COP28 GLOBAL STOCKTAKE: Marks An Era Of Massive Growth Of Renewables

Dr. Seema Javed

The U.N.’s much debated Global Stocktake Text ( GST) finally published the proposed text of the deal countries hope to reach at the COP28 summit in Dubai.It included a reference to transitioning away from all fossil fuels beginning in this decade.

The document recognised -the need for deep, rapid and sustained reductions in GHG (greenhouse gas) emissions in line with 1.5C pathways” and called upon nations to take actions.

The recent text says-
a) Tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030;

(b) Rapidly phasing down unabated coal and limiting the permitting of new and unabated coal power generation;

(c) Accelerating efforts globally towards net zero emissions energy systems, utilizing zero and low carbon fuels well before or by around mid-century;

(d) Transitioning away from fossil fuels in our energy systems, beginning in this decade, in a just, orderly and equitable manner so as to achieve net zero by 2050 in keeping with the science.

For the first time, the UN climate talks have addressed the need to stop burning fossil fuels. COP28 marks the beginning of the end of the fossil fuel era.
This outcome must be harnessed by governments and markets, but clearly signals the beginning of the end for coal, oil and gas in the global economy and the massive growth of renewables.

Canada’s environment minister, Steven Guilbeault said that “This new text is historic as it addresses issues around fossil fuels head on … The package is not perfect, no U.N. text is. But, as someone who has been in this space for more than 20 years, I see a vision we can rally around to keep 1.5C within reach and protect people and ecosystems.”
Norway’s foreign minister, Espen Barth Eide said :

“It is the first time that the world unites around such a clear text on the need to transition away from fossil fuels. It has been the elephant in the room, at last we address it head on. This is the outcome of extremely many conversations and intense diplomacy.”