Global Briefing: UN summit sees $400bn pledged towards clean energy
All the top green business news from around the world this week, including fresh WHO air pollution guidelines and global coal, methane and HFC commitments
UN energy summit sees $400bn new backing committed to clean energy
More than $400bn in new finance and investment to increase renewables, access to electricity and clean cooking technologies were announced today by governments and businesses around the world at a crucial energy summit at the sidelines of the UN General Assembly in New York City today.
The UN High-level Dialogue on Energy, the first leader-level meeting on energy under the auspices of the UN in four decades, saw over 35 counties ranging from small island developing nations to major emerging and industrialised economies announce new green energy commitments and partnerships.
National governments committed to installing an additional 8698W of clean energy from solar, wind, geothermal, hydro and renewables-based hydrogen by 2030, while businesses – particularly power utilities – pledge to install an additional 823GW by the same date.
Among a raft of commitments announced by governments today, India pledged to increase its installed renewables capacity to 450GW by 2030, the USA reiterated its aim for a grid powered by 80 per cent clean electricity, and Malawi said it would aim to provide universal access to cleaner cooking for its population by the end of the decade backed by $596m investment.
Moreover, several partnerships and industry associations promised to mobilise an additional 3,500GW of renewables by the end of the decade, while a raft of ‘Energy Compacts’ partnerships established at the summit aim to save the equivalent of more than 7,000GW of energy through efficiency efforts.
The new commitments are expected to drive large increases in installed renewable energy capacity worldwide, as well as significant improvements in energy efficiency, leading to hundreds of new renewables projects and spurring millions of new green jobs, according to the UN.
“The commitments coming through this process led by UN-Energy are a real signal of what is possible,” said UN Secretary-General António Guterres,
“Access to clean, renewable energy is, quite simply, the difference between life and death,” he added. “We must solve these challenges this decade. And we must start today. Without deep and rapid decarbonisation of our energy systems over the next 10 years, we will not reach the Paris Agreement goal of limiting temperature rise to 1.5 degrees. This will be fatal to the Sustainable Development Goals.”
World Health Organisation unveils tighter air pollution guidelines
The World Health Organisation (WHO) has updated its global air pollution guidelines to take account of greater evidence and improved understanding of the myriad damaging impacts of dirty air on human health and the environment over the past 15 years.
Released on Wednesday, the stricter guidelines – the UN body’s first major air pollution policy update since 2005 – recommend new limits to protect health by reducing levels of six key pollutants, some of which also contribute to climate change.
When action is taken on these so-called classical pollutants – particulate matter (PM10 and PM2.5), ozone (O2), nitrogen dioxide (NO2) sulfur dioxide (SO2) and carbon monoxide (CO) – it also has an impact on other damaging pollutants, according to WHO.
WHO estimates exposure to air pollution is responsible for around seven million premature deaths worldwide each year. Poor air quality has been linked to a raft of heath conditions, including stunted lung growth and function in children, as well as asthma, heart disease and strokes in adults.
“We know the magnitude of the problem and we know how to solve it,” said WHO regional director for Europe, Dr Hans Henri P Kluge. “These updated guidelines give policy-makers solid evidence and the necessary tool to tackle this long-term health burden.”
More countries join global methane and coal power pledges
The UN has this week launched a fresh global campaign to try and corral countries around the world into immediately halting the development of any new coal power plants worldwide, with seven countries having already signed the declaration, according to Bloomberg.
The No New Coal Agreement has already secured the backing of the UK, alongside Chile, Denmark, France, Germany, Montenegro and Sri Lanka, in a move designed to ramp up pressure towards a global phase-out agreement for the carbon intensive fossil fuel at COP26 in Glasgow.
It also came as yet more nations flocked to join the recently-launched global campaign to slash methane emissions by 30 per cent by the end of the decade, with seven countries having now joined the joint pledge brokered by the US and the EU.
The UK, Indonesia, Italy, Mexico, Argentina, Ghana, and Iraq have all signed up to the pledge, which alongside the US and EU means the alliance includes six of the top 15 methane emitters, and accounts for a fifth of global emissions of methane, a particularly potent greenhouse gas, according to Climate Home News.
