Renewable Energy predicted to produce a third of global energy by 2030

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A recent report by the Rocky Mountain Institute (RMI) suggests that wind and solar projects are on course to generate over one-third of the world’s electricity by 2030, indicating the energy sector’s potential to fulfill global climate objectives. Sultan al-Jaber, president of COP28, has called for a threefold increase in renewable energy generation by 2030 to mitigate greenhouse gas emissions and align with the Paris climate agreement. 

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What is the

Paris Climate Agreement?

The Paris Agreement is an international treaty adopted in December 2015 under the United Nations Framework Convention on Climate Change (UNFCCC). Its goal is to combat climate change by limiting global warming to well below 2 degrees Celsius above pre-industrial levels, and preferably to 1.5 degrees Celsius. The agreement sets out a framework for countries to cooperate in reducing greenhouse gas emissions, adapting to the impacts of climate change, and providing support to developing nations for these efforts.

Key features of the Paris Agreement include:

  1. Nationally Determined Contributions (NDCs): Each participating country is required to submit its own climate action plan known as the Nationally Determined Contribution. This plan outlines the country's targets, policies, and measures to reduce emissions and address climate change.

  2. Transparency and Accountability: The agreement emphasizes transparency and regular reporting by countries on their emission reduction efforts and progress towards their targets. This promotes accountability and allows for tracking global progress in addressing climate change.

  3. Global Stocktake: The Paris Agreement establishes a global stocktake process to assess collective progress towards achieving the agreement's goals. This review occurs every five years, allowing countries to update and enhance their climate actions based on the latest scientific findings and technology advancements.

  4. Adaptation and Climate Finance: The agreement recognizes the importance of supporting vulnerable countries in adapting to the impacts of climate change. It also emphasizes the provision of financial resources from developed countries to help developing nations mitigate and adapt to climate change.

  5. Technology Transfer and Capacity Building: The agreement promotes international cooperation in technology development, transfer, and capacity building to assist developing countries in pursuing sustainable development pathways and addressing climate challenges effectively.

The Paris Agreement is considered a landmark global effort to address climate change, with the participation of almost all countries worldwide. It aims to strengthen the global response to climate change and drive the transition to a low-carbon, resilient, and sustainable future.

As wind and solar power experience exponential growth, their contribution to global electricity is projected to rise from around 12% to at least 33%, leading to a decline in fossil fuel-based generation and more affordable energy. The RMI report, conducted in collaboration with the Bezos Earth Fund, emphasizes the declining costs of solar power as deployment and economies of scale improve, potentially reaching as low as $20 per megawatt hour (MWh) compared to the current average of $40 MWh. 

The report highlights the benefits of rapid renewable energy adoption, such as:

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