Today's Edition
Ahmed Murad (Cairo) - According to climate and economics experts, 28th United Nations Conference of the Parties (COP28) is a qualitative leap in the future of clean and renewable energy, both regionally and internationally. The conference plans to enhance efforts to double the investment volumes within the sector.
Experts explained that the expansion in the fields of clean and renewable energy is one of the most important and prominent pillars of COP28, as it aims to accelerate practical and just energy transition by providing new financing mechanisms and enhancing international cooperation.
Climate and development expert Dr. Elsayed Sabry pointed out that the plan for COP28 includes four main pillars to accelerate the just energy transition, develop climate financing mechanisms, enhance climate adaptation efforts, and ensure full inclusion.
During a speech at the seventh Ministerial on Climate Action conference in Brussels, His Excellency Dr. Sultan Ahmed Al Jaber, COP28 President, mentioned that the first COP28 pillar includes tripling the production capacity of renewable energy sources and doubling hydrogen production by 2030, as well as urging the oil and gas sector to support the production of clean energy sources through investments.
Sabry told Aletihad that many countries are heading towards diversifying clean and renewable energy sources and expanding the use of natural gas, green diesel, and green hydrogen, which aligns with many of the programmes and initiatives adopted by COP28.
The climate conference is a global effort to enhance the mechanisms for transitioning to clean and renewable energy in various countries of the world, especially the Middle East. The Director of the International Energy Agency, Dr Fatih Birol, previously said that COP28 contributes to accelerating the transition of the region’s countries to clean and renewable energy and diversifying their economic programmes to support green energy.
According to the Permanent Delegate of the UAE to the International Renewable Energy Agency, Dr. Nawal Al-Hosany, the UAE has contributed to achieving the required infrastructure for supporting renewable and clean energy in 70 countries. So far, the UAE has invested $16.8 billion in renewable energy projects and helping countries face climate challenges.
Economic expert and Head of the Capital Centre for Economic Studies in Cairo, Khaled El-Shafei, says that COP28 is a strong push for clean and renewable energy investments on a global scale, as it contributes to the reduction of greenhouse gas emissions and the decrease in the demand for traditional energy by nearly 40% by 2050, according to international estimates.
El-Shafei told Aletihad that reports issued by the COP28 Presidency confirm that there is significant interest in the clean and renewable energy file. By putting financing mechanisms at the top of the conference agenda, COP28 aims to expand investments and use that as one of the key means of combatting climate change.
Several statements and announcements issued by the COP28 Presidency urged various countries to increase investments in the field of clean and renewable energy, explaining that the conference’s events and sessions will focus on providing new financing mechanisms and enhancing international cooperation in this field.
Professor of Climate at the Zagazig University in Egypt, Dr. Ali Qutb, explained to Aletihad that the transition towards clean and renewable energy is at the forefront of solutions for facing climate change, an issue that poses the greatest threat to Earth.
The renewable energy file tops the COP28 agenda, Dr. Qutb said, which enhances global interest in these projects.
