According to US fuel-from-waste company WasteFuel, the transportation sector contributes significantly to climate change, so addressing transport sector emissions is critical to achieving overall net zero targets.
For 45% of countries, transport is said to be the largest source of energy-related emissions. For the rest of the world, it is the second largest source. Green fuels at scale are key and solutions exist. WasteFuel turns waste into low-carbon fuels like green methanol for the shipping sector that can drastically reduce GHG emissions by up to 90% compared to fossil energy.
Decarbonising the transport sector with the necessary urgency requires governments, policy makers, the private sector, and consumers coming together to do their part. Leaders from governments, business and civil society are to gather for the United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, known as COP 29. Capital, emission reduction commitments and accountability are expected to be key themes.
The 2024 event is being called the ‘finance COP’ – the primary focus is for world leaders to discuss a new climate financing goal to replace wealthy nations’ current commitment to provide US$ 100bn/year to developing countries. Government investments in climate solutions often result in additional investments from the private sector and investment drives market change. An example can be found in aviation, where as a result of the Inflation Reduction Act, a US legislation offering funding, programmes, and incentives to accelerate the transition to a clean energy economy, investments in sustainable aviation fuels have increased 1,655% to reach US$ 14bn.
WasteFuel EO David Trench said: “COP has been a powerful driver of action toward decarbonising heavy transportation. For example, The Clydebank Declaration came out of COP 26 in 2021. To date, nearly 30 countries have signed onto the Clydebank Declaration, promising to open new green shipping corridors and ready their nations’ ports for a new, low-carbon era of maritime transportation. COPs have been catalysts for collaboration between the public and private sectors: The First Mover’s Coalition, also launched at COP 26 by the World Economic Forum and the US Department of State, now includes over 100 of the world’s largest companies and 13 governments.”
The coalition has sought to catalyse the supply, financing, and deployment of innovative emerging climate technologies. By 2030, their commitments will represent an annual demand of US $16bn for low-carbon solutions to heavy industry and transportation and 31m tons (Mt) CO2e in annual emissions reductions.
At COP 29 a Declaration on Reducing Methane from Organic Waste to supplement the Global Methane Pledge (GMP) will be launched and supporters will declare their commitment to set targets to reducing methane from organic waste. As with previous declarations like the Cyldebank Declaration, this could lead to more support of businesses that provide solutions to reduce methane emissions from waste.
WasteFuel believes that accountability, transparency and most importantly action, are critical in decarbonising the transportation sector. COP 29 marks the first true test of the Paris Agreement’s transparency and accountability process, as the first Biennial Transparency Reports (BTRs) will require countries to report on their progress towards implementing their nationally determined contributions (NDCs). The company says that by working together we can create a more sustainable future where waste isn’t wasted, but fuels the future of mobility by air, land and sea.
Image: COP 29 (source: WasteFuel)
