COP28 Presidency Introduces landmark Initiatives Accelerating Energy Transition
The GDA is focused on three key pillars: methane and other non-CO2 greenhouse gases (GHGs); rapidly scaling the energy system of tomorrow and decarbonising the energy system of today. It is a thorough plan for systemic transformation that simultaneously addresses energy supply and demand.
Key stakeholders' perspectives, such as those of international organisations, governments and policy makers, non-governmental organisations, and CEOs from every industry sector, have influenced the GDA.
Commentating on the introduction of the GDA, Al Jaber said, "The world does not work without energy. Yet the world will break down if we do not fix energies we use today, mitigate their emissions at a gigaton scale, and rapidly transition to zero carbon alternatives. That is why the COP28 Presidency has launched the Global Decarbonization Accelerator."
A total of 116 countries signed the Global Renewables and Energy Efficiency Pledge as of today, agreeing to triple worldwide installed renewable energy generation capacity to at least 11,000 gigawatts and to double the global average annual rate of energy efficiency improvements from around two per cent to more than four per cent ever year until 2030.
In order to facilitate international trade in low-carbon hydrogen, 27 nations have committed to support a worldwide certification standard and acknowledge current certification programmes through the UAE Hydrogen Declaration of Intent.
Under the GDA, 50 businesses, accounting for over 40 per cent of the world's oil production, have ratified the Oil and Gas Decarbonization Charter (OGDC), pledging to achieve net-zero operations by 2050 at the latest and zero methane emissions and routine flaring by 2030.
The greatest number of National Oil Companies (NOCs) to date to sign up to a decarbonization promise is over 29, which have committed to the Charter.
The OGDC is an important step towards increasing industry actions aligned with the aims of the Paris Agreement.
Additionally, and separate to the OGDC, the GDA includes the launch of the Industrial Transition Accelerator (ITA), which will accelerate decarbonisation across key heavy-emitting sectors and encourage policymakers, technical experts and financial backers to work hand-in- hand with industries to unlock investment and rapidly scale the implementation and delivery of emissions-reduction projects.
Under the leadership of the COP28 Presidency, UNFCCC, and Bloomberg Philanthropies, the ITA Secretariat will be hosted by the Mission Possible Partnership (MPP).
The third pillar of the GDA will address methane and other non-CO2 greenhouse gases through economy-wide methane-emission reduction.
More than USD one billion will be raised for methane abatement initiatives in support of this, and more details will be disclosed on 5 December at the COP28 Energy Thematic Day.
The Global Cooling Pledge, which aims to significantly cut global cooling emissions by 68 per cent by 2050, is also covered by the GDA. These emissions make up 7 per cent of the global total, and as more countries install air conditioning, that percentage is predicted to quadruple. 52 nations have signed the Pledge as of right now.
"The GDA represents an inflection point for addressing various challenges that to date have slowed down the energy transition. Each initiative is underpinned by ongoing accountability frameworks to ensure that the commitments made, are commitments delivered" said Al Jaber.
