Pieces are missing, but the puzzle is underway
Mar 13, 2024 9:58:49 GMT 1
Post by account_disabled on Mar 13, 2024 9:58:49 GMT 1
The COP28 held in Dubai will be remembered for being the first to talk about fossil fuels and to mark the beginning of their end through a fair, equitable and orderly elimination By BLANCA ANDRÉS 9996 readings AUTHOR BLANCA ANDRES 12-15-2023 TAGS SUSTAINABILITY The end of the fossil fuel era has reached a historic turning point. All countries in the world have agreed to work to initiate a fair and healthy transition to leave its use behind. It is not the binding face out , nor the total elimination demanded by many countries, and it is far from being the agreement to contain global temperature below 1.5 degrees as marked in the Paris agreement, but it is a paradigm shift that promotes new strategies for the public and private sectors, financial institutions and society as a whole. The COP28 held in Dubai will be remembered for being the first to talk about fossil fuels and to mark the beginning of the end of them through a fair, equitable and orderly elimination. The multilateral agreement marks the end of its participation in energy systems, maintaining climate neutrality as the goal in 2050.
The agreement to achieve the end of fossil fuels is a very relevant economic and political signal that continues to penalize the fossil fuel industry. These polluting, toxic assets definitively take a backseat, facilitating the path towards renewable assets. Thus, the strategic lines of the economy are redefined, globally integrating the fight against climate change. The European Union, with CZ Leads its decisive position and its alliance with developing countries, has impacted the change in conversational frameworks towards the determination to establish concrete actions for the progressive abandonment of oil, gas and coal, the main causes of climate change. . Triple energy production through renewables by 2030 Energy transition fuels will continue to play a fundamental role in facilitating the change in the energy model that will give way to the fulfillment of what may be the major objectives of the summit: tripling energy production through renewable energies by 2030 and doubling energy efficiency for that same year. These objectives are an opportunity for public entities, the private sector, financing entities and society in general to create synergies, collaborate and propose climate solutions that create a direct and rapid impact on the reduction of emissions at a global level, and that underpin the energy transition and the electrification of the economy.
Adjustment of financing and rates on fossil fuels However, pieces of the puzzle are still missing : financing for developing countries for the implementation of the energy transition is not materialized; The reform of the financial market with direct application of taxes on fossil fuels is not sufficiently specified; and there is a lack of definition in the agreement that arises from the communication strategy of the oil companies to justify their expansions, it is not binding, nor are there sanction mechanisms. However, the agreements adopted in Dubai are a source of new opportunities to implement new strategies and initiatives that drive growth and investments in projects with high environmental and social impact. The solutions for the fight against climate change will be the drivers of economic change that will increase the flow of funds towards these renewable projects. Among others, photovoltaics, solar and wind technological hybridization, energy storage and green gases - such as biomethane and hydrogen - constitute differential factors to advance the acceleration of the global energy transition. The implementation of the agreements must be the angle on which to work during the coming years. The upcoming COP29 (Azerbaijan) and COP30 (Brazil) will be key to establishing climate financing objectives that escalate the urgency of the climate challenge and put the Paris agreement into operation by aligning strategies with the temperature limit set at 1. 5ºC and the agreed climate objectives.