In his recent meeting with the media representatives from the Central Asian region, Landon Derentz, Senior Director of The Atlantic Council's Global Energy Center, provided valuable insight into the significant challenges posed by climate change, while also discussing the measures being taken to mitigate risks associated with energy sources.
‘Climate change is a complex issue that affects the entire world. It's not fair to place the blame on any one country. The United States itself consumes about 20% of the world's energy. So we do have a responsibility to be thinking through these issues. A global approach is indispensable to attain a prosperous future characterized by reduced emissions and affordable energy. We need to work together to combat climate change and create a sustainable future for generations to come’, Landon Derentz said.
According to him, climate change impacts everyone alarmingly and has serious consequences that go far beyond energy, food security, water security, and migration. These issues are all linked to climate change and have varying impacts on different parts of the world.
‘African countries, in particular, are some of the worst affected by climate change, despite not being the largest emitters of greenhouse gases. The biggest challenge we face is addressing a problem that requires global action. Diplomatically, we have seen success in the Paris Agreement and the UNFCCC process, leading countries to recognize the need for change. However, the next step is to take action. We must commit to making the necessary changes and ensure we have the resources to do so. This will be a disruptive process, and we must ensure that we do it in a way that leads to a more secure and equitable future for everyone. Fortunately, many new technologies and opportunities can help us achieve this goal’, Derentz told Daryo correspondent.
Over the past 20 years, the cost of solar and other clean energy resources has decreased significantly, and the global community is seeing governments work together to inspire change and find financial resources to fill the gap. In Washington, DC, for example, the Just Energy Transition Partnerships program is helping countries like South Africa and Indonesia transition to clean energy resources while creating economic opportunities and jobs.
‘Central Asian economies face some unique challenges due to their landlocked nature, but at the same time, they possess a wealth of resources. This presents a great opportunity for diversification, which can only be achieved by investing in infrastructure. The United Arab Emirates has emerged as a model for economic diversification, and Central Asian countries can certainly learn from their success story. The UAE is all set to host COP28 this year, despite being a relatively young country of just over 50 years. It started with reasonable oil resources, but thanks to its energy diversification plan, it has also successfully pursued an economic diversification plan. By leveraging its resource base, the UAE has fostered an outcome that is more consistent with economic stability and other types of livelihoods, not just limited to energy', Derentz added.
Landon Derentz believes investing in infrastructure is crucial for economic growth and diversification, noting the importance of using today's resources and exploring other avenues for building economic and energy diversity, as other countries have successfully modeled. ‘By doing so, we can foster economic stability and improve livelihoods beyond just energy’, he said.
He stressed that exploring various facets of economies and energy plans to identify cost-saving methods has garnered significant interest worldwide. In Central Asia, methane production is a prime example in this regard. The growing realization that investing in technology to capture and conserve resources during oil and gas production reaps economic benefits is becoming increasingly evident. The potential profit that can be generated by capturing natural gas rather than releasing methane into the atmosphere is substantial.
The global community is actively working towards reducing methane emissions, a potent greenhouse gas. New energy technology deployment is being supported through financing opportunities, but unconventional energy resources face hesitancy.
According to Derentz, each nation must develop efficient policies to utilize their resources optimally, recognizing the global move towards a cleaner energy future.
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