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118 Nations Pledged to Triple Green Energy
During the UN climate summit in Dubai, 118 governments pledged to triple global renewable energy capacity by 2030, aiming to reduce reliance on fossil fuels and cut greenhouse gas emissions. Led by the EU, US, and UAE, the commitment seeks to eliminate CO2-emitting fossil fuels from the global energy system by 2050.
The proposal also advocates phasing down unabated coal power and discontinuing financing for new coal-fired plants, intending to double global energy efficiency by 2030. Despite rising costs and supply chain disruptions, achieving the 10,000 gigawatts target by 2030 requires increased investments and addressing the high cost of capital hindering projects in developing nations.
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US pledges $3 billion to green climate fund at COP28 conference
US Vice President Kamala Harris informed the COP28 conference that the United States will contribute £3 billion to the Green Climate Fund (GCF), marking its first commitment since 2014. Harris, speaking in Dubai, emphasised the significance of global action on climate change.
The funds, subject to approval by the US Congress, will aid developing nations in climate adaptation and mitigation projects. The GCF, established in 2010, seeks to address climate challenges by distributing grants and loans. The move aims to alleviate tensions arising from wealthier nations' delay in fulfilling financial pledges to support climate initiatives in developing countries.
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US and China attend a session on methane emissions at COP28
UK climate representative John Kerry and China's climate envoy Xie Zhenhua participate in a summit alongside COP28 President Sultan Al Jaber and Nigeria's President Bola Ahmed Tinubu, discussing the imperative for the worldwide reduction of methane emissions during UN climate discussions in the oil-abundant United Arab Emirates.
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Policy Incentives for Zero Emissions
World leaders stress the vital role of non-state actors advocating for policy incentives, urging governments to bridge the zero-emissions implementation gap. In response to the GST, they highlight the need to amplify voluntary efforts and elevate implementation via robust policy incentives, emphasising this strategy in the updated 2025 Nationally Determined Contributions.
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Conclusion of the World Climate Action Summit
Day three of the deliberations focused on green energy transition, Global Stocktake (GST) for adaptation measures, climate financing, technical support, and climate change's impact on health. The GST's political phase concluded with world leaders discussing mitigation and support for developing nations, emphasising the vulnerability of mountain ecosystems and challenges faced by landlocked developing countries.
The Global Climate Action high-level session addressed scalable solutions for resilience, adaptation gap, finance mobilisation, and maintaining the 1.5°C target by 2050. Carbon market discussions showed progress, especially on Paris Agreement Article 6.2. Adaptation dominated negotiations, with varying views on maladaptation and tracking future finance doubling.
The UN Secretary-General announced a Panel on Critical Energy Transition Minerals to aid developing countries with clean energy minerals. The green zone featured a pavilion on green energy transitions and a UNIDO panel discussing clean hydrogen's potential, addressing challenges and highlighting optimism for public-private partnerships in developing clean hydrogen for various uses.
(Reporting by Sajeev Nair, CUTS International, Lusaka & Nairobi)
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Creating a “Fund of Funds”
Paving the Path Beyond Loss and Damage Fund
CUTS International’s Side Event on December 10th, 15:00 - 16:00 GST
(ICC Partner Stage, BlueZone, B7, Building #88 - Thematic Arena 3)
The fo rthcoming event is set to deliberate on critical aspects of climate change and biodiversity loss, recognising the urgency to bridge financial gaps for sustainable solutions.
Click here to view background note- >>
Speakers
- Mr. Sajeev Nair, Regional Director and Board Member, CUTS International, Lusaka & Nairobi
- Ms. Martha Getachew Bekele, Africa Lead for Delivery Quality and Impact, Development Initiatives
- Mr. Brian Omenyi, National Coordinator, Sustainable Energy Access Forum (SEAF - Kenya)
- Ms. Lydia Chibambo, Program Officer - Energy Gender, Zambia Climate Change Network
- Mr. Rowen Jani, Program Officer, World Wide Fund for Nature, Zambia
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In the absence of positive contributions from the rich world, we are campaigning for an Innovative Finance for Climate and the Planet.