18 Dec, 2023
World leaders have reached a new agreement to tackle climate change at COP28. Here’s what you need to know:
COP28, the 28th annual UN Climate Change Conference of the Parties, gathers nearly 200 countries to address issues related to climate change. It was held in Dubai, which sparked controversy due to the UAE’s status as a major oil-producing nation, with fossil fuels a key contributor to greenhouse gas emissions. The agenda this year would focus on:
A groundbreaking achievement emerged from COP28 as nearly all countries agreed to ‘transition away from fossil fuels in energy systems’.
Despite the absence of specific timescales, the agreement states this should be done in an ‘orderly and equitable manner’. Moreover, it includes global targets to triple renewable energy capacity (like wind and solar power) and double the rate of energy efficiency improvements by 2030.
In a move to support vulnerable nations affected by climate change, an agreement was reached to establish a geographically diverse board.
This initiative has already generated over $650 million in pledges from wealthy nations during the conference.
Continuing the theme of COP27, there was an emphasis on supporting strategies for adapting to the impacts of climate change. As part of this, there were calls for a doubling in adaption finance and plans for assessments and monitoring of adapting needs in the coming years. Further details and expectations may surface in COP29.
The decision to transition away from fossil fuels is a landmark achievement and represents a significant leap forward in climate action since the 2015 Paris Agreement. However, the absence of specified timelines raises concerns about its potential impact. In addition, the agreement focuses on energy systems but not other areas such as plastics, transport or agriculture. Whilst progress is evident, it appears incremental rather than transformative.
The complexity surrounding net-zero targets Is evident in a recent survey from the British Chamber of Commerce, revealing that 40% of UK businesses are struggling to understand net-zero targets.
This short webinar with our referral partner, JRP Solutions, offers practical advice and guidance to develop a roadmap towards Net Zero Greenhouse Gas Emissions.
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