Pact of the Future: ambitious roadmap for Renewable Energy investment
BY KARABO MOKGONYANA
The Summit of the Future held during the United Nations General Assembly in New York in September was a big win for the renewable energy ambition in the world.
The summit produced and adopted an inter-governmentally negotiated, action-oriented Pact of the Future which lays out ambitious and necessary actions to ensure a smooth and fast transition towards renewable energy.
Actions 6, 9 and 52 are especially significant as they highlight the importance of accelerating renewable energy access, reducing greenhouse gas emissions and mobilising financial resources to support these efforts.
Action 6: We will invest in people to end poverty and strengthen trust and social cohesion
Section 25 (d) of the action focuses on accelerating efforts to ensure access to affordable, reliable, sustainable and modern energy for all.
This includes building resilient and secure cross-border energy infrastructure while substantially increasing the share of renewable energy.
Enhancing cross-border energy infrastructure is crucial for promoting regional energy security and resilience.
By facilitating the transmission of renewable energy across borders, countries can optimise their energy resources and improve energy reliability.
Initiatives such as the African Power Pool aim to interconnect African countries, enabling them to share renewable energy resources and reduce dependency on fossil fuels.
This collaboration not only enhances energy access but promotes economic development and cooperation among nations as well.
Action 9: We will strengthen our actions to address climate change
Section 28 (c) of this action calls for deep, rapid and sustained reductions in greenhouse gas emissions, aligning with the 1.5 degrees Celsius pathways outlined in the Paris Agreement.
The action emphasises the need and urgency to triple global renewable energy capacity and double the annual rate of energy efficiency improvements by 2030.
These targets are critical. Meeting climate goals requires unprecedented changes to our energy systems, as the Intergovernmental Panel on Climate Change (IPCC) warns.
Moreover, the phase-down of unabated coal power is essential for achieving net-zero emissions by 2050. Accelerating transitions away from fossil fuels must be conducted in a just, orderly and equitable manner that ensures that communities dependent on these industries are not left behind.
Investing in zero- and low-emission technologies, such as carbon capture, utilisation and storage (CCUS) and low-carbon hydrogen production is crucial for transforming hard-to-abate sectors.
This multifaceted approach not only addresses emissions but also promotes economic resilience through innovation in clean technologies.
Action 52: We will accelerate the reform of the international financial architecture so that it can meet the urgent challenge of climate change
The final action in section 80(b) calls on multilateral development banks (MDBs) to mobilise additional financing for adaptation and to develop renewable, low- and zero-emission technologies in line with existing commitments.
MDBs play a pivotal role in facilitating investments that enable countries to transition towards sustainable energy systems.
Increased financing can help overcome the significant upfront costs associated with renewable energy projects, especially in developing countries where financial resources are often limited.
The Green Climate Fund, for instance, has provided billions to support projects in developing nations and thus helping them to build resilient energy systems and mitigate the impacts of climate change.
Mobilising further resources through the MDBs will be crucial to achieving the ambitious targets set out in the Pact of the Future.
Positive Strides Toward a Sustainable Future
The commitments outlined in the Pact of the Future represent significant strides toward a sustainable and equitable energy landscape.
By prioritising access to renewable energy, recognising the need for urgent emission reductions and mobilising financial resources, the international community is taking decisive action to combat climate change and promote energy justice.
These actions are particularly pertinent in the context of the global energy crisis aggravated by geopolitical tensions and economic instability. By focusing on renewable energy, countries can enhance their energy security while contributing to global climate goals.
Furthermore, the emphasis on equity ensures that marginalised communities, particularly in developing regions, are included in the energy transition process, allowing for sustainable development that benefits all.
As the world moves forward, it is essential to maintain momentum on these actions by fostering collaboration between governments, private sectors and communities to realise a future powered by renewable energy.
The Pact of the Future provides a framework for this journey, underscoring the critical need for concerted efforts to build a resilient, sustainable and just energy future.
Karabo is a renewable energy campaigner at Power Shift Africa