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

EUR -
AED 4.245913
AFN 76.887634
ALL 93.218842
AMD 422.094755
AOA 1060.176801
ARS 1724.882567
AUD 1.638747
AWG 2.082489
AZN 1.97002
BAM 1.955776
BBD 2.321671
BDT 142.688227
BHD 0.434695
BIF 3451.157116
BMD 1.156136
BND 1.477082
BOB 13.69983
BRL 5.876989
BSD 1.152686
BTN 109.688637
BWP 15.558807
BYN 3.432357
BYR 22660.258427
BZD 2.318271
CAD 1.61333
CDF 2615.761404
CHF 0.93588
CLF 0.026829
CLP 1055.916879
CNY 7.801146
CNH 7.796152
COP 3633.55485
CRC 523.993489
CUC 1.156136
CUP 30.637594
CVE 110.26363
CZK 24.258158
DJF 205.267449
DKK 7.477932
DOP 67.289164
DZD 152.967099
EGP 57.293288
ERN 17.342035
ETB 186.049588
FJD 2.553384
FKP 0.8566
GBP 0.858527
GEL 3.017966
GGP 0.8566
GHS 13.526832
GIP 0.8566
GMD 84.980421
GNF 10123.874202
GTQ 8.794891
GYD 241.157003
HKD 9.067746
HNL 30.895616
HRK 7.536622
HTG 150.718127
HUF 363.096405
IDR 20580.370421
ILS 3.468234
IMP 0.8566
INR 110.076256
IQD 1509.981237
IRR 1590322.371805
ISK 142.598215
JEP 0.8566
JMD 183.057725
JOD 0.819746
JPY 182.445186
KES 149.158147
KGS 101.104505
KHR 4681.941823
KMF 492.514185
KRW 1627.677557
KWD 0.356853
KYD 0.960588
KZT 540.233287
LAK 26025.676609
LBP 103223.017367
LKR 386.635196
LRD 208.057415
LSL 18.726567
LTL 3.413768
LVL 0.699335
LYD 7.331909
MAD 10.743067
MDL 20.044751
MGA 4918.938878
MKD 61.524236
MMK 2427.596601
MNT 4159.0218
MOP 9.314584
MRU 46.338424
MUR 54.419742
MVR 17.862733
MWK 1998.775164
MXN 19.812061
MYR 4.728715
MZN 73.882892
NAD 18.726567
NGN 1577.963717
NIO 42.419473
NOK 10.99759
NPR 175.501819
NZD 1.966719
OMR 0.442445
PAB 1.152686
PEN 3.903651
PGK 5.093937
PHP 70.183258
PKR 320.014324
PLN 4.299905
PYG 6853.914834
QAR 4.213648
RON 5.244583
RSD 117.338542
RUB 94.338828
RWF 1694.978938
SAR 4.341973
SBD 9.325039
SCR 16.705092
SDG 694.263698
SEK 10.961095
SGD 1.477585
SLE 28.445176
SOS 658.791814
SRD 43.778814
STD 23929.673396
STN 24.499696
SVC 10.085875
SZL 18.722767
THB 38.210709
TJS 10.633568
TMT 4.058036
TND 3.386358
TRY 55.144784
TTD 7.812903
TWD 37.286072
TZS 3051.762079
UAH 51.625959
UGX 4293.946644
USD 1.156136
UYU 46.399423
UZS 13785.828699
VES 873.763846
VND 30295.956222
VUV 138.059733
WST 3.160483
XAF 655.948849
XAG 0.018188
XAU 0.000266
XCD 3.124515
XCG 2.077474
XDR 0.81579
XOF 655.948849
XPF 119.331742
YER 275.626884
ZAR 18.667336
ZMK 10406.612213
ZMW 21.75673
ZWL 372.275202
  • BCC

    2.3400

    86.6

    +2.7%

  • CMSC

    0.0240

    21.744

    +0.11%

  • CMSD

    -0.1600

    21.82

    -0.73%

  • RIO

    1.4500

    101.1

    +1.43%

  • BCE

    -0.0200

    22.75

    -0.09%

  • RBGPF

    0.7600

    70.5

    +1.08%

  • JRI

    0.1500

    12.81

    +1.17%

  • RELX

    0.0485

    35.52

    +0.14%

  • NGG

    0.4700

    80.88

    +0.58%

  • RYCEF

    0.2300

    20.85

    +1.1%

  • GSK

    0.7900

    52.96

    +1.49%

  • VOD

    0.1900

    16.19

    +1.17%

  • BP

    -0.6000

    41.63

    -1.44%

  • BTI

    0.6000

    59.33

    +1.01%

  • AZN

    1.4100

    161.42

    +0.87%

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.

T.Furrer--NZN