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ESG Insider: A podcast from S&P Global

Climate adaptation, finance, data and nature: What we learned at COP28

Dec 15, 2023
29:57
Snipd AI
Key takeaways from COP28 include discussions on climate, nature, and water; evolving climate data and regulation; the role of financial institutions in addressing climate change; and the importance of diverse voices and youth perspectives. Speakers include CEOs of nonprofits, a technology company's Chief Impact Officer, a partner at Deloitte, and a Chief Sustainability Officer of a big Japanese bank. Other chapters cover addressing biodiversity loss, data in climate adaptation and finance, water needs and infrastructure improvement, and the role of finance in addressing the climate crisis.
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Quick takeaways

  • Countries at COP28 agreed to transition away from fossil fuels and work towards the phase down of unabated coal, marking the first formal agreement among all Paris Agreement signatories to take action on fossil fuels.
  • Financial pledges at COP28 fell far short of the trillions of dollars needed to support developing countries in clean energy transitions, national climate plans, and adaptation efforts, highlighting the need for reforming the multilateral financial architecture and establishing new and innovative sources of finance.

Deep dives

Global Stock Take Outcome: Transitioning away from fossil fuels and phase down of unabated coal

The recently concluded COP 28 featured the first-ever global stock take, where countries and stakeholders assessed progress towards the goals of the Paris Agreement. The outcome of the stock take resulted in countries agreeing to transition away from fossil fuels and work towards the phase down of unabated coal. While the language was not as strong as some negotiators had hoped, it marked the first formal agreement among all Paris Agreement signatories to take action on fossil fuels. Additionally, countries recognized the need to cut emissions by 43% by 2030 and encouraged ambitious emission reduction targets in national climate plans by 2025. The stock take also called for tripling renewable energy capacity and doubling energy efficiency improvements by 2030, while urging action on sustainable food and agriculture, climate change and health, and the reduction of climate impacts on ecosystems and biodiversity.

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