Bloomberg, December 2023
Thank you Bloomberg and Ersoy Erkazanci for hosting me during COP28 in Dubai. My highlights for the 1st week was as follows:
Energy Transition and Decarbonisation: A total of 118 countries pledged to triple global renewable energy capacity by 2030 and double the progress in energy efficiency. Still no consensus on how and when to phase down from fossil fuels.
Climate Finance: According to McKinsey report, the world faces a $41 trillion mitigation investment gap to 2030, with emerging markets facing a higher gap as a share of their GDP. There is also an adaptation financing gap of $600 billion required annually to 2050, which is 10–18 times greater than current flows. COP28 announced that $57 billion in climate finance commitments have been made so far this COP.
Food & Agriculture: 134 world leaders have signed up to the ‘COP28 UAE Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action’. The 134 signatory countries to the Declaration are home to over 5.7 billion people and almost 500 million farmers, produce 70% of the food we eat, and are responsible for 76% all emissions from global food systems or 25% of total emissions globally.
Endorsement of the Declaration will help in strengthening food systems, building resilience to climate change, reducing global emissions, and contributing to the global fight against hunger, aligned with the UN SDGs.
Climate & Health: 124 Countries Commit to Milestone ‘Declaration on Climate and Health.
