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Your Climate Action Diary - 54

Year 2023 • Week 52 • Anushthatri Sharma
Hi,

With just a few hours to go before we enter 2024, we felt a good way to close our last newsletter of the year would be to soak in a snapshot of where our emerging economies are. Especially India, China and Africa.

Not only because they house a large populations of the most vulnerable human societies, but also because they are on their way to becoming the largest GHG emitters with peaks far away - pushing global warming to new extremes. They will dominate the news-cycle in 2024 and the years to come. Worth noting, China is already the largest emitter, while India stands third - among the 195+ countries. 

These emerging economies matter a lot to the climate dialogue. Happy Reading !
 
Regards &
See you on the other side, 

Harish, 
Team - OnePointFive Tribe

Africa, As It Enters 2024

In 2023, Africa's RE transition remains yet to be unlocked due to misguided priorities & underinvestment in the energy sector. The continent has received only 2% of the total ($2.8 trillion) global RE investments, between 2000-2020 - despite being home to 40% of the world’s renewable energy (RE) potential & 60% of world’s best solar resources. On the other end, several new investments into fossil fuel projects has continued. The piece highlights, as of 2022, more than 200 fossil fuel companies have been developing or exploring new reserves in 48 out of 55 African countries.

China, As It Enters 2024

In 2023, China achieved a significant milestones when its Renewable Energy installed capacity exceeded its Thermal Power fleet (it reported 1.45 billion kW of RE capacity - which made up over half of the country's total energy capacity). RE also supported 1/3rd of China's total power consumption. The piece lines were a slew of projects this year facilitating its energy transformation. The Kela hydro-photovoltaic station in Sichuan, the Haijing PV station in Tianjin, and a 900 MW PV project in Qinghai showcased China's commitment, are among those that find mentioned. (Note: China is the highest GHG emitter, currently)

India, As It Enters 2024

In 2023, India progressed to transition away from fossils with (i) a ₹19,744Cr allocation for National Green Hydrogen Mission,(ii) a plan to add 50 GW of RE annually until FY28, (iii) a ₹3,670Cr funding scheme for 4,000 MWh of Battery Energy Storage Systems & (iv) a ₹14,007Cr for Domestic Solar PV Module under Production Linked Incentive Scheme, among others. It also launched the Global Biofuel Alliance (at G20). However, progress has been slower-than-needed to achieve its RE 2030 target of 500 GW capacity, among other concerns the piece captures. (Note: India is the 3rd largest GHG emitter, currently)

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