Energy Day, which looks into transitioning from fossil fuels to renewables, phasing out coal entirely and energy efficiency took place on Thursday, following on from a successful Finance Day.
A new, international declaration has been launched by the UK government, known as the Just Transition Declaration created to commit nations to distance themselves from carbon-heavy industries and make their economies green along with providing more eco-friendly opportunities and jobs. This follows the partnership of the UK and South Africa with the Just Transition Partnership, due to South Africa’s claims of needing further finance to prepare itself for climate change and aid in phasing out coal, a supposed $8.5 billion (~£6.3bn) will be made as an initial commitment. Signatories can be found here.
On climate adaptation and preparation for climate change, the United Nations recent report, Adaption Gap, has come to the conclusion that funding for climate adaptation needs to increase anywhere from five to ten times before 2030. By this year, it has been stated the costs of preparation for developing countries will be anywhere from $140-$300 billion (~£103-£222bn) and most likely on the higher end of that. This could potentially rise to $500 billion (~£370bn) by 2050. In 2019, the financing for climate adaptation was only $80 billion (~£59bn).
The Powering Past Coal Alliance has garnered 27 new members, now accounting for 164 nations and cities. This makes 65% of EU countries and Organisation for Economic Co-operation and Development (OECD) Alliance members. Some of these new members include industries such as NatWest, Lloyds Bank and HSBC as well as an EU coal fleet in Ukraine, the third largest of its kind which hopes to phase-out by 2035. The International Energy Agency predicts that all construction of coal powered plants needs to end and existing ones need to be phased-out by 2030 for the OECD and by 2040 for the entire world. Members can be found here.
190 parties signed up to pledges that should help aid ending coal usage both internationally and locally, whilst supporting the jobs that would be lost through the fossil fuels phase-out. The Global Coal to Clean Power Transition Statement has been signed by some of the larger coal users, such as China, though others like Australia and Japan have not signed the Statement. If the commitments are maintained, more than 40GW’s worth of coal could be phased-out over 20 countries. The signatories and other details can be found here.