The United Nations Framework Convention on Climate Change’s 28th Conference of the Parties (COP28) continues in Dubai, witnessing the launch of numerous initiatives and pledges aimed at reducing emissions.
At COP28, more than 110 countries have committed to tripling their renewable energy output by 2030. Additionally, 20 countries agreed to increase their nuclear energy capacity by the same proportion, targeting 2050 for this goal.
A key highlight of COP28 was Saudi Arabia leading efforts to sign the “Oil and Gas Sector Emissions Reduction Charter,” endorsed by 50 major oil and gas companies, representing over 40% of global oil production. These companies, including industry giants like Aramco, pledged to achieve net-zero methane emissions, one of the most potent greenhouse gases.
National oil companies such as Aramco, ADNOC, Libya’s National Oil Corporation, and Brazil’s PETROBRAS, alongside global firms like Exxon Mobil, Shell, BP, TotalEnergies, Chevron, and ConocoPhillips, are signatories of the charter.
In one of the most broadly supported initiatives at COP28, 118 governments vowed to triple the world’s renewable energy capacity by 2030 as a means to reduce the fossil fuel share in global energy production. This agreement aligns with the International Renewable Energy Agency’s (IRENA) projections on global energy transitions and meeting the 1.5 degrees Celsius pathway.
The Director-General of IRENA stated that the goal of tripling renewable energy sources is entirely feasible.
The United States pledged $3 billion in climate aid to poorer countries, while the European Union announced an investment of 2.3 billion euros in green transitions abroad. The UAE committed $100 million to methane reduction efforts and unveiled a $30 billion global climate solutions fund. Sheikh Mohammed bin Zayed Al Nahyan, the President of the UAE, stated that the fund aims to stimulate the collection and investment of $250 billion by 2030.
