Amid a global energy crisis, international delegates gathered in Korea’s southwestern city of Yeosu this week for the third United Nations Framework Convention on Climate Change (UNFCCC) Week – a key stop on the road to this year's U.N. Climate Conference (COP).
Their discussions focused on the supply side of the energy story, such as how much wind and solar infrastructure is being built and which countries are pulling ahead. While supply is essential, it follows demand — and the demand side is where households most directly feel the impact. When the cost of energy rises, so does the cost of living.
With electricity demand growing faster in Asia than anywhere else, the region is now leading on the three fronts that drive the energy transition: electrification, energy efficiency and the grids that tie them together.
Scaling that leadership to the rest of the world is what the Global Climate Action Agenda is built to do. We drive this work through negotiations under the UNFCCC, where national governments, businesses, investors, cities and regions, and civil society turn political commitments into real change in people’s lives. The Action Agenda also allows Asia to share its innovations and learn from pioneers around the globe.
Electrification and sustainable fuels
Electrification is one of the most powerful levers in the energy transition, helping countries to both double energy efficiency and triple renewable capacity — the two goals agreed to by nearly 200 countries at COP28.
When homes, factories and vehicles switch to sustainable electric propulsion, two things happen: First, efficiency increases so emissions tend to fall, even on a grid still partly fossil-fuelled. Second, new demand can be met with new generation renewables, and solar and wind are usually the fastest and more affordable options.
Through the Action Agenda’s plan to accelerate electrification, the world’s largest power companies are investing $88 billion a year in renewable power. This is projected to triple their renewable generation capacity by 2030 and expand energy storage nearly fivefold.
For sectors which are more difficult to electrify, like heavy industry, shipping, aviation and ground transportation in some areas, the answer is sustainable biofuels and hydrogen. An Action Agenda plan on sustainable fuels, delivering a COP30 pledge spearheaded by Brazil, Japan, Italy and India, aims to quadruple their use.
Electrification reduces energy waste in most cases, but the gains go further when countries also target efficiency directly. Smarter buildings, tighter appliance standards and industrial processes all help reach the same goal: lower bills for families and businesses and lower emissions across the board.
Source: Korea Times News
