COP28’s outcomes reflect the good, the bad, and the ugly of the COP process in particular, and multilateralism more broadly. The commitment to triple renewable energy capacity globally and doubling energy efficiency by 2030 presents “a good” outcome and indeed one of the biggest wins from Dubai. Last year, the International Energy Agency’s (IEA) Net Zero Roadmap released a report showing scaling up renewable energy as an important way to attain global climate goals. In addition, 123 countries signed the Global Renewable Energy and Energy Efficiency Pledge at COP28 to triple global renewable capacity and double global energy efficiency improvements by 2030, and expand financial support for scaling renewable energy and eficiency programmes in emerging markets and developing economies. It is equally distressing that climate finance, especially for adaptation, has been decreasing instead of growing at a time of worsening climate crisis.

Source: Nigerian Tribune January 25, 2024 16:45 UTC