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Europe's green agenda: paving the way at COP28

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By Diego Balverde

· 4 min read


In the face of global environmental challenges, establishing work axes that classify efforts into a convergent process is crucial for unifying efforts to reduce emissions and achieve the most ambitious objectives. The European Commission and the European Central Bank have committed to a strategy centered on energy efficiency, aiming to reduce fossil fuel subsidies while minimizing the negative impact of polluting emissions. This strategy is pivotal for focusing on decarbonization and steering public-private investments towards Renewable Energy Generation, thus ensuring direct availability of supply.

Strategic Approaches for Emission Reduction

Direct Compensations: Focused on annual exercises aimed at increasing investments in renewable energy.
Education: Emphasizing the need for qualified employees to create a workforce capable of timely and effectively implementing Green Investments, thereby rapidly increasing capacity.
Solar Cities: Utilizing the same offsets, countries can offer their citizens renewable solutions by employing people recently trained in this area.
Charging Stations: Essential to establish layouts powered by direct renewable energy, managed by oil companies to leverage their long-standing area service knowledge.
Conversion of Fossil Engines to Electric: Acknowledging that 70% of countries cannot afford plug-in units, our training in conversions is vital for multiplying the consumer volume at charging stations in a short time, thus achieving a significant reduction in emissions.

Main Objectives at COP28

The commitment of the European bloc at COP28 is based on energy efficiency to reduce fossil subsidies and simultaneously minimize the negative impact of polluting emissions. This focus allows us to concentrate on decarbonization and direct public-private investments towards Renewable Energy Generation, thereby generating a direct supply availability.

The balance of trade balance in Europe is directly related to the value of resources and commodities essential for the basic needs of the community. In this context, Article 6 of the Paris Agreement, with its recently corrected annexed paragraphs, enables the swapping of governments, companies, cities, and organizations to reduce negative emissions with twinned cities that have a surplus of positive practices.

Alignment with COP28 Objectives

Efficiency is paramount for Europe, along with collaboration with other countries that require support to reduce global emissions. Past emissions are the starting point for becoming aware of the worsening condition of our planet.

The current commitments are:

  • Efficiency

  • Energy transition to clean and renewable sources

  • Inclusion of all polluting sectors

  • Responsible Management of Resources

  • Responsible Management of Raw Materials

  • Responsible Waste Management

Historical Responsibility for Global Emissions

The European bloc is highly aware of its accumulated pollution. Comprehensive efficiency measures have been implemented to gradually reduce the collective impact. However, this alone is not sufficient. It requires economic commitments and a Reparation Fund that supports the transition from fossil fuels to renewable and healthy energies.

Challenges and Opportunities in Achieving Objectives

The challenge lies in the Climate Finance Fund attracting the private sector to increase its investments in transition opportunities that offer enormous returns. Our objective is to create a robust Green Financial system that attracts Private Investment, finding credible, tangible, and reliable options regulated by the Future Carbon Emissions Market.

Collaboration and Commitment with Other Blocs

Collaboration with other blocs or regions is essential under Article 6 of the Paris Agreement. This allows for the exchange of positive climate actions with countries like our bloc, which have limited space for growth, sharing economic gains, and reducing environmental impact collaboratively.

Role Beyond COP28

Beyond COP28, the challenge is to establish a strong, credible Green Financial System with real products that reduce emissions and generate profits through innovation and consumer acceptance. It is important to lay the groundwork for future discussions on the most logical, simple, and rapidly developing solutions.

 

illuminem Voices is a democratic space presenting the thoughts and opinions of leading Sustainability & Energy writers, their opinions do not necessarily represent those of illuminem.

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About the author

Dr. Diego Balverde is an Economist at the European Central Bank and has extensive experience in climate finance. He is currently also an Advisory Member of the Council of Foreign Trade at The World Bank. Diego is very active on the international sustainability stage having attended COP27 as a Circular economy for Climate Change specialist and will also be attending the G20 Conference in India as part of the Energy, Sustainability and Climate Task Force. Diego holds a PhD in Foreign trade from Chapman University and an MBA degree from Cambridge Judge Business School.

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