COP28 Initiatives Spearhead Global Climate Action - Carbon Responsible
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COP28 Initiatives Spearhead Global Climate Action

The COP28 Climate Summit has generated its fair share of headlines and while the global response to climate change is still being orchestrated by our country's’ leaders, I’ve documented the key initiatives to emerge:

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James Clarke

Carbon Accounting Specialist

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COP28 leaders at Abu Dhabi Climate Conference
  1. Renewable Energy and Energy Efficiency Commitment 

The Global Decarbonisation Accelerator (GDA) was announced and involved a robust pledge to advance renewable energy and energy efficiency. Notable, 118 countries rallied behind a commitment to triple global renewable energy capacity to an impressive 11,000 GW, and to double the annual rate of energy efficiency improvements by 2030. 

  1. Oil and Gas Decarbonisation Charter 

A large focus has been on the decarbonisation of existing energy systems, particularly targeting high-emission industries. The Oil and Gas Decarbonisation Charter garnered support from 50 of the world’s largest producers, including 29 national oil and gas companies. The charter promises to achieve net-zero methane emissions and eliminate routine gas flaring by 2030.  

  1. Methane Transparency and Accountability Initiative 

Methane has been under the microscope with an ambitious goal of phasing out methane emissions entirely by 2030. The International Energy Agency (IEA), Environmental Defence Fund (EDF), International Monetary Fund (IMF), and United Nations (UN) jointly announced the ‘Methane Transparency and Accountability’ initiative, backed by a $40 million fund. Over $1 billion in grants have been pledged to cut methane emissions.  

  1. Climate Club and Industrial Transition Accelerator: 

Furthermore, the collaboration between the IEA, Organisation for Economic Co-operation and Development (OECD), and 36 countries led to the establishment of the ‘Climate Club.’ This high-level forum aims to accelerate the decarbonisation of various industries. COP28 has also seen the announcement of the Industrial Transition Accelerator (ITA) initiative, with a backing of $30 million. ITA aims to target the decarbonisation of energy, industries, and transportation.  

  1. Agriculture and Food in National Climate Plans: 

Over 130 countries have pledged to prioritise agriculture and food in their national climate plans. The Food and Agriculture Organisation of the UN published a 3-year roadmap on Sunday 10th December aimed at transforming agrifood systems through accelerated climate actions to “help achieve food security and nutrition for all, today and tomorrow.” 

  1. Nuclear energy’s role deemed a sensible science-based declaration  

Nuclear power received spotlight with 23 countries, led by France, the UK, and the US, committing to tripling nuclear capacity by 2050. On top of this, the Powering Past Coal Alliance (PPCA) witnessed the addition of 10 new members, including the US. However, China and India chose not to join the alliance.  

  1. Climate Finance Commitments: 

Recognising the financial requirements of global climate initiatives, estimates suggest that $2.4 trillion will be needed annually by 2030 in climate finance for developing countries. The UAE took a bold step by committing to invest $40 billion in climate investment through ALTERRA, with the goal of mobilising $250 billion by 2030. UAE banks have also pledged to mobilise $270 billion in green finance. 

  1. Financial Institution Initiatives 

The European Bank for Reconstruction and Development (EBRD) is determined to make at least 50% of its investments green by 2025. Collaboratively with the EU, the EBRD announced a substantial €1 billion in new climate finance. Simultaneously, the World Bank has committed to devoting 45% of its annual financing to climate-related projects by 2025, a significant increase from its previous target of 35%, accounting to approximately $40 billion per year.  

  1. The Global Stocktake: 

The draft of the Global Stocktake was published, emphasising the importance of carbon capture and storage and low carbon hydrogen production. However, concerns were raised regarding the inadequacy of current efforts to meet the goals of the Paris Agreement. The narrowing window to keep the 1.5 degree goal alive prompted discussion on various options, including the phase-down or phase-out of fossil fuels and coal.  

 

There’s always a lot to absorb post COP – but what is clear, this year’s gathering has set the stage for intensified global collaboration and commitment to combat climate change, providing hope for a sustainable and resilient future, which is a welcome but somewhat unexpected development given the chatter around the beginning of COP. 

Our advice to clients and anyone leading the charge on their company’s carbon reporting; continue to be transparent across the entirety of your audits and reporting process. If you’re unsure of what good looks like here, please get in touch for a free one-on-one assessment with one of our climate experts. 

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