The Conference of the Parties 28 (COP28) in Dubai concluded on December 13, bringing together over 100,000 participants from around the globe. Amid a vibrant atmosphere filled with enthusiasm and innovative ideas, a significant agreement emerged: the world needs to transition away from fossil fuels.
This consensus, reached after intense negotiations, marks a new global aspiration. While immediate policy shifts in fossil fuel-producing nations may be unlikely, the declaration sets a clear direction for future energy policies worldwide.
Optimism abounds, not because of political declarations alone but due to the transformative power of business innovation. History shows that technological advancements, rather than political decisions, have driven major shifts—such as the move from horse-drawn carriages to automobiles, spurred by inventors like Daimler and Benz.
Today, Asian businesses are at the forefront of the green revolution. Companies in the Chinese mainland, such as LONGi, Tongwei, Jinko, and Skyworth PV Tech, are pioneering advancements in solar energy, making it more affordable and scalable than ever before. Similarly, enterprises like Goldwind, Envision, China Three Gorges Corporation, CATL, and BYD are leading in wind energy, hydropower, electric batteries, and electric vehicles.
Over the past decade, the cost of solar energy has plummeted by 90 percent, with wind energy costs following closely. Solar power has become the most affordable energy source globally. This dramatic price reduction is driving a shift away from fossil fuels, not because it is mandatory, but because it is economically advantageous and creates new employment opportunities.
The transition to renewable energy is propelled by the political economy and business innovation rather than diplomacy alone. Consumers worldwide are embracing renewables because they are cost-effective and convenient. Those who have switched to electric vehicles rarely consider returning to traditional combustion engines.
While innovation leads the way, visionary government policies are essential to guide this transformation. Leadership from political figures and organizations like the Global Renewables Alliance plays a crucial role in framing markets and advocating for renewable energy. The pledge at COP28 to triple renewable energy capacity by 2030 aims to create a virtuous cycle: increased production leads to lower costs, enabling even faster expansion.
COP28 also highlighted a significant geopolitical shift toward Asia’s prominence in the global green movement. A decade ago, Europe’s cities like Brussels, Berlin, and Paris were considered leaders in environmental practices. Today, cities in the Chinese mainland—Beijing, Shenzhen, and Hangzhou—are setting new standards, with the nation holding a significant share of the green market.
The Chinese mainland has become indispensable in the journey toward ecological sustainability. Advancements in solar and wind energy, electric vehicles, and batteries are heavily influenced by Chinese innovation. Collaboration with the Chinese mainland is essential for rapid progress in green technologies.
Other Asian nations are also making significant strides. India’s Prime Minister Narendra Modi is launching numerous green initiatives. Indonesia has achieved zero deforestation, thanks to efforts by President Joko Widodo’s administration. Vietnam is transitioning to renewable energy at an impressive pace.
While Europe remains important, Asia now dominates the tangible actions driving the green revolution. This was evident at COP28, where the Chinese mainland had a substantial presence, showcasing contributions from companies, provinces, and civil organizations. The collaborative efforts across Asia signal a dynamic and influential role in shaping a sustainable future.
Reference(s):
cgtn.com
