COP28: Four key action pledges from the first week

Author: Lawrence Smith, Commercial Director

December 7, 2023

News & Insights

What have we learnt so far during COP28?

COP28 marks an important moment for global action on climate change as countries from all around the world come together to determine ambition and responsibilities, and identify and assess climate measures.

“There is a clear and urgent need to accelerate the energy transition for all countries, businesses and for the planet,” says Niche’s Commercial Director, Lawrence Smith.

“A standout achievement of COP28 is the broadening of the agenda to rightly maintain the focus on energy transition whilst addressing the transition requirements for the food and agriculture industries.”

We’ve identified four key action pledges from the first week of COP28:

Renewable energy: 116 countries have agreed targets to triple renewable power generation capacity to 11,000 GW, and double energy efficiency this decade. The Australian government signed up to the pledge to triple the world’s renewable energy generation capacity by 2030. Australia will just about fulfil that commitment if it reaches the government’s 82% renewable energy target by 2030.
Climate finance: UAE announced a $30 billion fund for global climate solutions that aims to attract $250 billion of investment by the end of the decade.
Agriculture emissions: More than 130 countries signed a declaration to include emissions from agriculture and farming into their national plans to tackle climate change.
Methane reduction: Fifty oil and gas companies pledged to reach near zero-methane emissions by 2030, and submit a plan to meet those targets by 2025.

At Niche, we’re committed to empowering people to create a sustainable future – our diverse community of experts are motivated to make a real difference and leave positive impacts for people and nature.