Session 1. The Paris Agreement, COP28 and the energy transition
Mar 11, 2024 | 9:00 AM - 10:20 AM
Mar 11, 2024 | 9:00 AM - 10:20 AM
Description
As the Global Stocktake recognises, the energy transition from high to very low carbon is critical to achieving the Paris Agreement goals. Fossil fuels, such as coal, oil and gas, are by far the largest contributor to global climate change, accounting for over 75 percent of global greenhouse gas emissions and nearly 90 percent of all carbon dioxide emissions. Moreover, across much of the energy sector, the technology to replace fossil fuels largely exists and is frequently competitive in terms of cost.
With technology now available, many of the remaining challenges for the energy transition are political. Changes to incentives for investment decisions and other regulatory changes are needed. Investment treaties are closely bound up with the energy transition. Applying typically to practically all stocks and flows of investment between treaty parties, they apply to massive amounts of energy investment including new high-carbon investment.
The first session of the Conference will provide an overview of the latest developments in the energy transition including at COP28. The transition to clean energy is moving faster than many realise, but more than 90% of the increase comes from advanced economies and China. The biggest shortfalls in clean energy investment are in emerging and developing economies where investment treaties are most applicable. Aligning incentives for investment and finance flows in all jurisdictions is critically important.
