Azernews.Az

By Qaiser Nawab

COP 29, held in Baku, Azerbaijan, was not just another chapter in the climate discourse; it was a game-changer for global climate policy. This year, the spotlight was on two intertwined issues that are crucial for a sustainable future: the global shift to renewable energy and the urgent need to address the escalating loss and damage caused by climate change. These discussions weren’t just about policies—they were about justice, equity, and securing a future that doesn't leave the most vulnerable communities in the dust.

One of the key takeaways from COP 29 was the establishment of a global climate fund for loss and damage, marking a historic step forward. For decades, developing nations—many of which contribute the least to global emissions—have been bearing the brunt of climate disasters, from extreme floods to prolonged droughts. At the same time, they have often lacked the resources to cope and recover. The new fund is a lifeline, providing financial support to these nations, enabling them to rebuild and adapt in the face of mounting challenges. While this step was monumental, it's important to remember that this fund is only one part of the equation. Stronger commitments from developed nations to curb emissions and invest in renewable energy are equally essential to prevent further damage.

Here’s where the renewable energy revolution comes in. As the climate crisis accelerates, the need for clean, resilient energy infrastructure has never been more urgent. Renewable energy sources like solar, wind, and hydropower are not only the key to reducing global carbon emissions, but they also offer a robust solution to the energy crises exacerbated by climate change. According to the International Renewable Energy Agency (IRENA), transitioning to renewable energy could cut global carbon emissions by 70% by 2050—an ambitious but achievable goal. However, for this transition to succeed, we need more than just technological innovations—we need policies that foster global cooperation, break down trade barriers, and facilitate access to affordable clean energy worldwide.

At COP 29, significant strides were made in these areas. A key focus was the reduction of tariffs on renewable energy technologies like solar panels and wind turbines. Such tariffs, often imposed by high-emission countries, hinder the global spread of clean energy technologies, particularly in developing nations. The International Trade Centre estimates that reducing these tariffs could open up a $1 trillion market for clean energy over the next decade. This shift is critical because as renewable energy costs plummet—solar photovoltaic prices have dropped by over 80% in the last decade—trade barriers remain a significant bottleneck. Reducing these barriers would allow technologies to flow freely across borders, bringing down costs and accelerating the global transition to clean energy.

But renewable energy is not a one-size-fits-all solution. Many developing countries are still grappling with the infrastructure needed to harness these resources. COP 29 discussions emphasized the importance of integrating renewable energy with broader climate resilience efforts, ensuring that the most vulnerable nations can tap into these technologies. Investment in local infrastructure, financial incentives, and knowledge transfer programs will be crucial in making this a reality. Only by building local capacity and reducing energy poverty can we ensure that no nation is left behind in the renewable energy revolution.

Another exciting development at COP 29 was the vision for a global clean energy grid. Imagine a world where energy generated by solar and wind farms in sun-drenched deserts and windy coastal regions can be transmitted across borders to power cities and industries far beyond. This idea isn’t just a pipe dream—it’s a feasible solution that could transform the global energy landscape. According to the World Bank, renewable energy could account for 40% of global energy needs by 2030 if governments commit to reducing trade barriers and increasing investment in clean energy infrastructure. This interconnected grid would help ensure energy security, reduce reliance on fossil fuels, and provide clean, affordable power to all.

But the clean energy transition isn’t just about powering homes—it's about decarbonizing sectors that have long been heavy emitters, such as transportation, industry, and agriculture. A pivotal discussion at COP 29 was the need to decarbonize high-emission sectors, starting with transportation. The International Transport Forum estimates that transportation accounts for 14% of global emissions. By electrifying transportation systems and coupling them with renewable energy sources, we can dramatically reduce this figure. Meanwhile, green hydrogen—the clean fuel that could revolutionize sectors like steel and cement—has been gaining traction, with investment in this sector expected to grow rapidly in the coming years.

Ultimately, the conversation at COP 29 boiled down to one essential message: the energy transition cannot happen in isolation. It must be paired with a recognition that those who have contributed the least to the climate crisis are often the ones suffering the most. The loss and damage fund is a step in the right direction, but it’s only part of the solution. While renewable energy plays a vital role in mitigating future climate impacts, we must also ensure that financial flows, technological innovation, and international cooperation are aligned to create a truly sustainable future.

The road ahead is clear. By breaking down trade barriers, investing in renewable energy infrastructure, and supporting vulnerable communities through the loss and damage fund, we can set the stage for a cleaner, more equitable world. But it’s not just about energy; it’s about global cooperation, shared responsibility, and climate justice. COP 29 has shown that we have the tools to build a sustainable future, but now it’s up to us to act. The world is watching, and the time to act is now.