COP28 UAE: Everything You Must Know About Global Decarbonisation Accelerator (GDA)

Expo City Dubai in the United Arab Emirates is hosting the COP28 Summit from November 30 – December 12. It attracted an early success on the first day as participants reached a historic agreement to operationalise the Loss and Damage Fund.

On the third day of the event, COP28 President Sultan Al Jaber, also the Minister of Industry and Advanced Technology, head of the Abu Dhabi National Oil Company, and chairman of Masdar, unveiled the Global Decarbonisation Accelerator (GDA) in another key move.

GDA encompasses landmark initiatives designed to speed up the energy transition and reduce global emissions. It is a comprehensive plan for system-wide change, addressing the demand and supply of energy at the same time. GDA is focused on three key pillars:

1. Rapidly scaling the energy system of tomorrow

116 countries have signed the Global Renewables and Energy Efficiency Pledge, agreeing to triple worldwide installed renewable energy generation capacity to 11,000 gigawatts and double the global average annual rate of energy efficiency improvements to 4% by 2030.

2. Decarbonising the energy system of today

Under the Global Decarbonisation Accelerator (GDA), 50 companies have signed on to the Oil and Gas Decarbonisation Charter (OGDC) – a leading step towards the industry increasing actions aligned with the aims of the 2015 Paris Agreement.

3. Targeting methane and other non-CO2 greenhouse gases

The third pillar will address methane and other non-CO2 GHGs. More than $1 billion is set to be mobilised for methane abatement projects, with more information on the target expected to be released on December 5 at the COP28 Energy Thematic Day.

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Commenting on the launch of the GDA, the COP28 President said: “The world does not work without energy. Yet the world will break down if we do not fix energies we use today.”

Concluding, Al Jaber had an optimistic tone, stating: “The GDA adds up to more countries and more companies from more sectors than ever before.”