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COP28: the new climate commitments that really count

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: The COP28 conference in Dubai concluded with significant pledges, including a first-of-its-kind agreement on moving away from fossil fuels. Despite running 24 hours over schedule, the conference marked a pivotal moment in climate negotiations

🔭 The context: COP28 saw the introduction of the "oil and gas decarbonisation charter" by major fossil fuel companies, committing to reduce methane emissions and eliminate routine flaring of excess gas by 2030
• This charter, although voluntary, signals a shift in the industry's approach to climate change.

🌍 Why it matters for the planet: The commitments at COP28, especially regarding methane reduction, are crucial for global warming mitigation
• Methane is a potent greenhouse gas, and reducing its emission could have a significant positive impact on the environment.

⏭️ What's next: The success of these pledges hinges on the willingness of companies to invest in necessary technologies and adhere to government regulations
• Global efforts to triple renewable energy capacity and improve energy efficiency are also part of the forward movement, though they face challenges like investment shortages and regulatory bottlenecks

💬 One quote: "So you can run but you can’t hide," said US climate envoy John Kerry, emphasizing the increased ability to monitor and hold accountable those responsible for emissions

📈 One stat: The COP28 commitments, if fully realized, would account for about 30% of the emissions cuts needed to align with the Paris agreement goal of limiting warming to 1.5C

Click for more news covering the latest on COP28

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