Global Energy Pact Unveiled at COP28 to Accelerate Clean Energy Transition
The United Nations Climate Summit (COP28) in Dubai 2023 witnessed a significant development with the introduction of the Global Energy Pact. Backed by over 50 countries and major institutions, this pact aims to reshape global energy markets and accelerate the transition to clean energy.
The Global Energy Pact sets ambitious targets for the end of this decade. It aims to cut fossil fuel subsidies by a third, which amounted to a staggering $7 trillion in 2022. This move could halve global emissions by 2035, aligning with the Paris Agreement's goal to limit warming to 1.5°C.
Major energy corporations are already responding to this shift. They are scaling down exploration for new oil reserves and investing billions in wind farms, solar plants, and hydrogen projects. This trend is expected to intensify with the implementation of the pact.
However, the fossil fuel industry still supports around 32 million jobs worldwide. The transition to clean energy must ensure a just and fair process for these workers and communities dependent on the industry.
The Global Energy Pact, if fully executed, could significantly reshape global energy markets. It could cut fossil fuel funding by 78% in 2024, leading to a substantial reduction in public funding for overseas fossil fuel projects. This shift in international energy policy could keep the Net Zero by 2050 target within reach, but it will require commitment and cooperation from all signatories.
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