Three energy initiatives were launched at COP29, on the 15th November: the Global Energy Storage and Grid Pledge, the Green Energy Pledge: Green Energy Zones and Corridors, and the Hydrogen Declaration.
The Global Energy Storage Pledge commits endorsers to the goal of deploying 1,500 gigawatts of energy storage by 2030 – which is more than six times the global capacity recorded in 2022. Grid scale energy storage has been recognised as essential for the transition to clean energy. This pledge also includes a commitment to add or refurbish existing grids.
The second pledge is concerned with connectivity – promoting green energy zones and corridors to connect with generation sources. The intention is to provide cost effective and secure distribution of energy across long distances. Azerbaijan’s minister of energy recognised the need for greatly increased capacity, and said that “There is 3,000GW [of renewables] – almost five times what we added this year – ready to be added to the grids, but we don’t get the grid capacity”.
The COP29 Hydrogen Declaration is a commitment to scaling up renewable, low-carbon hydrogen production, and includes decarbonising existing hydrogen production methods.
During the second week of COP29 the UK launched the Global Clean Power Alliance at a G20 meeting in Brazil. This includes Brazil, Australia, Barbados, Canada, Chile, Colombia, France, Germany, Morocco, Norway, Tanzania and the African Union, with the US and EU also partnering on the initiative. The alliance will see countries work together and share expertise to reach the global goal to triple renewable energy capacity and double the rate of energy efficiency improvements by 2030, which was first agreed as part of the ‘global stocktake’ at COP28.
Countries failed to reach an agreement on how the outcomes of last year’s global stocktake, including a key pledge to transition away from fossil fuels, should be progressed – instead kicking the decision down the road to COP30 next year in Brazil.
