TBILISI, Georgia, May 6. Challenges persist in the adoption of renewable energy in developing countries, Chairman of the Intergovernmental Panel on Climate Change (IPCC) Jim Skea said during the "Achieving Climate Outcomes for Transformation" seminar at the 57th Annual Meeting of Asian Development Bank (ADB) in Tbilisi, Trend reports.
Without rapid action, we will exhaust our carbon budget by the decade and miss the 1.5°C warming limit. Though adaption attempts have increased, progress varies. Most adaptations are fragmented, gradual, and planning-focused. Certain sectors and areas have significant adaptation challenges due to resource and institutional constraints. The gap between adaptation efforts and needed activities is greatest among low-income populations.
The most recent Intergovernmental Panel on Climate Change (IPCC) assessment contrasts current mitigation financing with projections for 2030 under scenarios of 1.5°C or 2°C warming. Financial allocations would need to surge by a factor of 3-6, with the smallest disparity observed in electricity (2 to 4-fold increase), greater disparities in transportation and energy efficiency, and the most significant gaps in agriculture, forestry, and land use (requiring a scaling factor of 10 to 30). The consensus at COP28 in the UAE aims to triple renewable energy by 2030, with a compound growth rate of 20%, a trajectory aligning with recent advancements.
Still, China, Europe, and North America dominate renewable energy investment, while developing nations like Asia and Sub-Saharan Africa face obstacles.
To note, the theme of the 57th ADB Annual Meeting in Tbilisi, which was running from May 2 through May 5, was "Bridge to the Future."
The annual meeting provides ADB Governors with a platform to address developmental issues and challenges confronting the Asia-Pacific region. The event typically attracts several thousand participants, including finance ministers, central bank governors, senior government officials, private sector representatives, members of international and civil society organizations, youth, academics, and media personnel.
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