COP28 Launches the Global Decarbonization Accelerator
[Dubai, 2 Dec 2023] COP28 President Sultan Al Jaber announced the Global Decarbonization Accelerator (GDA) program on the 3rd day of the Summit. The #GDA consists of a series of initiatives designed to catalyze the #EnergyTransition and to curb emissions of greenhouse gases in order to contain global warming within the 1.5C degree rise.
The Global Decarbonization Accelerator is based on three pillars:
- Scale up green energy systems of tomorrow
- Decarbonize energy systems of today
- Reduce methane and other non-carbon GreenHouse Gases (GHG)
Scaling the Energy Systems of Tomorrow
Already 116 countries have signed up for the Global Renewables and Energy Efficiency Pledge which a stated goal to triple renewable energy generating capacity and double the energy efficiency globally.
Thus, the world will see at least another 11,000 GW of renewable energy projects by 2030. On the Energy Efficiency side, the target is to improve from the current 2% to more than 4%.
Decarbonize the Energy Systems of Today
As a breakthrough agreement, 50 oil & gas companies which account for over 40% of the global hydrocarbon production have signed the Oil and Gas Decarbonization Charter (OGDC). By doing so, they commit to achieve #NetZero operations by 2050 at latest.
In particular, the Oil & Gas companies have committed to zero methane emissions and to phase out routing flaring by 2030.
Moreover, the GDA includes the Industrial Transition Accelerator which promotes #decarbonization across heavy-emitting sectors.
Reduce Methane and Other non-CO2 Greenhouse Gases
More than USD one billion has been mobilized for methane-abatement projects. Additional information will be released on 5 December 2023 during the COP28 Energy Thematic Day.
The GDA incorporates the Global Cooling Pledge (GCP) which aims to substantially reduce global cooling emissions by 68% by 2050. Such emissions represent nearly 7% of the global total and is expected to triple as more air conditioning units are sold and turned on. As at 2 December 2023, 52 countries have signed the Global Cooling Pledge.
On an optimistic note, Dr Al Jaber highlighted that the GDA brings in more countries and companies than ever before to join together in the fight against #ClimateChange. He believes that COP28 represents an inflection point for Global #ClimateAction.