Political and military conflict plaguing many parts of the world today can only be resolved if people can live in an atmosphere of dignity, mutual respect and prosperity. A key contributory factor is access to clean energy resources. Renewable energy projects are one of the resources that the Almighty has bestowed upon mankind through which economic and social development projects can be promoted, especially in our Arab region due to the availability of sunlight throughout the year, in addition to an abundance of wind and mineral resources.
Everyone knows today that it is necessary to provide financing methods to achieve these projects, which will provide the world with many kinds of resources that it needs to achieve its sustainable goals. Today, these projects can support a country’s transition to low-carbon energy sources and help them achieve their commitments to global warming mitigation.
Despite the progress that has been made in this regard, the volume and cost of switching to renewable energy resources in many countries of the world remains a major challenge due to the absence of financial capabilities. However, some emerging markets have begun to finance their renewable energy plans. It requires the rich and wealthy countries of the world to help those that are unable to finance their energy transitions. Some countries that are dependent on coal, which can cause harm to the environment, need to be assisted to transition towards renewable energy sources.
It is imperative that governments, private sector institutions, development banks and international organizations work together to support the energy transition away from polluting fossil fuels towards greener sources – thereby contributing significantly to reducing global emissions. If these initiatives succeed with the support of international financing, then the transition will be more rapid and widespread across the world.
In recent months, several European countries, as well as the United States, have announced plans to help some African and Asian countries to finance their decarbonisation over the coming decades and help them accelerate their shift to renewable energy projects. These efforts are achieved as a result of the international community's desire to cooperate in this regard by reducing emissions and reducing the rise in average global temperatures. This collective effort will have positive benefits for the economic, social and health status of peoples and countries, and will alleviate climate change.
Challenges in the drive towards renewable energy are impeding the achievement of the UN Sustainable Development Goals. There are several countries in the world, such as Indonesia, for example, that depend on coal for about 60 per cent of their electricity needs. Such countries needs large investments to achieve their sustainability goals.
Oman Observer is now on the WhatsApp channel. Click here
