Dear John,
I just returned from COP28, the international climate conference held in Dubai, where I and a number of my Ceres colleagues were on the ground to help amplify the business and economic case for global climate action.
Over the past two weeks there was a lot of talk and negotiation about a complete fossil fuel phase out. Ceres along with hundreds of businesses and investors supported the call for a phase out, making the case that we must phase out fossil fuels if we are to keep global warming to 1.5 degrees Celsius. Unfortunately the final agreement fell short of calling for a phase out, and instead calls for a transition away from fossil fuels in a ‘just, orderly and equitable manner.’ While this agreement doesn’t go far enough, it is the first time that fossil fuels have been explicitly mentioned in a COP agreement.
Read Ceres President and CEO Mindy Lubber’s full statement on the final agreement just reached at COP28. |
There were some important wins during COP28 that will help countries in the transition away from fossil fuels.
On the first day of negotiations, the long-awaited Loss and Damage Fund was announced. This Fund will help developing countries—particularly those that have suffered the first and worst impacts of climate change—transition to a clean energy economy through money pledged by the U.S. and other wealthy countries.
Nearly 130 countries have agreed to triple renewable energy generation capacity and double economy-wide energy efficiency by 2030. And more than 150 countries have committed to build more sustainable food systems with resilient agricultural practices that benefit the climate. Additionally, oil and gas companies committed to curtail methane emissions—a necessary step, although significantly more action will be required from this sector.
While the oil and gas industry did agree to curtail methane emissions, the industry continues to do everything it can to delay the necessary transition to a zero emissions economy. Ceres remains committed to building the investor and business support needed to ensure that we move away from fossil fuels in a just and equitable manner.
Despite this setback, COP28 was full of optimism with some amazing innovative and practical solutions on display. While I was in Dubai, I spoke with so many private and public sector leaders who are passionate and committed to keeping us on track to meet the goals of the Paris Agreement. The active engagement of youth representatives from around the globe was also very encouraging.
During one panel I was on, I enjoyed discussing the Seventh Generation Principle that is based on an ancient Haudenosaunee (Iroquois) philosophy. The principle says that the decisions we make today should be based on the learnings of seven past generations and result in a sustainable world seven generations into the future. And while there is much work to do coming out of these most recent climate talks, I am inspired and confident that we can make even more progress going forward. We have to for the sake of our economy, planet, and communities. |
Sincerely,
 |
|
Amit Bando
Chief Economist and Senior Advisor for Just and Inclusive Economies
Ceres | |
