The
clean energy economy
is rapidly taking shape, but faster change is urgently needed across most
energy system components to achieve net zero emissions by 2050. COP28
Presidency releases ambitious plan to fast-track the energy transition and
supercharge climate finance and underpin everything fully inclusively.
اضافة اعلان
The focus is
immersed in energy markets in a
fast-changing market and under pressure from
various directions.
Daunting, yet
favorable
It is innovative
and agile in driving and achieving the country’s growth strategy. While the
pathway is daunting, several favorable elements can make it achievable.
The pace of
deployment of some clean energy technologies shows what can be achieved with
sufficient ambition and policy action.
Electric car sales
reached a record high of more than 10 million in 2022, a nearly tenfold
increase in just five years.
Renewable electricity capacity additions rose to
340 gigawatts (GW), their largest-ever deployment. As a result, renewables now
account for 30 percent of global electricity generation. Investment in clean
energy reached a record USD 1.6 trillion in 2022, an increase of almost 15
percent from 2021, demonstrating continued confidence in energy transitions
even in an uncertain
economic climate.
Economic stimulus
package
Major economies
have announced economic stimulus packages that will pump approximately USD 4.6
trillion directly into carbon-relevant sectors such as agriculture, industry,
waste, energy, and transport, but less than USD 1.8 trillion is green.
Furthermore, carbon credits are crucial in the global strategy to combat climate change. By assigning a cost to carbon emissions, they provide a financial incentive for emitters to reduce their greenhouse gas emissions and promote developing and implementing cleaner technologies and practices.
By contrast,
energy transition investment will have to increase by 30 percent over planned
investment to a total of USD 131 trillion between now and 2050, corresponding
to USD 4.4 trillion annually.
Socioeconomic
benefits will be massive; investing in transition will create nearly three
times more jobs than fossil fuels for every million dollars of spending.
The most exposed
to the impacts of human-caused climate change
The countries of
the
Middle East are among the world’s most exposed states to the accelerating
impacts of human-caused climate change, including soaring heat waves, declining
precipitation, extended droughts, more intense sandstorms and floods, and
rising sea levels.
But the
consequences will be felt unevenly across the region. Resource-poor countries
that lack adaptive capacities like infrastructure, technology, and human and
physical capital will suffer more acutely, especially as global warming
contributes to the degradation of rural livelihoods and jeopardize food
security.
Jordan’s
vulnerabilities to climate change are growing, with impacts already visible on
agriculture and food security, cities, firms, and social systems.
Furthermore, while
Jordan’s greenhouse gas (GHG) emissions are relatively small at the global
level, Jordanian cities also present significant opportunities for climate
action in the urban, transport, and energy sectors, given the country’s high
urbanization rate.
In support of the
international climate governance system, Jordan has a robust set of national
climate policies that provide an ambitious pathway toward low-carbon and
climate-resilient development.
To boost policy
momentum in four key interrelated sectors—
water, energy, agriculture, and
transport—the government and supporting climate actors in Jordan should enhance
the effectiveness of their climate change governance efforts and their
responsive measures at the socioeconomic level.
Carbon credits
Access to funding
requires securing national co-financing, drafting proper technical proposals,
and launching strong international diplomacy efforts.
But the consequences will be felt unevenly across the region. Resource-poor countries that lack adaptive capacities like infrastructure, technology, and human and physical capital will suffer more acutely, especially as global warming contributes to the degradation of rural livelihoods and jeopardize food security.
Furthermore,
carbon credits are crucial in the global strategy to combat climate change. By
assigning a cost to carbon emissions, they provide a financial incentive for
emitters to reduce their greenhouse gas emissions and promote developing and
implementing cleaner technologies and practices.
The new financial
architecture will require stronger
international financial institutions (IFIs)
that work better as a system and must develop innovative and holistic solutions
that move private capital at scale towards climate action to help countries
take a path of private sector and technology-led growth.
A climate-proofing
lens should contribute to all
political, economic, and infrastructure decisions
to ensure that proper adaptation to climate change occurs early on. The shift
toward a climate-resilient and low-carbon economy should include creating
opportunities for new jobs and providing access for women, local communities,
and youth to high-quality services at reasonable costs.
Hamzeh S. Al-Alayani
is a Jordanian public-sector government investments management company board
member and a regular regional energy and industrial commentator. Hamzeh holds
an MBA from the University of Aberdeen, UK, and a BSc in Mechanical Engineering.
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