U.S. is striking back at the accusations.
“What’s happening is the companies that hold those long-term contracts with US LNG producers, they’re marking that up and earning that margin in the European market,” Brian Crabtree, an assistant secretary at the Department of Energy, – told the Financial Times. “It’s not the US LNG company, it’s basically European-headquartered international oil companies and traders.”
Indeed, producers of liquefied natural gas do not invariably sell their product directly to the consumer, in the face of a country in Europe, for instance, They work with commodity majors such as Vitol and Trafigura, or the supermajors, including BP and Shell.
This is not to say that LNG producers are not benefiting from the much stronger demand for LNG from Europe. And this is exactly the reason they have been benefiting, in the form of higher profits: demand has surged, and when demand surges, prices follow, especially if supply is not growing as fast as demand.
In other words, Europe seems to want businesses to not act as businesses and take every opportunity to make a profit, which is what businesses are all about.
Be that as it may, a Ministry of Energy analyst, told the FT that the U.S. was committed to helping Europe get enough gas “at a price that is affordable to the continent.” It’s hardly a surprise he did not go into detail on how this affordable price would be achieved.
…This is a free market, isn’t it?
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