The world will increasingly need clean, renewable energy to strengthen our energy security and, above all, fight climate change.
Floods and bushfires in Brazil, record temperatures in the UK: the impacts of climate change are becoming increasingly evident. To address this challenge, a global transition to clean energy sources is essential.
This represents a great opportunity: a chance to boost economic growth, create quality jobs and generate greater stability, both nationally and internationally.
The investment opportunities are equally enormous, representing nearly $7 trillion to the global economy. This path covers a wide range of technologies: wind turbines and solar panels that harness the energy of the wind and sun; carbon capture, storage and use; clean hydrogen; and sustainable biofuels that decarbonise sectors such as transport, including aviation.
In the UK, our mission is to achieve a clean energy system by 2030. That’s why we created Great British Energy, a UK public company to invest in clean energy, significantly accelerating investment in renewable energy and removing unnecessary barriers to vital energy. energy sector infrastructure.
In Brazil, where we already have almost 90% of our clean and sustainable electricity matrix and 50% of our total renewable energy matrix, well above the world average, with extensive experience in biofuels, we can still advance a lot . We recently launched a project called Fuel of the Future to accelerate the use of sustainable fuels in aviation and machinery, promoting the blending of ethanol with fossil fuels and the adoption of hybrid cars powered by electricity and biofuels.
We are proud to stand together as leaders in the fight against climate change. However, the reality is that the world is not on track to meet its climate goals. We must limit global temperature rise to a maximum of 1.5°C. To do this, we want to drive progress in three key areas.
First we must be bold. Both Brazil and the UK announced new Nationally Determined Contributions (NDCs) at COP29 in Baku this month, setting ambitious targets to reduce our greenhouse gas emissions. We strongly encourage other countries, particularly the G20 economies, responsible for around 80% of global emissions, to come forward with the cuts needed to take the world in the right direction.
Secondly, we need funding. Currently, emerging markets and developing economies receive only 15% of clean energy investments. The International Energy Agency estimates that this figure will need to increase six-fold by the early 2030s. Brazil is leading the way with its new investment platform, designed to mobilize much larger flows of private capital towards its climate transition projects. We want to help others follow this model and dramatically increase private sector investment by connecting investors with large, sustainable projects around the world.
Third, we need alliances. Like-minded countries, working together with a common goal, can achieve great things. On Monday (18), Brazil led the creation of a new Global Alliance against Hunger and Poverty, which will bring together resources, public policies and new technologies to help the world’s most vulnerable people. The United Kingdom was one of the first countries to join the initiative.
And this Tuesday (19), we jointly launched a new Global Clean Energy Alliance, bringing together several countries – developed and developing, North and South – with a clear goal: to help triple production capacity of renewable energy and double energy efficiency. by 2030, as set out in the Global Stocktake, a UN global stocktake to monitor progress on the Paris Agreement.
The alliance will work on specific missions, starting with removing funding barriers.
We will support initiatives that enable developing countries to attract the investments needed to achieve their climate goals. We will also offer support and technical assistance to help them develop a range of projects that can attract private finance, create quality jobs and generate growth and prosperity, while reducing carbon emissions.
Both the Global Alliance for Clean Energy and the Global Alliance against Hunger and Poverty will continue to grow and develop. We are proud to have taken these first steps together at the G20 Leaders’ Summit in Rio de Janeiro this week. It is a reflection of the increasingly strong ties between our two countries.
Next year we will celebrate 200 years of diplomatic relations between the UK and Brazil. It will be a time not only to commemorate, but also to further deepen our cooperation.
After all, we Brazilians and Britons share many things, not only a love of football, but also a determination to improve the lives of workers and tackle the global challenges that increasingly impact our lives.
This drives the steps we have taken this week and is the fuel for our ambition to work even more closely together in the future.
What are the main renewable energy technologies driving the global transition to clean energy?
Interview Between the Time.news Editor and Climate Energy Expert
Editor: Welcome, and thank you for joining us today. The urgency to transition to clean, renewable energy has never been more pronounced as we grapple with the realities of climate change. Could you start by sharing your perspective on the current landscape of renewable energy globally?
Expert: Thank you for having me. Indeed, the current landscape is marked by both opportunity and challenge. Climate change is manifesting through severe weather events—like the recent floods in Brazil and record temperatures in the UK—underscoring the need for a swift transition to clean energy. This transition isn’t just vital for our environment, but it also represents an enormous economic potential; estimates suggest nearly $7 trillion could be infused into the global economy through renewable investments.
Editor: That’s a staggering figure! It seems the potential for economic growth and job creation is significant in this sector. Can you elaborate on the technologies that are driving this shift?
Expert: Absolutely! The transition encompasses a wide array of technologies. We often think of wind turbines and solar panels, which harness natural elements, but there’s also an increasing focus on carbon capture and sustainable biofuels. In particular, clean hydrogen is receiving a lot of attention for its versatility. Moreover, initiatives like Brazil’s new project, “Fuel of the Future,” which blends ethanol with fossil fuels to enhance sustainable fuel use in aviation and machinery, showcase innovation in moving us towards greener practices.
Editor: That’s fascinating. The UK’s Great British Energy initiative aims for a clean energy system by 2030. How do such national strategies align with global climate goals?
Expert: National strategies are crucial in the global fight against climate change. Both Brazil and the UK are recently setting ambitious Nationally Determined Contributions (NDCs) as part of the Paris Agreement. It’s essential that other countries follow suit, especially those among the G20, who contribute to about 80% of global emissions. These commitments create a ripple effect, encouraging greater participation and investment in clean energy technologies worldwide.
Editor: Funding appears to be a significant hurdle, especially for emerging markets. How do you see financing evolving in this transition?
Expert: You’re right; funding is a critical challenge. Presently, emerging and developing economies are receiving just 15% of clean energy investments. We need that figure to increase six-fold by the early 2030s to meet climate goals. Brazil’s new investment platform is a promising development, aimed at mobilizing private capital toward climate projects. Such models, if replicated globally, can help bridge the funding gap and catalyze the necessary investments in clean technologies.
Editor: Alliances between countries seem to be gaining traction too. Can you elaborate on their importance?
Expert: Absolutely! Climate change is a collective challenge that cannot be tackled by any single nation alone. Alliances enable countries to share resources, technologies, and strategies. The recent establishment of the Global Clean Energy Alliance, involving multiple countries, exemplifies this spirit of collaboration. By working together, we can scale up renewable energy production and enhance energy efficiency significantly by 2030, driving forward the commitments made under the Paris Agreement.
Editor: As we wrap up, what message would you like to convey to our readers about the path forward?
Expert: I’d emphasize that while the challenges are daunting, the path toward a sustainable energy future is paved with opportunity. Bold actions, increased funding, and international cooperation are crucial. Every step we take towards clean energy not only combats climate change but also fosters economic growth and job creation. Transforming our energy systems requires collective action—it’s time for all countries to commit to meaningful change.
Editor: Thank you for your insights and optimism. It’s clear that our future depends on the actions we take today to secure a sustainable tomorrow.