A central commitment of COP28 is the “transitioning away” from fossil fuels. However, power purchase agreements (PPAs) linked to fossil fuel energy and government subsidies, some with long-term commitments, may get in the way.
Two months have passed since the historic COP28 agreement, where nations collectively pledged to triple renewable energy production by 2030. The attention now shifts to the realities and implications of realising this ambitious agenda in Singapore and the Asean region. It is time to get practical.
Beyond a doubt, renewable energy is the key to the energy crisis, the 1.5°C goal and our net-zero targets for 2050. But we need to question if tripling renewable energy production is right for each country, what the considerations are for “transitioning away” from fossil fuels, whether demand for renewable energy will also triple, and finally — how to finance the cost of tripling renewables.
