In December 2023, the CleanTech Business Club (CBC) proudly witnessed a robust participation from its members and partners at the COP28 summit in Dubai, alongside its concurrent events and activities.
Notably, two significant events received official support from our club: the 13th Dii Leadership Summit on November 28, 2023, at The W Dubai - The Palm Hotel, and the Global Renewables Alliance VIP Reception. This reception celebrated the landmark inclusion of the #3xRenewables goal in the final COP28 text, marking a significant stride towards our shared vision for a renewable-powered future. Our leaders also attended a reception of Bureau Veritas thanks to a special invitation from the group's CEO Hinda Grabi.
For a visual journey through these vibrant activities, click here to explore our photo gallery.
COP28 Summit: A Catalyst for Climate Action and Renewable Energy Advocacy
The COP28 summit unfolded with remarkable developments, setting new milestones in the global climate agenda:
Operationalization of the Loss and Damage Fund: This monumental achievement saw the fund become fully operational, earmarked to assist climate-vulnerable nations in managing unadaptable impacts. Despite receiving $700 million in initial pledges, the stark contrast with the estimated $580 billion needed by 2030 underscores the urgency for augmented support.
Global Goal on Adaptation Framework: A pivotal framework was introduced to boost adaptive capacity and resilience. However, the absence of quantified targets and sufficient financial backing for developing countries was noted, underscoring areas for future enhancement.
A New Era of Climate Finance: Shifting the finance paradigm, the summit introduced the New Collective Qualitative Goal (NCQG) to supersede the erstwhile $100 billion annual climate finance pledge. This initiative seeks to better align with the financing requisites of developing nations, projected at $5.8 to $5.9 trillion through 2030.
Unprecedented Fossil Fuel Transition Agreement: A historic consensus was reached on transitioning the global economy away from fossil fuels by 2050, aiming for net zero emissions. This agreement notably encompasses the advancement of technologies like carbon capture to mitigate fossil fuel impacts.
Tripled Renewable Energy Commitment: At the heart of COP28's outcomes was the global stocktake, affirming a commitment to a 43% reduction in greenhouse gas emissions by 2030, a tripling of renewable energy capacity, and a doubling of energy efficiency improvements. This includes the #3xRenewables goal, buoyed by the signatures of 118 countries on a renewable energy pledge, a testament to the Global Renewables Alliance campaign, which CBC is proud to support.
Advancing Hydrogen and Low-Emission Technologies: COP28 spotlighted the critical role of accelerating low-emission technologies, including hydrogen, underscoring a diversified approach to achieving net-zero objectives and emphasizing hydrogen’s pivotal role in transitioning to cleaner energy systems.
These outcomes from COP28 not only underscore the intricate dynamics of climate negotiations but also highlight significant progress and the challenges that lie ahead in the collective pursuit of global climate action. The CleanTech Business Club remains committed to fostering collaboration and innovation among its members and partners, as we continue to drive forward the agenda for a sustainable and renewable energy future.
See Full Photo Gallery - HERE
