Five Pillars For Success At COP28: 1.5°C-Aligned Energy Transition In Focus

Expo City Dubai in the UAE has been hosting an international climate conference from November 30 to December 12. The event has marked notable successes since its beginning, including participants reaching an agreement to operationalise the Loss and Damage Fund.

On Thursday, the COP28 Presidency and the International Energy Agency (IEA) concluded their High-Level Dialogues series, with the fifth and final Dialogue featuring more than 40 Heads of State, Ministers and business leaders from Europe, the Americas, Africa and Asia.

Understanding 5 Pillars For Success At COP28

The Dialogues concluded with clear convergence on the building blocks of a 1.5°C-aligned energy transition and strong support for an ambitious decision on the Global Stocktake – or a report card of the international community’s performance in terms of climate action.

During the dialogue, participants displayed a strong affinity for concrete targets. Dr Fatih Birol, Executive Director of the IEA, set out an ambitious package across 5 pillars for COP28, for which there was strong support in the room:

1. Tripling global renewable energy generation capacity by 2030

2. Orderly decline of fossil fuel use demand by 2030

3. Doubling annual energy efficiency improvements by 2030

4. Financing mechanisms for a major scaling-up of clean energy investment

5. Commitment from the oil and gas industry to align their strategies with 1.5°C

Translating Support Into “Concrete Commitments”

At the conclusion of the Dialogues, Dr Sultan Al Jaber, the COP28 President, said: “This series of dialogues has allowed us to converge on the critical elements of the just energy transition … I am encouraged by the practical actions brought forward by world leaders today.”

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He highlighted the need to “take this open mindset and optimism throughout this COP.” Meanwhile, Dr Birol said: “I’m encouraged by the support by governments around the world,” noting the need for “this support” to “translate into concrete commitments and action.”