The COP season is upon us, marking the annual Conference of the Parties under the United Nations Framework Convention on Climate Change (UNFCCC). For climate-conscious individuals, COP28 represents a crucial opportunity to evaluate our global goals, needs, and achievements in the fight against climate change.
Over the past decade, we've witnessed steady decarbonization of our economies. Wind and solar power are set to become the main sources of electricity, and electric vehicle (EV) sales are poised to surpass those of internal combustion engines. The International Energy Agency projects a decline in fossil-fuel consumption by 2030, a positive trend, though it may fall short of limiting global temperature increases to 2 degrees Celsius, let alone the more ambitious 1.5 degrees.
Interestingly, much of this progress isn't directly linked to COP meetings, including COP21, which birthed the Paris Agreement. The Paris Agreement itself doesn’t specify EVs or renewable energy sources. Instead, innovators like Tesla have driven the EV market forward. Tesla's success, particularly with the Model S, spurred other automakers to develop competitive EVs, accelerating the industry's shift away from fossil fuels.
However, Tesla’s growth was significantly supported by the United States' Corporate Average Fuel Economy (CAFE) regulations. These rules, established in 1975 and progressively tightened over time, allowed Tesla to sell zero-emissions credits to other manufacturers, generating substantial revenue that sometimes exceeded car sales. While these regulations predate COPs, the increasing climate awareness fostered by these conferences may have influenced the tightening of such policies.
In addition to electric vehicles, the cost of solar and wind energy has plummeted, driving their widespread adoption. Between 2009 and 2019, the cost of solar power dropped from $0.36 to $0.03 per kilowatt-hour. This reduction is attributed to economies of scale and more efficient manufacturing processes, creating a virtuous cycle where increased usage leads to lower costs, further boosting adoption.
As we approach COP28, it's clear that while these climate advancements are promising, the role of COPs is more about setting the stage for policies and regulations that facilitate such progress rather than directly driving specific technological breakthroughs.
Reference(s):
cgtn.com
