WUHAN,
China, July 22, 2024 /PRNewswire/ -- All
stakeholders that delivered the landmark UAE Consensus must come
together to implement it and advance sustainable socio-economic
development, COP28 President Dr.
Sultan Al Jaber announced today at
the eighth Ministerial on Climate Action (MoCA).
Since its inception at COP28, held
in Dubai in December,
the historic UAE Consensus has emerged as the defining point of
reference for global climate ambition and sustainable
development.
Solidarity was the key to achieving the UAE Consensus and Dr.
Al Jaber told ministers at the event
in Wuhan, China, to draw from its
"spirit of solidarity" to accelerate implementation of the UAE
Consensus.
This approach to inclusivity not only helped to deliver the UAE
Consensus but is now yielding real-world results and "facts on the
ground", Dr. Al Jaber added.
PetroChina, which accounts for 3.5 percent of global oil
production, has joined the Oil and Gas Decarbonization Charter
(OGDC), which was launched at COP28
to accelerate decarbonization in the sector.
PetroChina joins 52 other companies, representing roughly 40
percent of global oil production, in the OGDC – with National Oil
Companies accounting for over 60 percent of signatories, the most
ever to commit to a decarbonization initiative.
The OGDC calls for the industry to align around net zero by or
before 2050, zero-out methane emissions by 2030, eliminate routine
flaring by 2030, work towards industry best practices in emission
reduction, and invest in the energy system of the future.
PetroChina joining the Charter marks a "significant moment for
Chinese leadership" and "sends a powerful signal to global
companies yet to sign up to do the right thing and choose the right
side of history," Dr. Al Jaber
said.
The COP28 President also called on
countries to submit Nationally Determined Contributions (NDCs) that
"cover everything from decarbonization to deforestation."
"We are pushing every country to turn its NDC into a practical
plan that transforms the UAE Consensus into facts on the ground.
These plans should be comprehensive and balanced across mitigation,
adaptation and means of implementation," he said.
The COP Presidencies Troika, uniting COP28 with the Azerbaijan and Brazil COP Presidencies, has a
critical role to play in maintaining "political momentum," he
added.
Every sector should make climate resilience "their guiding
principle", the COP28 President said,
urging industries to "adopt strategies that future proof their
business models, put people first and protect our planet."
Alongside decarbonizing the energy system of today, boosting
investment in carbon-free energies is critical, the President said,
highlighting the UAE Consensus' goal of tripling renewable energy
capacity this decade.
This represents "a bold ambition that will stretch us all," Dr.
Al Jaber acknowledged, pointing to
IRENA's latest report which found that the world needs to grow
capacity by 16.4 per cent every year through 2030. Despite this,
"history tells us that every time we doubt our ability to achieve
great things, we beat expectations,' Dr. Al
Jaber said. While just 1 gigawatt of solar power capacity
was added globally in 2004, the world now adds twice that much to
the grid "every single day," he declared.
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SOURCE COP28