Bloomberg explained in an article on the Bloomberg website that although this decision is long overdue, it sends a strong signal to governments and business leaders about the direction in which the world is headed, and the need to move much faster.
And he wrote Bloomberg: “Actions speak louder than words, and other historic achievements at the Climate Summit hold the potential for an unprecedented level of action. This is thanks in large part to greater participation from the private sector and local leaders, and strong leadership from the top, the UN Secretary-General.” United Nations António Guterres, Executive Secretary of the United Nations Framework Convention on Climate Change Simon Steele, and COP28 President Dr. Sultan Al Jaber.
He considered that the recent climate conference “recorded a number of major achievements that could take the world on a major path toward reducing global emissions by 43 percent by 2030, which scientists say is necessary to achieve the 1.5 degree Celsius goal.”
He mentioned Bloomberg The most important examples of progress achieved at COP28:
- Accelerate energy transformation
In the final agreement, countries committed to tripling global clean energy capacity and doubling efficiency by 2030.
Outside of the agreement, more countries have committed to working together to phase out coal-fired power plants, the largest source of greenhouse gas emissions globally.
When methane is released, its ability to trap heat is about 85 times greater than carbon dioxide. The largest sources of methane emissions include venting, flaring, or accidental leakage from oil wells and gas pipelines.
At COP28, 50 oil and gas companies pledged to reach near-zero methane emissions by 2030, and the rest of the industry should follow suit.
Most progress in clean energy to date has been in electricity generation, but core industries – such as cement, steel, aviation and shipping – produce about 40 percent of global emissions.
“Industrial Transformation Accelerator”, which was launched in COP28It is the most comprehensive effort to date to address this global challenge.
Combating climate change requires much more capital than is currently allocated, and the COP has offered hope for a change.
Multinational lenders, such as the World Bank, have set new trends and demonstrated commitments to reform, including using their capital as a catalyst for special financing for developing countries, which could enable $300 billion in new loans over the next decade.
The conference produced the launch of a new tool that makes global markets more transparent, which is the “Net Zero Data” tool, which puts the emissions data of large institutions in one place for viewing and monitoring.
Bloomberg concluded the article by saying: “Of course, there is a lot of work remaining. One climate conference will not solve the climate crisis, but COP28 has put us on a promising path towards achieving this, and it is now up to us to turn words into action.
- Local leadership
For the first time, cities played a leading role in the COP. Through the Local Climate Action Summit at COP28, some 70 countries signed a new initiative to strengthen cooperation across national, local and regional governments.
