At the heart of the climate negotiations in Dubai, the recent COP28 commitment to “3x renewables” is shining like a beacon of hope.
This non-binding promise, endorsed by over 118 countries, represents a collective ambition to triple the world’s renewable energy capacity by 2030. While welcomed as a significant step towards achieving zero net emissions by 2050, it is imperative to recognise that this initiative, while promising, is not a silver bullet for the monumental task ahead for a number of reasons.
– Renewable energies, mainly solar and wind power, present unique challenges. Their intermittent nature and inefficiencies in electricity generation require a more nuanced approach to achieving the ambitious net zero targets.
For example, solar farms in Europe are currently operating at only 10-15% of capacity, while those in sunnier regions are doing slightly better, at 15-25%.
Onshore wind farms have a capacity of around 20%, while offshore wind farms have a capacity of 40%.
To complicate matters, a disconcerting trend has emerged since 2020: a resurgence of investment in fossil fuels, exceeding a staggering $1 trillion since 2022.
Furthermore, the absence of major players in fossil fuel production and consumption such as China, Russia, Saudi Arabia, Qatar, and Iran from the list of 118 countries committing to renewable energy targets adds a layer of scepticism to the prospects of achieving net-zero by 2050.
In light of these challenges, it becomes evident that a diversified approach is necessary. President Macron’s emphasis on the indispensable role of nuclear power in conjunction with renewables resonates as a strategic solution.
Indeed, nuclear power offers a stable and consistent source of energy that can counterbalance the intermittent nature of renewables. A credible and comprehensive strategy, both nationally and globally, must recognise the essential role of nuclear energy in transitioning societies away from fossil fuels.