From the Editor: COP28 delivers historic milestone, but it’s not the naming of Lord Voldemort [Gas in Transition]
From the Editor: COP28 delivers historic milestone, but it’s not the naming of Lord Voldemort [Gas in Transition]
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Natural Gas News
From the Editor: COP28 delivers historic milestone, but it’s not the naming of Lord Voldemort [Gas in Transition]
Summary
COP28 is over and participants and observers are mulling the results. What are we to make of it? [Gas in Transition, Volume 3, Issue 12] by: Ross McCracken
A key early success at COP28 was an agreement to operationalise the ‘loss and damage’ fund for countries vulnerable to climate change, but doing so did not result in a massive inflow of funds. At the time of writing, pledges stood at around $800mn, which will not go far. The US promised just $17.5mn. There is still a massive gap between estimates of what is required in terms of international transfers to fund the energy transition globally, including loss and damage, and what the richer countries of this world appear willing to give. The facts on the ground suggest this is an urgent issue. The vast majority of clean tech spending continues to take place in the advanced economies and China. The energy transition is very uneven, y...
Related Knowledge Center: Climate diplomacy: COP 27
The 27th Conference of the Parties (COP 27) produced a groundbreaking agreement to create a “loss and damage” fund to help developing nations cope with the impact of climate change.
But the conference, held from Nov. 6 to Nov. 20, 2022, in Sharm el-Sheik, Egypt, fell short of a hoped-for agreement to speed reductions of greenhouse gas emissions.