The China Mail - Renewables key to buffer fossil fuel energy shock: COP31 co-hosts

USD -
AED 3.67295
AFN 65.999781
ALL 80.791633
AMD 366.140453
AOA 917.000203
ARS 1496.246101
AUD 1.41613
AWG 1.8025
AZN 1.676319
BAM 1.693949
BBD 2.013026
BDT 123.715983
BHD 0.377097
BIF 2992.5
BMD 1
BND 1.281592
BOB 12.13835
BRL 5.138019
BSD 0.999498
BTN 95.018556
BWP 13.553788
BYN 2.956053
BYR 19600
BZD 2.010125
CAD 1.40089
CDF 2260.999784
CHF 0.806825
CLF 0.023135
CLP 913.50203
CNY 6.74965
CNH 6.747495
COP 3181.99
CRC 453.238407
CUC 1
CUP 26.5
CVE 95.705219
CZK 20.93005
DJF 177.719855
DKK 6.469195
DOP 58.250422
DZD 132.815346
EGP 49.805598
ERN 15
ETB 161.315515
EUR 0.86536
FJD 2.209502
FKP 0.743223
GBP 0.742455
GEL 2.609793
GGP 0.743223
GHS 11.724985
GIP 0.743223
GMD 73.501313
GNF 8782.495737
GTQ 7.623551
GYD 209.07221
HKD 7.84395
HNL 26.788962
HRK 6.520398
HTG 130.679554
HUF 312.982979
IDR 17872
ILS 3.00375
IMP 0.743223
INR 95.043098
IQD 1309.307281
IRR 1374800.000129
ISK 122.710125
JEP 0.743223
JMD 158.828319
JOD 0.709011
JPY 157.664501
KES 129.370256
KGS 87.449718
KHR 4050.806134
KMF 427.999754
KRW 1421.070038
KWD 0.30922
KYD 0.83294
KZT 469.017006
LAK 22593.007998
LBP 89500.13208
LKR 335.394689
LRD 180.402482
LSL 16.396785
LTL 2.95274
LVL 0.60489
LYD 6.361621
MAD 9.315335
MDL 17.365547
MGA 4254.268776
MKD 53.292106
MMK 2099.302342
MNT 3598.197717
MOP 8.074676
MRU 40.078643
MUR 46.990041
MVR 15.459892
MWK 1733.030205
MXN 17.237605
MYR 4.094102
MZN 63.900902
NAD 16.396785
NGN 1361.850099
NIO 36.783939
NOK 9.513898
NPR 152.030834
NZD 1.697635
OMR 0.384502
PAB 0.999476
PEN 3.383395
PGK 4.481283
PHP 60.651499
PKR 277.52646
PLN 3.72135
PYG 5960.609053
QAR 3.654056
RON 4.539903
RSD 101.55502
RUB 80.977129
RWF 1468.233175
SAR 3.752529
SBD 8.071551
SCR 13.412956
SDG 600.501112
SEK 9.47949
SGD 1.280935
SLE 23.90005
SOS 571.205855
SRD 37.668027
STD 20697.981008
STN 21.219838
SVC 8.745171
SZL 16.383518
THB 33.0975
TJS 9.224886
TMT 3.51
TND 2.932668
TRY 47.568898
TTD 6.779955
TWD 32.2879
TZS 2649.99801
UAH 44.726481
UGX 3727.762476
UYU 40.187774
UZS 11881.376778
VES 754.21125
VND 26251
VUV 119.564009
WST 2.736752
XAF 568.132273
XAG 0.016087
XAU 0.000235
XCD 2.70255
XCG 1.801269
XDR 0.707453
XOF 567.499513
XPF 103.292972
YER 238.350256
ZAR 16.307035
ZMK 9001.201278
ZMW 19.079252
ZWL 321.999592
  • CMSC

