COP28: Moving From Promises to Progress
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Insights
The statements from Edison International at the COP28 climate summit highlight the urgency of regulatory reforms to facilitate the transition to clean energy. The comparison between the rapid development of the Mohammed bin Rashid Al Maktoum Solar Park and the protracted process of building new transmission lines in the U.S. underscores the need for policy changes. The U.S. government's financial incentives through the Inflation Reduction Act and the Infrastructure Investment and Jobs Act are a positive step, but the bottleneck created by permitting delays could significantly impede progress.
The commitment by global utilities to triple renewable energy capacity by 2030 and reach net-zero emissions by 2050 is ambitious. Achieving these goals will require a streamlined permitting process. The focus on siting and permitting reform is crucial because it directly affects the speed at which new clean energy projects can be deployed. This is a matter of both national and international importance, as it impacts the global effort to combat climate change and transition to sustainable energy sources.
Edison International's involvement in COP28 and their advocacy for siting and permitting reforms have significant economic implications. The transition to clean energy is not just an environmental issue but also a substantial economic opportunity. The solar park's potential to eliminate millions of tons of carbon emissions annually represents not only an environmental benefit but also economic value in terms of reduced health costs and potential job creation in the renewable energy sector.
Furthermore, the discussion on the role of fossil fuels and the strategy of 'phasing down' versus 'phasing out' indicates a pragmatic approach to the energy transition. The integration of negative carbon technologies such as carbon capture and offsets in California's strategy exemplifies how economic considerations are balanced with environmental targets. The adoption of emerging technologies like offshore wind, advanced geothermal, hydrogen and small modular nuclear reactors could stimulate economic growth, drive innovation and create new markets while contributing to the reduction of greenhouse gas emissions.
The focus on emerging clean energy technologies at the COP28 summit, such as offshore wind turbines, next-generation geothermal, hydrogen and advanced nuclear reactors, is indicative of the sector's evolution. These technologies are not only pivotal for reducing carbon emissions but also represent the frontier of innovation in the energy sector. The commitment by the U.S. and other nations to triple nuclear energy capacity by 2050 emphasizes the role of advanced nuclear technology in the clean energy mix.
Understanding the technical and safety advancements in small modular reactors, which are designed to be more efficient and produce less waste, is essential for stakeholders. The development of these technologies can lead to more diversified and resilient energy systems. However, the adoption rate and scalability of these technologies will depend on regulatory support, public acceptance and the availability of investment. These factors will ultimately influence the pace at which the clean energy transition occurs and the associated environmental and economic benefits.
At the global climate summit, Edison International urges dramatic action and reform to speed construction of emissions-reducing infrastructure.
NORTHAMPTON, MA / ACCESSWIRE / December 29, 2023 / One of the highlights of Edison International's trip to Dubai for the COP28 climate summit was visiting the massive Mohammed bin Rashid Al Maktoum Solar Park outside Dubai. With a planned capacity of 5,000 megawatts, it's the world's largest single solar power facility, and it will eliminate 6½ million tons of carbon emissions each year when complete in 2030.
Eleven years after the project's launch, it is already halfway to its solar power generating goal. It is heralded as a shining example of a successful public-private partnership.
To put that in perspective, in the United States it can take 10 to 12 years - and often even more - just to build a new transmission line because of inefficient permitting regulations. Now that the federal government has approved hundreds of billions of dollars in incentives for new clean energy projects through the Inflation Reduction Act and the Infrastructure Investment and Jobs Act, there's concern that permitting bottlenecks will slow the clean energy transition.
"We need hard, concrete results on things like siting and permitting reform," said Edison International President and CEO Pedro Pizarro before he toured the solar facility at COP28. "Those investments need to make their way into steel in the ground and right now that isn't happening fast enough." Permitting delays are not just a U.S. problem. Several global CEOs who toured the solar facility expressed similar frustrations in the CEO roundtable.
Edison International joined a group of more than 25 global utilities at the climate summit in a pledge to triple global renewable energy capacity by 2030 and achieve net-zero greenhouse gas emissions by 2050. Reforming cumbersome siting and permitting regulations is imperative to meeting those clean energy goals.
Also participating in COP28 was Edison Energy, which is advising some of the world's largest corporate, industrial and institutional companies on how to make science-based sustainability improvements in their operations, with a strong focus on supply chain reforms.
News coverage of COP28 was dominated by the role fossil fuels should play in the clean energy future. Pizarro and other energy industry leaders spent considerable time at COP28 discussing the merits of a "phase down" or "phase out" of fossil fuels. "For California, while we still see a need for fossil fuels in 2045 to maintain the most reliable and affordable pathway to meet the state's climate goals, using negative carbon [carbon capture and offsets] is expected to address the emissions from those remaining fossil fuels," Pizarro said.
"Doing this in a way that ensures reliability and resiliency is critical, so that's why at least through 2045, it's a phase down. Beyond that, probably it's an eventually phase out as technologies mature," Pizarro said.
Among the emerging technologies are offshore wind turbines, next-generation geothermal, hydrogen and power generated by smaller, advanced nuclear reactors that are safer and produce less waste.
The U.S. and 21 other nations at the summit pledged to triple their nuclear energy capacity by 2050, which U.S. Presidential Climate Envoy John Kerry called a crucial pillar to achieving net zero.
"We are agnostic about which technologies will prove to be most successful, however, we know that we will need all the tools in the toolbox," Pizarro said.
For more on SCE's clean energy efforts, visit energized.edison.com/cleanenergy.
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SOURCE: Edison International
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