How Feasible Is It to Achieve Climate Change Targets in the Short-Term?
Achieving the key renewable energy targets agreed upon at last year’s global climate summit in Dubai will remain an elusive dream unless the world invests more than $30 trillion over the next six years.
According to Politico, the International Renewable Energy Agency (IRENA) issued this stark warning in October at the final ministerial meeting ahead of the UN climate summit COP29, where financing climate action will take center stage.
At last year’s COP28 conference in Dubai, countries committed to collectively triple the global renewable energy capacity and double efforts on energy efficiency by 2030. These commitments were seen as crucial for limiting global warming in line with the Paris Agreement.
The agency found that countries are on track to achieve only half of the renewable energy growth needed to meet the target.
According to IRENA, stricter policies, streamlined permitting processes, and grid modernization are crucial for closing the gap, as well as a sharp increase in investments.
Investments in renewable energy reached a record $570 billion last year, but $1.5 trillion per year is required, says IRENA. Additionally, spending on energy efficiency measures needs to increase sevenfold to meet the doubling target, from $323 million last year to $2.2 trillion annually.
Overall, IRENA states that achieving both COP28 goals will require a total of $31.5 trillion in global investments in renewable energy, grids, energy efficiency, and related measures by 2030.
Energy
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In 2023, Azerbaijan produced 4 million 369.8 thousand tons of fuel (automotive gasoline, diesel fuel, and aviation kerosene), whereas last year the total volume amounted to only 3 million 906.9 thousand tons. Over the past year, fuel production in the country decreased by 462.9 thousand tons, or by 10.6%.
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According to preliminary data, in the past year, Azerbaijan's gross domestic product (GDP) amounted to 126.3 billion manats (approximately $74.3 billion at the current exchange rate), a 4.1% increase compared to 2023, the monthly report by the State Statistical Committee of the Republic of Azerbaijan.
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In 2024, the total volume of oil and condensate production in Azerbaijan amounted to 29 million 63 thousand tons, the monthly report by the State Statistical Committee of the Republic of Azerbaijan.
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The Trans Adriatic Pipeline (TAP AG) consortium has developed a roadmap for preparing to transport hydrogen, according to TAP AG. “TAP’s goal is to develop infrastructure for hydrogen transportation. We have defined a roadmap for preparing for the medium- and long-term transportation of natural gas and hydrogen blends, as well as renewable gases. A preliminary study in 2021 confirmed the potential of TAP for transporting hydrogen mixtures in the future. Currently, we are conducting pipeline material tests at an international laboratory. The results of the first tests were received in the fourth quarter of 2024 and are now under evaluation. The next round of tests has already begun, and results are expected in 2025,” said the consortium.
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