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Over 60 Countries Back Ambitious Renewable Energy Deal Ahead of COP28

November 10, 2023. By News Bureau

More than 60 countries have expressed their support for a groundbreaking renewable energy initiative led by the European Union, the United States, and the United Arab Emirates, according to sources familiar with the matter.

The initiative aims to triple renewable energy production during this decade while shifting away from coal, marking a significant step in the fight against climate change.

The EU, US, and UAE have been actively rallying international support for this pledge in the lead-up to the U.N.'s COP28 climate negotiations, scheduled from November 30 to December 12 in Dubai. On December 2, world leaders will call for the inclusion of this commitment in the final outcome of their gathering.

Notably, major emerging economies such as Nigeria, South Africa, and Vietnam, as well as developed countries like Australia, Japan, and Canada, have pledged their support. Other countries, including Peru, Chile, Zambia, and Barbados, have also committed to the initiative.

A preliminary version of the pledge, reviewed by newswire Reuters, includes a commitment to double the world's annual rate of energy efficiency improvement to 4% per year until 2030.

The draft emphasises the necessity of increasing the use of renewables alongside a phased reduction of unabated coal power, including ending the financing of new coal-fired power plants.

While negotiations with China and India to join the initiative are reportedly at an advanced stage, neither country has officially signed on yet. Climate scientists highlight the urgency of simultaneously expanding clean energy and swiftly reducing CO2-emitting fossil fuels in the power sector to mitigate the impacts of climate change.

The early endorsement of this initiative to triple renewable energy and phase out coal power is expected to build momentum and set a positive tone for the upcoming climate conference, which is likely to involve challenging negotiations.

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Energy efficiency

Renewable Energy Deal