As the need for global climate action gains scale and urgency, COP28 provides a vital opportunity for countries to take stock of their progress, strengthen ambition and agree actions that increase the chances of meeting the aims of the Paris Agreement. This COP also marks a significant change of direction through its more inclusive approach to the oil and gas industry, which comes with high expectations. So how did it go and what does it mean for the oil and gas industry?
COP28 is now upon us, and three key issues are playing out in the pre-negotiations and are likely to loom large over the proceedings.
- Setting a target to triple renewable energy supply globally by 2030.
- Agreeing language in the COP decisions on the ‘phase out of fossil fuels’.
- Operationalizing the Loss and Damage fund, agreed in principle at COP27, but so far without any details on implementation.
Moderated by Trey Shaffer, SPE Sustainable Development Technical Section & Gaia Chair, and ERM Senior Partner.
Speakers:
David Hone, Shell
Brian Sullivan, Ipieca
Arthur Lee, Chevron