The Dubai conference takes place as global temperatures and greenhouse gas emissions continue to break records. According to the latest Emissions Gap Report from the UN Environment Programme (UNEP), the world is on track for a 2.5-2.9°C temperature rise with the pledges made in the 2015 Paris Agreement.
More needs to be done to reduce global emissions.
In Dubai, countries will do a Global Stocktake, which the Paris Agreement prescribes at five-year intervals.
“The Global Stocktake is not going to bring us good news, says Professor Jos Delbeke. “We are not yet on track compared to the targets that were agreed in the Paris Agreement.”
Jos Delbeke is the EIB Climate Chair at the European University Institute and he leads the STG Climate team. Delbeke used to be Director-General of DG CLIMA at the European Commission and he has shaped EU climate policy for decades.
Last year at COP27, countries created a 'loss and damage' fund to cover the damage for developing countries experiencing the adverse impacts of climate change. During the Governance This Week interview, Delbeke talks to Roeland Scholtalbers about the need to fill that fund.
Delbeke also touches upon the declared objective of the Dubai conference to triple the amount of renewable energy and double energy efficiency by 2030: “I hope leaders of governments are going to stick to those targets…these are not empty promises by a chairman coming from an oil and gas exploiting country,” says Delbeke.
Another item on the COP28 agenda is Voluntary Carbon Markets (VCM), a mechanism through which emitters can offset their emissions by purchasing carbon credits emitted by projects targeted at removing or reducing greenhouse gases from the atmosphere. Progress on the rules governing these markets (referred to as Art. 6) will be followed closely by the carbon pricing community, including members of the STG Climate team.
“Carbon pricing is spreading around the world much faster than we thought would happen,” explains Delbeke. “And we are very much in demand because we were at the basis of the European carbon market. In our lessons here at the STG, we are developing carbon pricing at length. We have lots of policy debates on that, so we have a good story to tell.”
Watch the Governance This Week interview about COP28 with Professor Jos Delbeke on Youtube.
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