Tuesday, December 5, 2023
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On December 5, this edition of the climate summit will celebrate Energy Day. Tripling the production of renewables by the end of this decade and embracing green hydrogen are some of the measures being called for.
By Jose Miguel Pascual Labrador. Photo by EFE.
The United Nations Climate Change Conference (COP28), being held in Dubai, has designated December 5 as Energy Day, although the summit's first few days have already seen a push for this issue by many countries, led by Germany with the support of more than 120 states. Specifically, they are calling for the approval of "binding measures" linked to energy transition targets by the end of COP28. Energy is considered an essential pillar for both the economy and climate issues. Actions demanded by professionals in this field include tripling the target for renewable production capacity worldwide by 2030, or embracing hydrogen as an energy vector for the decarbonization of hard-to-electrify sectors.
The conversation in the United Arab Emirates has therefore revolved around stakeholders’ ability to increase renewable energy generation from 8 to 23 TW by the end of this decade, as well as the goal of more than doubling low-carbon hydrogen production to at least 180 million tons. All of this is aligned with the target of doubling the energy efficiency ratio across all sectors of the economy by 2030.
Experts believe that this will make it easier to meet the target established in the Paris Agreement (to hold the planet's average temperature to well below 2°C above pre-industrial levels) and that, as far as possible, this figure should be kept below 1.5 degrees. The world has already seen around 1.2 degrees of warming.
COP28 President Sultan Al Jaber emphasized in his opening speech that this climate summit will take "ambitious measures” to course correct, guided by the first Global Stocktake published by the United Nations Climate Change Conference, which wraps up on December 12. He also referred to requests to include specific measures on fossil fuels and renewables, urging all delegates to work together: "Be flexible, find common ground, come forward with solutions, and achieve consensus."
Some of the ideas to be discussed on Energy Day include funding mechanisms and technical solutions for the oil and gas industry to reach a turning point in methane emissions, which could be reduced through a world-class platform that favors innovation and holistic solutions.
Against this backdrop, on December 1, Cepsa and C2X announced a partnership to develop the largest green methanol plant in Europe. In the presence of Spanish President Pedro Sanchez, the two companies explained their plans to open a plant in Huelva with an investment of up to 1 billion euros. One of the five largest green methanol plants in the world, it will have an annual production capacity of 300,000 tons, avoiding the emission of up to 1 million tons of CO2. Sánchez acknowledged that this investment is fully aligned with Spain's reindustrialization and energy transition strategy. To achieve this milestone, both Cepsa CEO Maarten Wetselaar and C2X CEO Brian Davis are calling for the necessary regulatory framework to allow the plan to go ahead and be competitive.
Other topics also discussed at this conference, and closely connected to the energy sector, include transforming food and agricultural systems through increased investments in technology to allow, for example, more efficient water use, given that a quarter of the world's population faces water stress every year. This situation needs an urgent solution, as the global population is on the rise, and the demand for food production is therefore growing at an accelerated pace.
Participants in this COP28 are calling for the expansion of hydrogen as an energy vector to reduce between 60 and 80 gigatons of CO2 by 2050. The High-Level Roundtable of Ministers and CEOs on Hydrogen will mark the beginning of a statement of intent regarding the vital role it can play in decarbonizing the world economy. The mutual recognition of certification systems for hydrogen and its derivatives may be reflected in the same text.
Finally, looking ahead, youth empowerment in sustainability is becoming an important tool in driving transformational change, helping to reinforce a just energy transition.
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