President Biden unveils plan to slash climate-warming HFCs
The White House has finalised restrictions aimed at slashing the use of hydrofluorocarbons (HFCs) by 85 per cent over the next 15 years, marking the Biden Administration’s first major greenhouse gas regulation since taking office at the start of the year.
HFCs are potent climate-warming gases commonly used in a range of consumer appliances such as fridges and air conditioning units, and the new rule is expected to slash more than 4.5 billion metric tonnes of CO2 equivalent gases from entering into the atmosphere by 2050, the White House said.
If implemented, the rule could on its own prevent up to 0.5C of global warming this century, according to the US Environmental Protection Agency (EPA), which estimated the cumulative societal benefits of the regulation at more than $272bn through to 2050.
The move is designed to help the US comply with the Kigali Amendment of the Montreal Treaty, a global agreement aimed at phasing out the harming greenhouse gas.
Also this week, meanwhile, the White House kicked off efforts across US federal agencies to address the health impacts from extreme heat, including the country’s first ever labour standard aimed at protecting workers from heatwaves as the impacts of climate change continue to worsen.
“Over the past few weeks, I have traveled across the country to see firsthand the devastating human and economic toll of extreme weather exacerbated by climate change,” Biden said in a statement. “My Administration will not leave Americans to face this threat alone. Today, I am mobilizing an all-of-government effort to protect workers, children, seniors, and at-risk communities from extreme heat.”
Egypt considering bid to host COP27
Egypt’s President Abdel Fattah al-Sisi has declared the country’s interest in hosting the COP27 UN climate change conference, which is scheduled to take place in late 2022.
Sisi said on Monday that Egypt’s bid to take on hosting duties would mark “a radical turning point in international climate efforts in coordination with all parties, for the benefit of Africa and the entire world”, according to Reuters.
Egypt’s declaration comes just weeks before the UK hosts this year’s conference, COP26, in Glasgow.
The Democratic Republic of Congo is also reportedly interested in hosting the COP27 summit.
Plans scaled up ‘world’s biggest’ solar farm in Australia
Energy firm Sun Cable has scaled up plans to develop what it claims would be the world’s biggest solar farm by as much as 40 per cent, yesterday announcing the project earmarked for the Northern Territory was now designed to boast 17-20GW of capacity, up from 14GW under its previous plans.
In addition, the associated energy storage system planned for the site has also been scaled up to offer 36-42GW hours, up from its previous target of 30GW house, according to the Sydney Morning Herald.
As a result of scaling up the plans, the estimated cost of the project has also risen from (AUS) $22bn to $20bn, the newspaper reports. The project is being developed to supply both the Northern Territory’s capital city Darwin, as well as Singapore, having secured key support from the Indonesian government.
Study: Renewable energy could deliver 25 million jobs in Africa and Asia
Investing in distributed renewable energy systems could end energy poverty in Africa and Asia by the end of the decade, while also creating 25 million direct jobs in the two continent’s power sectors and saving four billion tonnes of greenhouse gas emissions, according to the Rockefeller Foundation.
Fresh research by the philanthropic organisation underscores the climate and economic opportunities from renewable energy in the two continents, estimating that the number of jobs on offer from investing in clean power in Africa and Asia is 30 times greater than from fossil fuels.
It calculates that taking the clean power route in order to end energy poverty in Asia and Africa could be achieved with an annual investment of $130bn in distributed renewable energy systems, and would additionally unlock almost 500 million further new jobs in healthcare, agriculture educaton, and SMEs over the next decade.
“The world is at a crossroads. Fortunately, technological advances have given humanity the tools for transformative change, so for the first time in history, we can address the climate crisis while empowering people with the jobs and electricity they need to care for their families, pursue opportunities, and thrive,” said Dr Rajiv J Shah, president of the Rockefeller Foundation. “We must now find the courage, and the resources, to come together and change how the world works and how people live. Nothing less will do.”
