Photo from COP28

Fossil fuel reaches 'beginning of the end': COP28

COP28 urged governments to implement the transition without delay.

Dignitaries for the United Nations Climate Change Conference (COP28) have forged an agreement that marks “the beginning of the end” of the fossil fuel era with a robust plan for transition through deep emission cuts and high priority on investing.

As a mark of solidarity, negotiators from over 200 parties have sounded their decision on the first “global stocktake," aiming to prioritise climate action and limit global temperature of 1.5°C.

The global stocktake is one of the most crucial outcomes set during COP28, enabling the development of stronger climate action plans by 2025. The stocktake has heavy consideration on the urgency to cut global greenhouse gas emissions by 43% in 2030.

As a measure to assist several parties off-track in meeting Paris Agreement goals, the stocktake calls for the tripling of renewable energy capacity and doubling of energy efficiency improvements by 2030. The list includes the acceleration of the coal power phase-out, the termination of inefficient fossil fuel subsidies, and other equitable transition efforts.

ALSO READ: BCPG divests nine solar projects in Japan

Also succeeded is a historic agreement on the operationalisation of the loss and funding arrangements for climate resilience. Commitments to the fund totalled over $700m. Another agreement has also been reached to support its loss and damage agenda under the UN Office for Disaster Risk Reduction and the UN Office for Project Services.

In addition, climate finance was also given full notice through the Green Climate Fund (GCF), with pledges currently at a groundbreaking US$12.8b from 31 countries (and more to come). The Least Developed Countries Fund and Special Climate Change Fund have also seen US$174m to date. The Adaptation Fund at COP28 has accumulated US$188m.

Through the initiatives of transition, negotiators have established an “enhanced transparency framework” for world leaders to produce new nationally determined contributions that are aligned with the COP28 climate transition goals.

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


India removes licence requirement to build transmission lines for bulk consumers
The rule applies to those with at least 25 MW of load for inter-state connection and at least 10 MW for intra-state.
NEFIN Group works double time to catch up on projects
CEO Glenn Lim explains how a delay turned out good as the company aims to reach 667 MW of capacity by 2026.
Summit Power International provides vital LNG support to Bangladesh
Without cross-border electricity supply, LNG is needed by a country facing geographical constraints to deploy renewables.