SDG7 and green hydrogen: a solution for the energy of the future
Nov 12, 2024
Sustainable
COP29 in Baku, attended by delegates from 200 countries around the world, has agreed on climate finance, committing developed countries to provide a minimum of $300 billion annually to the poorest countries over the next decade (2025-2035), in addition to increased funding for island countries and those that are least developed.
While the financing target is historic, it falls far short of the demands of developing countries themselves, which, according to the agreement itself, need between 455 and 584 billion dollars per year.
Financing was the central focus and the main battleground of this COP29. The New Collective and Quantified Goal (NCQG) replaces the previous one agreed in 2009, under which developed countries pledged to contribute $100 billion annually to the Green Climate Fund by 2020.
The new agreement underpins the Roadmap from Baku to Belem, Brazil where COP30 will take place, to make further progress towards a new collective and quantified goal of 1.3 trillion dollars.
Simon Stiell, UN executive secretary for Climate Change, opened the summit by calling for a “strong” COP, recognising that climate finance is a critical activity to protect the global economy and billions of lives and livelihoods from “devastating” climate impacts.
Climate finance is a critical activity to protect the global economy
Stiell stressed that the entire planet will pay a “terrible price” if at least two-thirds of the world’s countries cannot afford to rapidly reduce their emissions. “Moreover, the entire global economy could collapse if countries are unable to strengthen their supply chains,” he emphasized.
Countries at COP29 also reached an agreement on carbon emissions trading and the creation of a regulated global market to meet the goals of article 6 of the Paris Agreement, which calls for countries to work together to reduce their carbon emissions. Under the scheme, a country can transfer the carbon credits it has earned by reducing its emissions to another country.
Countries at COP29 also reached an agreement on carbon emissions trading
In this way, countries that emit little CO2 can sell emission allowances to those that generate more, under UN management, with guaranteed accounting and registration of transactions.
According to the chair of COP29, financial flows from compatible carbon markets could reach $1 trillion by 2050. In addition, these flows have the potential to reduce the cost of implementing national climate plans by $250 billion per year.
Francisco de la Flor, Enagás’ Director of Sector and Multilateral Representation and Chairman of the ECE United Nations Gas Experts Group, attended COP29 and participated in several sessions, where he highlighted the company’s commitment to decarbonisation and its commitment to green hydrogen through the development of various projects in this field.
Francisco de la Flor highlighted Enagás’ commitment to decarbonisation and its commitment to green hydrogen
In particular, during the session “Energy transition acceleration via stakeholder engagement in deploying & financing renewable gases”, panellists, including the Enagás executive, highlighted the importance of active collaboration between all stakeholders to make the financing and accelerated deployment of sustainable solutions, such as biomethane and renewable hydrogen, a reality.