SPAIN: Teresa Ribera, Spain’s Energy Minister, has cautioned that negotiations at the COP28 climate summit will be “challenging” as she opened a meeting of energy ministers and climate leaders from across the world in Madrid.
Spain, currently holding the rotating presidency of the European Council, is advocating for an international coalition to support the 2015 Paris Agreement’s objective of limiting global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) above preindustrial levels.
At the COP28 conference, participating nations will evaluate the insufficiencies in current efforts to combat climate change concerning the Paris Agreement’s target and engage in discussions about strategies to get back on track.
The Chief of the International Energy Agency, Fatih Birol, outlined five prerequisites for deeming the upcoming summit a success. These involve tripling worldwide investments in renewable energy, doubling enhancements in energy efficiency, and establishing mechanisms to facilitate clean energy funding in developing nations.
Furthermore, he noted that global consumption of coal, oil, and natural gas could reach its peak by the year 2030. COP28 President Sultan al-Jaber announced that over 20 oil and gas companies have responded favourably to the call for alignment with a net-zero target by 2050, with specific commitments to eliminate methane emissions and cease routine flaring by 2030. However, he did not provide further details during the conference.
The COP28 summit is set to be held in Dubai from November 30 to December 12. This summit is widely seen as a vital opportunity for governments to accelerate their efforts to curb global warming, with reports so far depicting that countries are falling behind in their commitments to restrict the increase in global temperatures to 1.5 degrees Celsius.
