COP27 is an opportunity to boost renewable energy sources

THE impact of the demand for energy on climate change presents the toughest policy choice that will face the United Nations’ COP27 climate summit in Egypt on Nov 6. How energy is used and sourced will determine whether it will be possible to reach net-zero carbon emissions by 2050, a goal Singapore has renewed its commitment to. The worry is that rising energy prices will lead to an expansion of fossil fuel capacity as countries scramble to achieve greater energy security. Because energy is responsible for three-fourths of greenhouse gas emissions (GHGs), burning more fossil fuels will undoubtedly cause irreversible harm. To counter this, COP27 must set higher targets for all forms of renewable energy that too are incentivised to expand because of higher oil prices.

The demand for energy has been growing and is expected to continue to do so, which is a measure of economic expansion, and the energy needs of countries. Some 733 million people do not yet have access to electricity and nearly 2.4 billion are not cooking with clean fuel. The availability of basic energy for the poor and vulnerable is part of energy security that is high on country priorities. Immediately, rising energy bills following Russia’s war in Ukraine and the Covid-19 pandemic are a concern everywhere. But, to avoid a worsening of the climate crisis, energy shortages need to be bridged without a return to fossil fuels, especially coal. Instead, massive support needs to go to renewable sources that the International Energy Agency is already benefiting from the hit from the war, especially on natural gas.

Indeed, the single biggest breakthrough needed to deal with the climate crisis will be a much faster deployment of clean energy technologies. Electric power has made progress in adopting renewables in its energy mix, but a far bigger switch from fossil fuels is needed for domestic heating and cooling to lower GHGs. Industry, the largest energy user, and transport are making disappointing progress in switching to renewables. According to the UN Environmental Programme, the “slow progress in energy conservation, energy efficiency and renewables prevent the transition away from fossil fuels”.