With the world entering an unprecedented climate crisis, many topics will be covered during COP28 UAE to address pertinent issues at hand from 28 November – 12 December. Issues such as sustainability, agriculture and food systems, climate innovation, climate finance, energy transition, water security and many more will be addressed during the 2-week program.
The team at REDEX are joining delegates from all over the world attending COP28 at Expo City Dubai.
A significant event for the world, COP28 will see a first-time assessment of the progress towards meeting the 2015 Paris Agreement. This assesses the improvements made to limit global temperatures below 2 degrees Celsius. This global stocktake will help countries agree on a plan to keep the world on track in meeting climate goals.
COP28 will also discuss the reduction of fossil fuel usage, technologies to tackle emissions and improving clean energy capacity.
Here is what has been addressed thus far:
Damage caused by climate change: As of Dec 2, countries pledged a total of US$656 million to help developing countries cope with the increasing costs of climate disasters. However, this falls short of the US$100 billion a year needed to cover losses.
Renewable energy capacity: At least 116 countries committed to triple renewable energy capacity worldwide by 2030 and improve energy efficiency annually by double.
Fossil fuels: The US joins the Powering Past Coal Alliance (PPCA) and commits to phasing out existing unabated coal plants
Nuclear: More than 20 countries have called for world nuclear energy capacity to triple by 2050
Food and Farming: More than 130 countries pledged to prioritise food and agriculture systems, however this facet lacked concrete goals
Future of Health: Polluted air and extreme weather-related events cause deaths and negative health effects. More than 120 countries signed up to prioritise health amidst climate action.
Solar space power: Solar space power is being explored to create a ground-breaking industrial ecosystem to deliver 24/7 electricity from space to Earth. World governments are developing plans to work on this technology.
Developments in Singapore:
NUS Decision Theatre: On Nov 30, a new scenario-modeling facility was launched to hasten cooperation on nature-based carbon projects in Southeast Asia. The facility aims to help policymakers, investors and project developers source for credits or create new projects.
The Singapore-Asia Taxonomy: The Monetary Authority of Singapore (MAS) launched a new criteria for banks and financial institutions on green business financing activities. The government is also prepared to provide capital along with a blended finance platform to fund green activities in the region. This could come in the form of grants and loans with preferred interest rates.
Methane Emissions: Six of the world’s largest dairy companies will disclose their methane emissions in an aim to tackle livestock methane emissions
As a solutions provider in the renewable energy space, we keenly watch for the developments in COP28 and how we all can play a part in making the world a better place.