(MENAFN- Trend News Agency) TBILISI, Georgia, May 6. Challenges persist inthe adoption of renewable energy in developing countries, Chairmanof the Intergovernmental Panel on Climate Change (IPCC) Jim Skeasaid during the "Achieving Climate Outcomes for Transformation"seminar at the 57th Annual Meeting of Asian Development Bank (ADB)in Tbilisi, Trend reports.
Without rapid action, we will exhaust our carbon budget by thedecade and miss the 1.5°C warming limit. Though adaption attemptshave increased, progress varies. Most adaptations are fragmented,gradual, and planning-focused. Certain sectors and areas havesignificant adaptation challenges due to resource and institutionalconstraints. The gap between adaptation efforts and neededactivities is greatest among low-income populations.
The most recent Intergovernmental Panel on Climate Change (IPCC)assessment contrasts current mitigation financing with projectionsfor 2030 under scenarios of 1.5°C or 2°C warming. Financialallocations would need to surge by a factor of 3-6, with thesmallest disparity observed in electricity (2 to 4-fold increase),greater disparities in transportation and energy efficiency, andthe most significant gaps in agriculture, forestry, and land use(requiring a scaling factor of 10 to 30). The consensus at COP28 inthe UAE aims to triple renewable energy by 2030, with a compoundgrowth rate of 20%, a trajectory aligning with recentadvancements.
Still, China, Europe, and North America dominate renewableenergy investment, while developing nations like Asia andSub-Saharan Africa face obstacles.
To note, the theme of the 57th ADB Annual Meeting in Tbilisi,which was running from May 2 through May 5, was "Bridge to theFuture."
The annual meeting provides ADB Governors with a platform toaddress developmental issues and challenges confronting theAsia-Pacific region. The event typically attracts several thousandparticipants, including finance ministers, central bank governors,senior government officials, private sector representatives,members of international and civil society organizations, youth,academics, and media personnel.
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