COP28 has ended with a demonstration of global solidarity.  Over 120 countries signed the final document which is discussed in this United Nations press release. 

 

The key language –

  • The global stocktake is considered the central outcome of COP28 – as it contains every element that was under negotiation and can now be used by countries to develop stronger climate action plans due by 2025.The stocktake recognizes the science that indicates global greenhouse gas emissions need to be cut 43% by 2030, compared to 2019 levels, to limit global warming to 1.5°C. But it notes Parties are off track when it comes to meeting their Paris Agreement goals.The stocktake calls on Parties to take actions towards achieving, at a global scale, a tripling of renewable energy capacity and doubling energy efficiency improvements by 2030. The list also includes accelerating efforts towards the phase-down of unabated coal power, phasing out inefficient fossil fuel subsidies, and other measures that drive the transition away from fossil fuels in energy systems, in a just, orderly and equitable manner, with developed countries continuing to take the lead.

 

What this means for your business –

  • Given that countries are tasked with developing stronger climate action plans by 2025….expect to see more governmental laws demanding proof of sustainability, carbon neutrality, carbon emission reductions and net zero attainment. This can be viewed as an opportunity or curse, depending on if you want to get ahead of it and take market share or delay, and lose market share.

 

  • Given that it was agreed that greenhouse gas emissions need to be cut by 43% in six year….expect dramatic demands by governments, investors, lenders and your clients for you to prove you are part of the solution. Again, this can be an opportunity or curse.

 

  • Given that energy efficiency needs to double by 2030….think of your energy demand needing to be cut in half by that time. How are you going to get there without help? 

 

Next steps for your business –

  • You can ignore or take action.

 

  • If you are thinking it might be wise to gather some information on the benefit of becoming sustainable and what kind of program to consider, watch this master class, then contact us.