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

EUR -
AED 4.279656
AFN 76.329873
ALL 92.251251
AMD 425.13269
ANG 2.085679
AOA 1069.767933
ARS 1758.99761
AUD 1.630327
AWG 2.091758
AZN 1.95845
BAM 1.953185
BBD 2.34627
BDT 143.048498
BGN 1.976818
BHD 0.439235
BIF 3474.427598
BMD 1.165325
BND 1.480394
BOB 13.402116
BRL 6.009234
BSD 1.164901
BTN 111.476243
BWP 15.608908
BYN 3.490667
BYR 22840.369093
BZD 2.342874
CAD 1.615595
CDF 2654.029422
CHF 0.936808
CLF 0.027043
CLP 1064.326223
CNY 7.833489
CNH 7.833524
COP 3574.739175
CRC 527.820571
CUC 1.165325
CUP 30.881111
CVE 110.118055
CZK 24.088085
DJF 207.434083
DKK 7.475128
DOP 68.511809
DZD 155.090801
EGP 59.188254
ERN 17.479874
ETB 190.29165
FJD 2.582823
FKP 0.854994
GBP 0.855436
GEL 3.035663
GGP 0.854994
GHS 12.959706
GIP 0.854994
GMD 86.233792
GNF 10235.824096
GTQ 8.889138
GYD 243.714779
HKD 9.135308
HNL 31.242783
HRK 7.533846
HTG 152.396637
HUF 362.791881
IDR 20667.038054
ILS 3.497886
IMP 0.854994
INR 111.528243
IQD 1526.063573
IRR 1601826.548587
ISK 140.992031
JEP 0.854994
JMD 184.294862
JOD 0.826191
JPY 185.667144
KES 150.912779
KGS 101.907935
KHR 4714.708545
KMF 492.932169
KPW 1048.792801
KRW 1613.112493
KWD 0.359514
KYD 0.970709
KZT 532.92114
LAK 26171.076492
LBP 104326.198245
LKR 383.158701
LRD 211.427864
LSL 18.670386
LTL 3.440902
LVL 0.704894
LYD 7.378186
MAD 10.805281
MDL 20.129312
MGA 5015.54382
MKD 61.442745
MMK 2446.915271
MNT 4191.134766
MOP 9.402153
MRU 46.639963
MUR 54.502346
MVR 18.015773
MWK 2019.999787
MXN 19.752316
MYR 4.712692
MZN 74.470102
NAD 18.670466
NGN 1570.112786
NIO 42.872605
NOK 10.854145
NPR 178.359695
NZD 1.957396
OMR 0.44807
PAB 1.164846
PEN 3.910964
PGK 5.241938
PHP 71.893599
PKR 323.241113
PLN 4.305835
PYG 7000.958088
QAR 4.246433
RON 5.252587
RSD 117.288767
RUB 97.715858
RWF 1717.016127
SAR 4.372172
SBD 9.345178
SCR 16.006313
SDG 700.94501
SEK 11.074905
SGD 1.481221
SHP 0.86335
SLE 28.725738
SLL 24436.280716
SOS 665.714506
SRD 44.016077
STD 24119.87376
STN 24.467035
SVC 10.192443
SYP 15151.554939
SZL 18.664974
THB 38.167303
TJS 10.763537
TMT 4.090291
TND 3.391974
TOP 2.805823
TRY 56.050385
TTD 7.908481
TWD 37.159916
TZS 3088.10874
UAH 52.107426
UGX 4339.209622
USD 1.165325
UYU 46.687698
UZS 13768.626711
VES 913.244715
VND 30444.114416
VUV 137.859563
WST 3.164957
XAF 655.085644
XAG 0.017096
XAU 0.000251
XCD 3.149349
XCG 2.099407
XDR 0.823945
XOF 655.085644
XPF 119.331742
YER 276.300299
ZAR 18.666
ZMK 10489.319425
ZMW 22.104452
ZWL 375.23416
  • BTI

    0.5000

    56.71

    +0.88%

  • AZN

    0.7300

    166.71

    +0.44%

  • RBGPF

    2.5700

    71.13

    +3.61%

  • CMSC

    0.1264

    21.228

    +0.6%

  • BCE

    0.1400

    23.85

    +0.59%

  • CMSD

    0.0800

    21.06

    +0.38%

  • GSK

    -0.6300

    51.78

    -1.22%

  • BCC

    -0.2300

    82.24

    -0.28%

  • NGG

    0.6600

    80.42

    +0.82%

  • RIO

    -0.5000

    104.8

    -0.48%

  • RYCEF

    0.1900

    20.44

    +0.93%

  • VOD

    0.0200

    15.98

    +0.13%

  • RELX

    0.4800

    36.39

    +1.32%

  • JRI

    -0.0100

    12.37

    -0.08%

  • BP

    -1.0200

    43.74

    -2.33%

Renewables key to buffer fossil fuel energy shock: COP31 co-hosts
Renewables key to buffer fossil fuel energy shock: COP31 co-hosts / Photo: Tobias SCHWARZ - 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.

M.Yamazaki--JT