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It’s been a busy week in NYC as the Big Apple played host to both the UN’s Summit of the Future and NYC Climate Week — dubbed the unofficial COP this year. Here’s the news trickling out of New York so far.
EGYPT LAUNCHED A NEW FINANCE STRATEGY-
Egypt launched a new national financing framework in collaboration with the UN to aid in achieving sustainable development goals, according to a statement. The Integrated National Financing Strategy will aim to increase sustainable financing to minimize funding gaps and investment risks.
How will they do it? Egypt will establish cost estimates for realizing SDGs, foster public-private partnerships, and support the green banking system, Egypt’s Minister of Planning, Economic Development, and International Cooperation Dr. Rania A. Al-Mashat said. Financing arm of the EU, the European Investment Bank, plans to lend a hand and is already the country’s largest development partner, a separate statement added.
DEVELOPING COUNTRIES GET A HELPING HAND-
The UAE and the International Renewable Energy Agency (Irena) will partner on helping 20 developing countries achieve their Nationally Determined Contributions (NDCs), Wam reports. The partnership will target specific obstacles hindering the growth of developing economies such as a lack of financial support and limited technical infrastructure that prevents them from achieving climate goals.
TRIPLING RENEWABLES BY 2030 ISN’T A PIPE DREAM-
The goal to triple renewables by 2030 is within reach due to “favorable economics, ample manufacturing potential and strong policies,” the International Energy Agency (IEA) in a new report (pdf). If the goal is achieved and energy efficiency is doubled, the world could reduce greenhouse gas emissions by 10 bn metric tons by 2030 beyond the expected reduction with the current trajectory. The IEA had previously anticipated the growth trajectory to likely fall short of the goal by only reaching 2.5 times the current level.
Renewables alone won’t set us on track: To keep the world on track, a reduction in fossil fuel consumption and costs for customers will also be needed, the IEA said. In order to make the most of the increase in renewables, the world will also need to expand electricity infrastructure by building and modernizing 25 mn km of electricity grids by 2030 while also increasing energy storage capacity to 1.5k GW by 2030. Governments should also prioritize energy efficiency in policy decisions. Finally, USD 1 tn per year of investment in renewables will be needed, BloombergNEF determined.
Kenyan President William Ruto pitched Africa as a prime location to help meet the goal due to its abundant natural resources, Reuters reports, pointing out that the continent gets less than half of the world’s investments in renewable energy despite having 60% of the world’s best solar exposure.
SMALL ISLAND STATES AREN’T LETTING UP THE PRESSURE-
The Alliance of Small Island States (AOSIS) at the General Assembly once again urged richer countries to contribute more to climate mitigation for developing countries, Reuters reports. It’s time for G20 countries which account for 80% of emissions to stop paying “lip service” to the problem, AOSIS chair and Samoan Natural Resources and Environment Minister Cedric Schuster said.
