Despite several significant shortcomings, the UN Climate Change Conference in Glasgow (COP26) united the globe behind the commitment to limit the warming of global climate to 1.5C degrees. Consigning coal to history was one of the central mission statements ahead of and during the conference. Just as important, though less prominent, are the implications of COP26 for the role of other fossil fuels in the global transition to net-zero – most notably for gas. Maria Pastukhova and Lisa Fischer from E3G take a closer look at how this year’s COP will shape the future gas transition diplomacy and whether the new initiatives launched can act as a springboard for the global transition beyond fossil gas.
In May, the Asian Development Bank (ADB) published the draft of its new energy policy, a big step, given its clout over energy systems in Asia and the Pacific. The document pledges a new era in the multilateral bank’s financing approach. But despite major improvements on coal, there remains a long way to go. Maria Pastukhova looks at the small print.
The year 2020 brought us a devastating pandemic and an economic slowdown but also some decisive moments for the global energy transition. Last year ushered in a wave of groundbreaking pledges on carbon and climate neutrality. Meanwhile, clean energy investments have proven resilient to the global economic downturn, further shrinking prices for renewable power generation equipment and the ongoing electrification of many economies. Finally, a potential game changer for the global energy transition occurred last November: After nine years of protracted negotiations, the Regional Comprehensive Economic Partnership (RCEP) was signed by 15 Asian and Pacific countries. Early signs, however, suggest it will prove a mixed bag for efforts to reduce global CO2.
Autumn 2020 has seen a dramatic net-zero shift among the world’s industrial giants, with China and South Korea aiming for carbon-neutrality by 2060 and 2050, respectively, and Japan – for climate neutrality by 2050. East-Asian economies, along with the EU, are leading the global climate efforts in terms of long-term ambitions, but a closer look at energy transition progress and the climate policies reveals another potential global leader – India. Maria Pastukhova investigates.
On September 22 China’s President Xi has delivered the country’s new pledge to reach peak carbon emissions earlier than 2030 and carbon neutrality by 2060 to the UN General Assembly. If pursued, this pledge marks a fundamental shift in China’s global climate ambitions and will have profound long-term impact on the global economy and energy markets. How sustainable will this impact be for the globe? Well, it all depends. Maria Pastukhova has the details.