UNFCCC's COP 28: main outcomes and failures

 The 28th  conference under the United Nations Framework Convention on Climate Change (UNFCCC) came at a critical moment in time, with 2023 set to be the warmest year on record and the impacts of climate change rapidly accelerating. International climate change negotiations at the COP28 conference in Dubai concluded on 13 December 2023.

Below are the main outcomes and failures of the COP 28:

The Government of Canada announced about phasing out inefficient fossil fuel subsidies

 

The Government of Canada will not provide fossil fuel subsidies unless they meet one or more of the following criteria:

- Enable significant net GHG emissions reductions in Canada or internationally in alignment with Article 6 of the Paris Agreement.

- Support clean energy, clean technology, or renewable energy.

Global pandemic caused the decrease of U.S. primary energy consumption by 7% in 2020

U.S. primary energy consumption in 2020 was 92.9 Quads, significantly dropping from 100.2 Quads in 2019.

The contribution of renewable energy sources exceeded 12%, while fossil fuels  (natural gas, oil, and coal) made up 79%, and nuclear - 9%.

Global CO2 emissions are rebounding to pre-pandemic levels

According to the Global Carbon Project, world's fossil CO2-related emissions have dropped by about 2.6 GtCO2 in 2020 to 34 GtCO2 (see figure below). This  decrease, which is equivalent to EU's annual GHG emissions, was caused mainly by the measures taken to slow the spread of the COVID-19 pandemic, and it is about 7% below 2019 levels, while, in most countries, daily emissions decreased at the peak of the country’s lockdown by on average 27%.

Governments are planning to produce 50% more fossil fuels by 2030 than would be consistent with a 2°C pathway...

...,  and by 120% more than would be consistent with a 1.5°C pathway. Coal production planning is above numbers compatible with the climate goals by 150% and 280%, respectively.

These numbers are pointing at a huge challenge of  bringing the use of fossil fuels in line with climate goals, states The Production Gap report published by a group of leading research organisations supported by UNEP.

According to IEA, coal, oil, and natural gas remain the world’s dominant sources of energy accounting for 81% of total primary energy supply. These fuels are a source of over 75% of global GHG emissions, including about 90% of all CO2  emissions. IPCC estimates that CO2 emissions from fossil fuels will need to decline rapidly, by approximately 6% per year to remain on a 1.5°C-compatible pathway, and by roughly 2% per year to remain on a 2°C-compatible one. 

Costs comparison of electricity generated by renewables, nuclear and fossil fuels - solar and wind are the cheapest

Source: LAZARD’S LEVELIZED COST OF ENERGY ANALYSIS, VERSION 13.0. November 2019.

No comments are needed to the above diagram...

The water footprint of energy

Water and energy are connected and highly interdependent - we need water for our energy systems and we need energy systems for our water. For example, in the United States, more freshwater (41 percent) is used to cool power plants than for any other use. From other side, about 8 percent of global energy generation is used for pumping, treating, and transporting water.

While trying to lead climate change fight, U.S. ... leads global fossil fuels production race?

According to the U.S. Energy Information Administration's report, the U.S. surpassed Saudi Arabia and Russia to become the world’s top natural gas producer in 2011, and has led the world in both oil and gas production together for four years in a row. It is happened thanks to the fracking boom, which unlocked previously hard-to-reach shale oil and gas.

IEA's chief economist warns about risks of investments in fossil fuels when ignoring climate change

Speaking at a major climate science conference in Paris IEA chief economist Fatih Birol said that the world’s fossil fuel companies risk wasting billions of dollars of investment by not taking global action to fight climate change seriously.

Why global carbon emissions stalled in 2014 while world economy grew by 3.2%?

According to the BP Statistical Review of World Energy 2015 it happened because of sharp deceleration of global primary energy consumption and strong shift of energy production growth from fossil fuels to renewables.

Renewables offer today better return on investments than fossil fuels

Investors and business leaders got an in-depth look at different ways investors are measuring carbon risk exposure at  ‘Finance and Climate: Metrics’ event during  Climate Week Paris in May. Stranded assets – wasted capital of fossil fuels remaining unburned due to climate impact - is particularly central to carbon risk methodology.

Fossil-Fuel Subsidies in the Crosshairs at World Bank Spring Meetings

World Bank President Jim Yong Kim made headlines on the eve of the annual spring meetings of the World Bank Group and the International Monetary Fund last week with this simple declaration: “We need to get rid of fossil fuel subsidies now.” With the consumption of these subsidies reaching $550 billion in 2013, there is a lot of work to be done. Cutting fossil-fuel subsidies is a logical component of the World Bank’s efforts to promote carbon pricing. Subsidies are, in effect, a negative carbon price that incentivizes carbon pollution at the very moment countries around the world need to reduce it. At the U.N. Climate Summit last September, the Word Bank built a coalition of 73 nations and 11 regional governments that expressed support for a price on carbon. More than 1,000 companies and investors signed on to the declaration as well.  Read more at https://www.americanprogress.org