Getting the World Back on Track

On the global journey to combat climate change, many major milestones have centred around the Conference of the Parties to the United Nations Framework Convention on Climate Change – COP. Amongst them have been the 1997 Kyoto Protocol and the 2015 Paris Accord that crucially agreed a global strategy for minimising climate change by 2030. The upcoming COP28 could prove another critical milestone as it marks the halfway point to the Paris Accord’s initial goals and presents the first Global Stocktake of progress towards reducing emissions - a comprehensive assessment that will show the world is way off track.

Responsibility for reinvigorating the world’s commitment to combating climate change has fallen on COP28 President-Designate, Dr Sultan Al Jaber of the host nation, the United Arab Emirates. The UAE has a strong track record on climate change, being the first country in the region to ratify the Paris Accord, the first to commit to an economy-wide reduction in CO2 emissions, and the first to announce a Net Zero by 2050 strategic initiative(1). Such positivity is reflected in Dr Sultan Al Jaber’s plan of action that he says is guided by the North Star of keeping the global temperature rise below 1.5 °C.

At the heart of COP28 is a major course correction that will demand unprecedented action. Central to the plan is a call to double energy efficiency, double hydrogen production, and triple renewable energy capacity by 2030. These ambitious goals are underpinned by efforts to fix climate finance, ensuring that the funding to enable energy transitions reaches the right projects in the right places. With developing countries already suffering the effects of climate change but unable to finance the shift to a low-carbon footing, delivering the long promised but still undelivered $100 billion a year to poorer countries is vital.

Fundamental to COP28’s correcting the course of the climate pathway is a focus on tripling global renewable energy capacity to 11,000GW by 2030. This immediate and substantial increase has been identified as essential by the International Renewable Energy Agency (IRENA) if we are to keep the goal of 1.5 °C in reach. Earlier this year, UAE-based renewable energy specialist Masdar co-operated with IRENA on a major international knowledge project that set out the means to triple global energy capacity by 2030. This will demand raised global ambition in renewables deployment, enabled by physical infrastructure, policy, and regulations, and underlining institutional and workforce capabilities. Masdar itself is on track to deliver 100GW of renewable capacity by 2030.

Another ambition for COP28 is doubling energy efficiency from 2.2% to 4%. The simple act of using less energy for the same task, be it in the home, industry, or transport, is essential for strengthening energy security and keeping climate goals alive. With investment in energy efficiency at an all-time high, there are many actions that can make this goal achievable including digitising, measuring, and diagnosing consumption, technological and material improvements, upskilling and reskilling to enable those improvements, raising awareness and incentivising the uptake of energy efficient techniques.

Doubling hydrogen production to 180 million tonnes by 2030 is an even more ambitious focus. Hydrogen is a clean and abundant energy source that is easily extracted from water using electrolysis. When the electricity for this process comes from renewable sources, the result is green hydrogen – arguably one of the most versatile clean energies around. Green hydrogen can be easily stored and transported from wherever it is created to power and help decarbonise challenging sectors, including the long-haul transport, chemicals, and iron and steel industries. Green hydrogen already has a lot of momentum, with nine key countries having national strategies. However, actions to increase the demand for green hydrogen will unlock investment to scale-up production and reduce costs – realising its potential as the key contributor to a Net Zero Emissions future.

To support COP28’s ambitious goals, Masdar has been appointed Principal Pathway Partner. This will see it provide essential sponsorship and leadership across a packed program of events, activations, discussions, and forums – including a special focus on women and young people as sustainability leaders. It also includes a special edition of Abu Dhabi Sustainability Week. This global initiative fosters impactful and inclusive dialogue between climate stakeholders and is expected to play a critical role in building worldwide climate momentum at COP28. The hope is that COP28 will do more than highlight global shortcomings by providing the motivation and the means to put the planet back on track.