COP28 to begin from Nov 30: Private sector investment, CO2 emissions among 8 other key themes on agenda
Emissions mitigation targets: The first global stocktake report found that the current emissions reduction targets that countries have established, as part of their commitments under the Paris Agreement, are insufficient to meet the overarching goal of the Agreement to ideally limit the global temperature rise to 1.5 degrees Celsius above pre-industrial levels. 2.Phase out fossil fuel: The European Union has announced that it will be bringing a proposal to phase out unabated fossil fuel use to COP28.
If countries agree to such a pledge, expect debate regarding the exact language used. Key terms to watch will be “phase down" versus “phase out" and “unabated" versus “all." 3.Financing from developed nations: In 2009, developed nations pledged $100 billion a year to developing nations for climate mitigation and adaptation, to be met in 2020.
That goal was not met until 2023 and is well below what developing nations have indicated is necessary for them to meet their most aggressive climate-related targets. 4.Focus on industry-led solutions, low-carbon innovation: One of the United Arab Emirates’ key goals for COP28 is a tripling of renewable energy capacity by 2030 globally, a target in line with the S&P Global Commodity Insights Aggressive Decarbonization scenario but out of range in the base case Inflections scenario.
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