COP 28 in the UAE achieves global milestones
The UAE Minister of Industry and Advanced Technology and COP28 President, Dr. Sultan Ahmed Al Jaber, announced the launch of the ‘Global Emissions Reduction Accelerator.’ This initiative encompasses a set of initiatives related to the transition in the energy sector and global emissions reduction.
During the Global Climate Action Summit the day before yesterday, Al Jaber affirmed that in line with the vision of leadership in the UAE, the COP28 presidency works to enhance coordination, international cooperation, and support effective initiatives and partnerships to ensure the unification of efforts and the achievement of climate action that promotes global economic and social development.
According to the Emirates News Agency (WAM), this accelerator focuses on three main axes: accelerating the construction of the future energy system and expanding its scope, simultaneously reducing emissions from the current energy system, and urgently supporting mitigation efforts by reducing methane and non-CO2 greenhouse gas emissions.
The Global Emissions Reduction Accelerator is considered a comprehensive plan for a broad and radical change, dealing with both the supply and demand sides in the energy sector simultaneously. Its preparation is based on the opinions and inputs of several key stakeholders, including international organizations, a group of governments, officials, non-governmental organizations, and leaders in industrial sectors.
Al Jaber explained that the world needs energy in all areas, and it is essential to develop the currently used energy sources, reduce billions of tons of emissions, and gradually transition to emission-free alternatives. Therefore, COP28 has launched the Global Emissions Reduction Accelerator.
He stated that the launch of the accelerator is a crucial step aimed at addressing the various challenges that have delayed the achievement of an organized, responsible, fair, and logical transition in the energy sector. He pointed out that the initiatives focus on frameworks of continuous supervision and monitoring to ensure compliance with commitments.
The COP28 President added that the accelerator has encouraged more countries and companies from all sectors to take actions to reduce their emissions in line with COP28′s primary goal of maintaining the possibility of avoiding exceeding the 1.5-degree Celsius temperature rise on Earth.
More than 116 countries have signed the UAE’s commitment regarding renewable energy and energy efficiency, committing to work on increasing the global production capacity of renewable energy sources three times and doubling the annual energy efficiency improvement rate from 2% to over 4% by 2030.
Twenty-seven countries, through joining the UAE’s Hydrogen Declaration, agreed to adopt a global standard for certification and recognition of current hydrogen certification plans, contributing to enhancing global trade opportunities related to low-emission hydrogen.
Fifty companies representing over 40% of global oil production have signed the ‘Oil and Gas Sector Emissions Reduction Charter’ within the framework of the ‘Global Emissions Reduction Accelerator.’ They commit to achieving net-zero methane emissions and halting gas flaring by 2030, and achieving climate neutrality by 2050. More than 29 national oil companies have committed to the charter, the largest number ever of oil companies committing to emission reduction, marking a significant step in enhancing actions in line with the goals of the Paris Agreement.
The announcement of the Global Emissions Reduction Accelerator also includes the launch of the ‘Industrial Transition Accelerator,’ which aims to accelerate emissions reduction in key emission-intensive sectors. It calls on policymakers, technical experts, and financial supporters to work collectively and collaborate with other industrial sectors to accelerate and expand the scope of investments aimed at emissions reduction.
