COP28 wrapped up this week in Dubai, with delegates reaching a landmark global agreement calling on countries to transition away from fossil fuels. This is the first time in 30 years that this transitioning language has been used, a positive step forward towards the eventual phase out of fossil fuels.
In addition to this historic agreement, some key outcomes from COP28 include:
- The pledge by over 100 countries, including Australia, to triple installed renewable energy capacity globally by 2030.
- The agreement to accelerate zero and low emissions technologies, providing a clear signal for further investment in emerging areas such as renewables, carbon capture, natural capital, and low carbon hydrogen.
- The agreement to accelerate and substantially reduce non-CO2 emissions, in particular methane, demonstrating the need for further investment in the areas of agriculture, land use, and natural capital.
In our view, Australia took a leadership role at COP28, making some significant pledges including:
- Becoming a signatory to the Glasgow Statement, committing to not spending public money on international fossil fuel projects.
- Rejoining the Green Climate Fund, the world’s largest global climate fund, with a contribution of $50 million.
- Contributing the foundational $100 million to the Pacific Resilience Facility, the first Pacific-led, owned and managed climate adaptation financing facility.
After speaking on emerging markets at COP28 as part of an Investor Group on Climate Change panel, QIC’s Climate and Environment Lead, Dr Sebastian Thomas, recorded this podcast with our General Manager of Capital Solutions, Katrina King, where they discuss his participation on the panel, the opportunities that exist for Australia to foster mutually beneficial partnerships with our regional neighbours as the world seeks to decarbonise over the coming years, and the role that institutional investors can play in this journey.
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