Next week, COP28 begins with a focus on decarbonization efforts. The podcast discusses the actions and pledges needed from the summit, highlighting the energy trilemma and the challenges created by geopolitical tensions. The accountability of high-emission entities, changing societal norms, and the role of technology are explored. The significance of COP28, collaboration, patient capital, and government support in addressing climate change are also discussed. Key takeaways from conferences and summits showcase various countries' efforts in decarbonization and energy transition. Lastly, the importance of balanced media reporting and global collaboration is emphasized.
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Quick takeaways
The urgent need to limit global warming to 1.5 degrees Celsius is highlighted, with only a 14% chance of achieving this target according to the UN's emissions report, emphasizing the critical importance of COP 28 in addressing climate adaptation and driving collaboration.
COP 28 aims to focus on actionable legislation, fast-tracking the transition away from fossil fuels, and the inclusion of quantifiable targets aligned with sustainable development goals in countries' pledges, emphasizing the need for achievable yet measurable goals, improved financing for climate adaptation, and addressing the needs of vulnerable countries.
Deep dives
COP 28's significance and urgency for climate action
COP 28, the 28th annual UN conference of the parties, is seen as a critical meeting in the journey towards achieving the goals set by the Paris Agreement. The conference marks the halfway point between COP 21 in 2015 and the 2030 targets set to limit global warming. However, the first global stocktake of climate action has revealed a rapidly closing window to limit global warming to 1.5 degrees Celsius. The UN's emissions report highlights that the chance of achieving the 1.5-degree target is currently only 14%. COP 28 aims to address the urgent need for climate adaptation, an all-leaders approach, and a new level of collaboration to overcome the challenges of the climate crisis.
Expectations for COP 28 and the role of global leaders
COP 28 is expected to focus on discussions and actions to limit global warming and drive change. The conference aims to discuss the progress made towards the 1.5-degree and 2-degree temperature targets. Key expectations include the fast-tracking of the transition away from fossil fuels, increased engagement with companies, the translation of intergovernmental discussions into actionable legislation, and the inclusion of quantifiable targets aligned with sustainable development goals in countries' pledges. The conference seeks to create achievable yet quantifiable targets, improve financing for climate adaptation, and address the needs of vulnerable countries facing climate impact.
Geopolitical challenges and opportunities at COP 28
The current geopolitical situation, including conflicts and the balance between energy security and transition, plays a significant role in the discussions at COP 28. However, there are positive signs of engagement, including increased involvement of oil and gas companies in the conversation and commitments to transition away from fossil fuels. Countries like the US and China, responsible for a significant portion of global emissions, are showing promise in their negotiations and discussions on energy transition. While geopolitical challenges exist, there is hope that engagement with companies and the adoption of measures like carbon border adjustments can drive change.
Finance, infrastructure, and the need for collaboration
The discussions at COP 28 highlight the need for significant investments in infrastructure to support the energy transition. Infrastructure investment, particularly in storage and productive use of energy, is crucial. However, current short-term perspectives and economic conditions pose challenges to long-term decision-making. The conversations call for patient capital, blended finance, and innovative financial models. Moreover, the importance of involving demand and engagement from diverse communities and citizens is emphasized. The conference aims to create an environment of collaboration that includes businesses, governments, and communities, recognizing that coordination and broad engagement are essential to successfully address climate change.
COP28 gets underway next week. 7 years on from the Paris Agreement, and a global stocktake of decarbonisation efforts lies ahead. Collective action is crucial, as is an exponential increase in these efforts; current policy is not enough to limit warming to 1.5 degrees C.
We are joined by Angela Wilkinson, CEO of the World Energy Council, to discuss the actions and pledges the world needs to see from the summit. She highlights the need for optimism in tackling the climate crisis. Geopolitical complexities across the world add to the challenge, creating what’s known as the energy trilemma (a term coined by the WEC nearly 20 years ago). Joining Angela to explore the issues of energy security created by geopolitical tension is Elena Belletti, Head of Carbon Research at Wood Mackenzie.
Together they look at the accountability of government and corporations with high emissions profiles, changing societal and even economic norms, and the technology (like CCS) which could form most of the debate.