Spain’s Energy Minister Teresa Ribera has cautioned that discussions at the COP28 climate summit will be “challenging” as she inaugurated a gathering of energy ministers and climate leaders from around the world in Madrid.
Spain, which currently holds the rotating presidency of the European Council, is advocating for an international coalition to support the 2015 Paris agreement’s objective of limiting global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) above preindustrial levels.
During the COP28 conference, countries will evaluate the insufficiency of efforts to address climate change in relation to the goals set by the Paris Agreement and discuss strategies to get back on track.
The International Energy Agency’s chief, Fatih Birol, outlined five conditions for the upcoming summit to be deemed successful. These conditions include tripling global capital expenditure on renewables, doubling energy efficiency improvements, and reaching an agreement on mechanisms to facilitate clean energy financing in developing nations.
Furthermore, he stated that global consumption of coal, oil, and natural gas may reach its peak before 2030.
During the conference, COP28 President Sultan al-Jaber announced that over 20 oil and gas companies have responded positively to the call for alignment with net zero emissions by 2050, the elimination of methane emissions, and the cessation of routine flaring by 2030. However, he did not provide further details.
Link from www.aljazeera.com