The 2024 United Nations Climate Change Conference (COP29) places significant focus on energy as one of the key sectors in combating climate change.
In light of this, the COP29 Presidency has officially launched three energy initiatives, inviting stakeholders to lend their support. These initiatives demonstrate the presidency’s efforts to enhance outcomes from the first Global Stocktake on renewable energy and hydrogen progress.
The Global Energy Storage and Grids Agreement at COP29 marks the first initiative under which signatories commit to a collective goal of deploying 1,500 GW of energy storage capacity by 2030. This represents a sixfold increase compared to the capacity available in 2022. Furthermore, it includes a commitment to add or upgrade 25 million kilometers of grid infrastructure by 2030, recognizing the need for an additional 65 million kilometers by 2040.
The Green Energy Zones and Corridors Agreement commits signatories to promoting green energy zones and corridors to connect renewable energy sources with the most vulnerable communities. This involves the development of larger intersectoral and interregional power grid connections to enable cost-effective and secure electricity transmission over long distances.
The COP29 Hydrogen Declaration focuses on increasing the production of renewable, clean, and low-emission hydrogen, a commitment made by the signatories. It also aims to accelerate the decarbonization of existing hydrogen production from fossil fuels. The goal is to significantly boost green hydrogen production from the current one million tons per year while reducing the 96 million tons of hydrogen currently derived from fossil fuels.
Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA), emphasized the global target of tripling renewable energy capacity by 2030, a goal set at last year’s COP28. According to him, achieving this target requires more than just increasing renewable energy production—it also demands overcoming challenges related to connecting renewable sources to power grids. He highlighted energy storage, grid expansion, and significant investments as crucial factors.
More:
- COP29: New Initiatives and Financing for Combating Climate Change and Achieving Peace
- COP29: Climate Financing Set as a Priority
- COP29: Key Climate Negotiations Begin in Baku
Further support for renewable hydrogen development comes from the commitment of international and national development financial institutions to back the 10 GW Lighthouse Initiative. This initiative aims to foster the development of renewable hydrogen projects with capacities ranging from 100 MW to 1 GW in developing and emerging economies, advancing them to the final investment decision (FID) stage by 2030, according to the official COP29 website.
Additionally, IRENA and Azerbaijan’s Ministry of Energy officially launched the Accelerated Renewable Energy Partnership for Central Asia (APRECA) to accelerate investments and enhance interregional connectivity. This initiative aims to boost renewable energy deployment, foster green industrialization, and maximize socioeconomic benefits in the region.
The European Bank for Reconstruction and Development (EBRD), alongside the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB), announced a major investment in solar projects in Azerbaijan. Each of these banks will invest 160 million dollars to construct two solar power plants with a combined capacity of 760 MW.
