By: Lena Dente, Senior Programme Manager, Energy and Just Development
We also engaged with members of the Global Renewables Congress network, who are parliamentarians from across the globe working on renewable energy issues for their respective constituents. Having followed the negotiations and fevered along until the very end, I am happy to share some thoughts.
On the one hand, COP meetings represent a fantastic opportunity to connect with like-minded organisations and professionals, to learn and share, and to be inspired. The community of professionals who gather at COP is incredibly focused and passionate, committed to working together toward solutions. This year was no exception.
As COP28 closes, the representation of indigenous communities still has not reached full potential. However, efforts such as the Frontline Community Delegations work collaboratively to make the voices and concerns of indigenous groups heard at the climate negotiations. We´d like to take a brief look at some of the progress made to uphold indigenous rights.
The voluntary carbon market has generated considerable controversy, yet it holds the potential to significantly aid various entities in addressing their climate finance requirements while striving to diminish emissions. The utilization of carbon credits as a means to counterbalance emissions has ignited intense discussions among stakeholders. Numerous critics express concerns regarding the perceived deficiencies in transparency, quality, standards, and fairness within the carbon credit markets.
Recognizing the growing interest among organizations and stakeholders to integrate carbon credits into their emissions reduction strategies, we have chosen to delve deeper into this subject.
In a recent examination, we delved into the realm of climate finance, contending that readily available, cost-effective, and adaptable climate funding is imperative for the shift towards a low-carbon economy and for fortifying resilience against the consequences of climate change. Given that renewable energy plays a pivotal role in climate mitigation, it naturally becomes a central focus of climate finance.
As we approach COP28 and witness the growing prominence of global discussions on renewable energy targets, it seems pertinent to delve into the primary financial challenges associated with renewable energy and the broader energy transition.
Adequate and accessible “climate finance” is often referred to as absolutely essential to achieving the goals of the Paris Agreement, including limiting global warming to well below 2 degrees Celsius, preferably 1.5 degrees Celsius. It is often cited as being a key element to ensuring that developing countries are able to reduce their greenhouse gas emissions, adapt to the impacts of climate change, and build a climate resilient future. Further, climate finance is essential to a just and equitable transition to a low-carbon future.
However, when “climate finance” is mentioned, what is exactly meant by that term?
On 20 September 2023, the UN Secretary General hosted the Global Ambition Summit, to “showcase ´first mover and doer´ leaders from government, business, finance, local authorities, and civil society” as well as their “credible actions, policies and plans – and not just pledges – to accelerate the decarbonization of the global economy and deliver climate justice”.
The Africa Climate Summit 2023 in Nairobi gathered leaders, experts, and advocates from across the African continent and globe to push the climate change agenda forward in advance of the COP28 deliberations in Dubai coming up in early December. From the 4th to 6th of September, Africa showcased its commitment to lead in the global efforts toward a just, sustainable and climate resilient future. Following the multistakeholder principle, representatives included leaders and doers from the public, multilateral, non-profit, private and civil society sectors.
As we creep ever closer to 2030 and to the 1.5°C threshold, combatting the effects of climate change and transitioning to more sustainable energy sources are becoming increasingly urgent . The Conference of the Parties (COP) discussions, held under the United Nations Framework Convention on Climate Change (UNFCCC), are pivotal in shaping international climate policies and in supporting strong political will. Among the various proposals under consideration, the implementation of a global renewable energy target has emerged as a key focus.
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