Governments of the world have reached a historic deal to increase the share of renewable energy and reduce the use of coal, oil and gas by the middle of the century. The agreement known as the “Global Green Transition Accord,” was signed by 195 countries after much debate at an extraordinary climate conference held in response to escalating alarmist messages from climate scientists.
The agreement is the most far-reaching and widest-ranging climate change deal so far as it has obligated the participants to agree to a set of commitments and policies to restrict the global temperature increase to 1. 5 degree Celsius higher than the pre industrial level. It is important to highlight some of the provisions of the accord as follows.
A pledge to generate 100 percent renewable electricity by 2035 for the developed world and 2040 for the developing nations. This will require the spending of billions of dollars in solar, wind, hydroelectric, and other renewable energy sources.
A complete elimination of coal fired power plants by 2030 in the developed countries and by 2035 in the developing countries but with financial and technological assistance to enable them do so.
Carbon pricing policies that need to be applied across all the member countries with the generated revenues being used for financing the development of clean energy and also for compensation of the impact which has been experienced due to the shift towards green energy.
Substantial increase in resources for climate change adaptation and finance in developing countries, especially least developed countries, where developed countries committed to mobilize $ 200 billion per year by 2025.
New and stronger safeguards for forests and other parts of the natural carbon storage system, such as a call for a global moratorium on deforestation by 2030 and afforestation.
Praise has been showered on the agreement which has been considered as a new era in combating climate change with environmental organizations and climate activists expressing satisfaction over the set targets and more so, the accompanying action plans. However, some critics have opined that the timelines are still not as tight as should be expected for a business that is operating in the climate space.
The accord will be brought into operation through cooperation and coordination with other countries and huge investment in clean energy. Most countries have started declaring their strategies and measures for achieving the goals such as big plans for renewable energy generation, upgrading of the electricity distribution network and measures to ensure that employees in carbon based industries are retrained for other forms of employment.
The agreement is also being met by the private sector, as large companies and corporations declare new sustainability strategies and investment strategies that will support the global shift to clean energy. Banking institutions are committing to shift tens of trillions of dollars out of fossil fuel assets into clean energy and other sustainable projects.
Despite the positive sentiment that has followed the signing of the accord, there are several issues of interest that have arisen in the effort to achieve the set objectives. There are concerns about compliance measures, capacity of some countries to achieve the stated timelines, as well as the emergence of geopolitical rivalry as the world shifts from the energy old order.
However, the Global Green Transition Accord could be viewed as the world’s turning point to address climate change as the international community engaged in a collective effort to limit the negative consequences of global warming and build the framework for the sustainable development of the low-carbon economy.
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