It’s a Deal—Wealthy Nations Pledge Not to Build New Unabated Coal-Power Plants

• by Joyce Chimbi (baku)
• Thursday, November 21, 2024
• Inter Press Service

Of all fossil fuels, coal has had the most serious and long-term effects on global warming. When burnt, coal releases more carbon dioxide than oil and gas, producing an estimated 39 percent of the global carbon dioxide emissions. Yet, coal is still the number one energy source, providing nearly 40 percent of the world’s electricity.

A COP29 deal struck on Wednesday November 21 now holds the promise to change the fossil fuel landscape and climate change trajectory, placing the world back on track to net zero. Twenty-five countries and the EU have now pledged not to build any new unabated coal-power plants in their next round of national climate plans in bid to scale up ambitions in the next phase of climate action.

Fossil fuels are highly polluting. The ‘no new unabated coal power’ COP29 initiative was signed by EU climate envoy Wopke Hoekstra to pledge that when the 25 nations submit their national climate plans by February 2025 along with all other nations party to the Paris Agreement, theirs will reflect no new unabated coal in their respective energy systems to accelerate phasing out of fossil fuels.

In reference to fossil fuels, ‘unabated’ means taking no measures to reduce the carbon dioxide and other greenhouse gases released from the burning of coal, oil, and natural gas. Abated refers to attempts to decrease release of polluting substances to an acceptable level.

“I’m often asked what gives me confidence that we can get this job done.? The answer is lots of things.? Quiet acts of solidarity, from people who get knocked down, but who refuse to stay down.? But there are also big things – the macro trends that aren't up for debate.? ? And there's none bigger than the global clean energy boom – set to hit two trillion dollars this year alone.? And it's just getting started,” Simon Stiell, the executive secretary of the United Nations Framework Convention on Climate Change, stressed.

“Money talks, and as we enter the second quarter of this century, it is saying loud and clear: there is no stopping the clean energy juggernaut, and the vast benefits it brings: stronger growth, more jobs, less pollution and inflation, cheaper and cleaner energy. The list of benefits goes on.”

The coalition of nations backing the diplomatic campaign to encourage all countries to end new coal power is constituted of mostly wealthy nations such as Germany, France, Canada, the United Kingdom and notably Australia – a major coal producer. This is the latest pledge towards curbing use of the fuel and phasing out fossil fuels in line with the COP28 deal.

The pledge is incredibly critical for despite coal being extremely dangerous to the global climate goals, a coal boom is unfolding. Data in the Global Coal Plant Tracker show that “69.5 GW of coal power capacity was commissioned while 21.1 GW was retired in 2023, resulting in a net annual increase of 48.4 GW for the year and a global total capacity of 2,130 GW. This is the highest net increase in operating coal capacity since 2016.”

COP29 has been centered around a new deal for climate financing to support the third Nationally Determined Contributions in the developing world, but delegates have not lost sight of the COP28 landmark deal when nearly 200 nations—for the first time—called on all nations to transition away from fossil fuels.

Teresa Anderson, the Global Lead on Climate Justice at ActionAid International, told IPS, “Just transitions and climate finance have to go hand in hand. Last year’s agreement to transition away from fossils was an important step. But without finance to make the just transition a reality, developing countries are in a bind.”

Stressing that climate-hit countries want to “leapfrog the fossil fuel era and scale up renewables, but can’t do so when they are being pushed deeper into debt by the climate crisis. To finally unlock the climate action the planet needs, COP29 needs to agree on an ambitious finance goal worth trillions of dollars in grants each year. Ensuring a just transition in energy is about much more than encouraging corporate investment and can’t just be left up to the private sector.

“When shifting away from fossil fuels, governments have a responsibility to actively involve communities in planning, training, social protection and ensuring energy access and secure livelihoods. Public services can join the dots, and have a key role in the just transition. The new climate finance goal has to provide trillions of dollars in grants, not loans or corporate investment targets,” Anderson observed.

Hailed as a major progressive step in the journey towards phasing out fossil fuels, the initiative is nonetheless not the silver bullet to end coal. The new commitment does not compel nations to stop mining or exporting coal. Notably, the world's greatest coal-power generators, such as the United Nations and India, are not part of the initiative. Nonetheless, despite coal power growing in the past years despite the COP28 deal on fossil fuels, Hoekstra expressed optimism that this call to action will set the ball rolling towards a much-needed fossil fuel phasing out.

IPS UN Bureau Report

© Inter Press Service (2024) — All Rights ReservedOriginal source: Inter Press Service

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