EU to Support COP29 Global Pledge on Green Energy Grids, Storage, and Methane Emission Reduction

The European Union (EU) will support the COP29 Global Pledge for the development of green energy grids and storage, aimed at boosting global investments in renewable energy development, according to a statement by the EU Directorate-General for Energy on November 18.

"The 29th Session of the Conference of Global Leaders on Climate Change, currently taking place in Baku, Azerbaijan, is a crucial moment to renew efforts for ambitious climate action. Last year at COP28 in Dubai, European Commission President Ursula von der Leyen launched the EU’s Global Pledge to triple the installed capacity of renewable energy (RE) to at least 11 terawatts (TW) by 2030 and to double the pace of energy efficiency improvements (from 2% to more than 4%). More efforts are needed in electrification and energy efficiency in buildings. All 198 member countries of the UN Framework Convention on Climate Change have committed to achieving these goals. To overcome obstacles in deploying clean energy, the EU will support the COP29 Global Pledge on energy grids and storage, aimed at stimulating global investments in power grids, storage, and other flexible solutions critical for efficient deployment and consumption of clean energy," the EU statement noted on Monday.

The document also emphasizes reducing methane emissions from fossil fuels.

"Currently, reducing methane emissions in oil, gas, and coal extraction is the most immediate opportunity to slow down global warming. It is also highly cost-effective, as methane can be captured and commercialized, thereby offsetting the costs of investments in methane emission reductions," the EU Directorate for Energy stated.

The statement recalls that at COP29, the European Commission launched a roadmap for expanding cooperation on methane emission reduction between global importers and exporters.

This roadmap is based on the "Global Methane Pledge," a voluntary initiative signed by 158 countries to reduce global methane emissions by 30% by 2030. It also addresses methane emissions related to the import of fossil fuels into the EU.

The EU statement on November 18 also highlighted the EU's focus on building direct partnerships with countries worldwide, paving the way for a more sustainable energy future and helping reduce the EU's dependency on Russian fossil fuels under the RePower plan.

"Ensuring sustainable supplies of critical raw materials, especially those needed for electric vehicle batteries, solar panels, and wind turbines, is also a central element of EU energy diplomacy. In this context, the EU plans to launch new partnerships in clean trade and investment to further strengthen relations with non-EU countries," the EU document emphasized.

Such EU policies will enable Europe to become the world’s first climate-neutral continent by 2050.

"In 2023, renewable energy accounted for 50% of the EU’s electricity production. We are steadily moving away from polluting fossil fuels, replacing them with clean alternatives, while Gross Domestic Product (GDP) continues to grow, showcasing the potential on the path to achieving the European Green Deal. The EU's progress is important, but climate change remains a global challenge, requiring urgent global action. As the 27 EU member states are responsible for around 8% of global greenhouse gas emissions, many other global players are needed to make a significant impact. Therefore, the EU is pursuing a bold agenda to promote a fair, sustainable, and ambitious global energy transition that leaves no one behind," the EU statement concluded.