    -0.0600

    21.73

    -0.28%

  • NGG

    -0.1600

    80.26

    -0.2%

  • BCC

    -1.6900

    84.8

    -1.99%

  • BCE

    0.0600

    22.06

    +0.27%

  • JRI

    -0.0500

    12.67

    -0.39%

  • GSK

    -0.0700

    51.46

    -0.14%

  • RBGPF

    -1.2500

    69.74

    -1.79%

  • AZN

    5.8800

    161.5

    +3.64%

  • RIO

    2.5000

    101.51

    +2.46%

  • CMSD

    0.0200

    22.04

    +0.09%

  • RELX

    -0.1900

    36.61

    -0.52%

  • BTI

    0.1500

    59.27

    +0.25%

  • VOD

    -0.3800

    15.31

    -2.48%

  • RYCEF

    0.6500

    21

    +3.1%

  • BP

    -1.2300

    41.21

    -2.98%

Renewables key to buffer fossil fuel energy shock: COP31 co-hosts
Renewables key to buffer fossil fuel energy shock: COP31 co-hosts / Photo: © AFP

Renewables key to buffer fossil fuel energy shock: COP31 co-hosts

COP31 co-hosts Australia and Turkey said Tuesday that a major energy crisis ignited by the Middle East war underscored the urgency of reducing fossil fuel dependency and investing in renewable alternatives.

Text size:

The energy shock rippling through the global economy loomed over the Petersberg Climate Dialogue in Berlin, where dozens of ministers are meeting to discuss the agenda for COP31 in November.

Global energy prices have soared since Iran effectively closed the Strait of Hormuz, a vital transit point for Gulf oil and gas shipments, in retaliation for US-Israeli attacks that began on February 28.

In the scramble for energy security, some governments have looked to fossil fuels in the short term to plug supply gaps or delayed coal phaseout plans, raising concerns about climate commitments.

Incoming COP31 president and Turkish Climate Minister Murat Kurum said the crisis "has shown us, once again, that fossil fuels do not guarantee energy supply security".

"Investment in alternative energy sources, in particular to support energy diversity, means stability, resilience and clean development. This is what we must all pursue," Kurum said through a translator.

Speaking later at a press conference, Kurum said: "We know that relying solely on fossil fuels means walking towards volatility, insecurity and climate collapse".

- Hostage economies -

Australia's Climate Minister Chris Bowen, who is steering the COP31 negotiations, said: "This is a fossil fuel crisis that the world is facing, and doubling down on more reliance on fossil fuels is not the answer to that crisis."

"Renewable energy cannot be interrupted by a war. Wind cannot be subject to a sanction," Bowen told reporters via video link after cancelling his trip to Berlin over the fuel crisis in Australia.

UN Secretary General Antonio Guterres told ministers at Petersberg that the energy crisis "makes one fact crystal clear: fossil fuels are not just wrecking our planet, they are holding economies hostage."

Roughly twice as much investment goes into clean energy as fossil fuels, which are the primary driver of human-caused climate change.

But heat-trapping emissions from burning coal, oil and gas rose again in 2025 to a record high.

Nearly 200 countries agreed at COP28 in 2023 to transition away from fossil fuels, but efforts to turn that pledge into action have faced strong resistance since.

Tensions boiled over at COP30 in Brazil in November when nations could not even agree to include an explicit reference to fossil fuels in the final deal, angering many countries.

- Fossil phaseout -

It remains to be seen if the contentious issue will be concretely addressed at COP31. Australia is a major producer of fossil fuels and Turkey is heavily reliant on coal for energy.

Kurum said the world was phasing out fossil fuels, but each country was making the transition to clean energy according to their respective economic needs and capabilities.

The Petersberg talks come just days before dozens of countries attend the first-ever international conference dedicated to phasing out fossil fuels in the Colombian city of Santa Marta.

The European Union, Canada, the UK and Norway are among those attending along with major emerging economies like Brazil and Angola, and smaller developing states.

Australia and Turkey are also expected at the much-anticipated event, which was born out of frustration with the COP negotiations, which take decisions by consensus and are criticised for moving too slowly.

Some observers have expressed reservations about how the co-hosting arrangement between Turkey and Australia may work.

Both countries wanted to hold COP31 but a compromise was reached where the summit would be held in the Mediterranean city of Antalya with Bowen presiding over the all-important negotiations.

X.So--ThChM