Page 5 - AsiaElec Week 02 2022

AsiaElec COMMENTARY AsiaElec

reduce emissions.
IRENA has called for more focus on electrifi- the energy sector. For renewables alone, up to
cation, requiring specific and quantified targets $1 trillion per year is needed, compared with
for heating and cooling and transport. $300bn of green investment in 2020.
The IRENA said that governments must
COP rules maximise the amount and efficiency of public
The report stressed that a key way forward was finance via supportive policies, redirect public
the conclusion at Glasgow of the Paris Rulebook, capital from fossil fuels to energy transition-re-
which outlines the guidelines for how the Paris lated technologies, and greater use of de-risking
Agreement is delivered. tools to mobilise private capital.
The two most important elements of the There is a need for a better tracking of global
Rulebook are the new transparency process climate flows, including more transparent mon-
that holds countries to account as they deliver itoring of amounts collected and disbursed, in
on their targets, and a new framework for coun- order to ensure its most efficient and equitable
tries to exchange carbon credits through the use.
UNFCCC. The green energy industry is expected to
Also, the Breakthrough Agenda was endorsed review the immediate impact of the Glasgow
by 42 parties at COP26, which aims to inform COP26 conference at the IRENA General
policy-making through an assessment of global Assembly in Abu Dhabi later in January.
progress towards breakthroughs in areas includ- “We are still far from moving quickly enough.
ing power, road transport, steel and hydrogen. The real hard work starts now in mobilising
Put simply, these agreements will set up a investment and shaping policy environments to
global, independent verification system that will stimulate a faster and more geographically bal-
constantly monitor the progress governments anced energy transition,” said La Camera.
make in meeting their targets. The leaders who
attended COP26 will be watched to ensure that Conclusion
they deliver on their promises. The report warned that the world was still not on
a climate-safe pathway, even though countries
Finance enhanced their NDCs and declared ambitious
COP26 saw almost total agreement by richer mitigation pledges such as net zero at COP26.
nations on meeting their commitment to raise IRENA argues that renewable energy forms
climate finance for poorer counties to $100bn a key opportunity as a vehicle to deliver the
per year by 2023. COP25 also agreed to tackle needed emission reductions, as well as multiple
loss and damage and double global adaptation Sustainable Development Goals (SDGs).
finance by 2025. Governments, financial institutions and pri-
However, this is for long-term green finance vate sector entities must broaden their ambitions
requirements. IRENA has estimated that the and make them commensurate with the scale of
world as whole will need $131 trillion of aggre- the climate threat, followed by real, short-term,
gate financing between 2021 and 2050 to meet accelerated implementation: a key feature of the
1.5°C. This equates to $4.4 trillion per year for Glasgow Climate Pact made at the COP26.™

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