- COP27 concludes this week, and countries around the world have made renewed pledges to decarbonise their energy infrastructures.
- The UAE, Israel, and Jordan have signed a deal to expand solar energy infrastructure.
- The International Atomic Energy Agency (IAEA) attended to promote the use of nuclear energy in the transition to net-zero.
November 2022, London
COP27 concludes this week, and many countries have signed new deals and given new pledges, with the aim of accelerating the global transition to net-zero.
In President Joe Biden’s speech at the conference, he reiterated that the US would aim to cut its greenhouse emissions by over 50% by 2030. A major step towards this was the recent passing of the Inflation Reduction Act, which allocated $13 billion for electric vehicle incentives, and includes a $3 billion plan to electrify the United States Postal Service (USPS) fleet.
Furthermore, solar energy has been a prevalent topic at the conference. Significantly, the United Arab Emirates, Jordan, and Israel have signed a deal to advance clean energy, titled ‘Prosperity Green’. The deal includes the construction of a 600-megawatt solar photovoltaic plant to be built in Jordan, that will also export energy to Israel.
However, renewable energy was not the only source of power being discussed at COP27. For the first time, the International Atomic Energy Agency (IAEA) opened a COP27 pavilion, at which the company’s Director General, Rafael Mariano Grossi, highlighted the ways in which nuclear energy could help solve the global climate crisis.
“As transportation currently accounts for about 20% of global climate pollution, the electrification of mobility is a key component of any net zero strategy. The expansion of the EV ecosystem consistently shows up all over the COP27 agenda and the expansion of charging infrastructure is one of the key areas of discussion.”
clean energy, such as solar, is becoming an increasingly attractive solution for nations worldwide: “Clean energy technologies like solar are cheaper than ever, undercutting the cost of fossil fuels in many regions. Additionally, some countries are finding that cleaner energy sources also help to insulate them from international fuel market shocks and enhance their energy security – more important than ever after Russia’s invasion of Ukraine laid bare Europe’s dependence on Russian oil and gas. Overall, investment in renewable energy production is increasing and improvements in technology are providing more sustainable solutions.”
“Nuclear energy has long been identified as critical to decarbonizing energy supplies away from fossil fuels. As was recently highlighted in the International Energy Agency’s 2022 World Energy Outlook, the global nuclear energy supply is projected to double in their Net Zero Emissions by 2050 Scenario relative to 2021 levels.
“However, as renewable energy sources have seen substantial investments in recent years, nuclear power must be further prioritized. Nuclear energy has the highest capacity factor versus traditional and alternative energy sources and can complement renewable energy sources with reliable baseload power. Additionally, energy security is paramount with the global energy crisis triggered by the Russian invasion of Ukraine. We believe that this will provide a catalyst for the use of nuclear energy.”
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