Day 3 of COP28 events introduced pioneering initiatives, underlining a shared dedication to combatting climate change and expediting the worldwide shift towards sustainable practices.
Global Decarbonization Accelerator (GDA):
At the World Climate Action Summit, Dr. Sultan Al Jaber, COP28 President, introduced the Global Decarbonization Accelerator (GDA). This ambitious initiative comprises three key pillars:
Rapidly scaling the energy system of tomorrow
Decarbonizing the energy system of today
Targeting methane and other non-CO2 greenhouse gases
The GDA represents a comprehensive plan for system-wide change, simultaneously addressing both the demand and supply of energy. Read more
Industrial Transition Accelerator (ITA):
In collaboration with the COP28 Presidency, United Nations Climate Change, and Bloomberg Philanthropies, the Industrial Transition Accelerator (ITA) was launched. This accelerator aims to catalyze decarbonization across heavy-emitting sectors, including energy, industry, and transportation. It is a crucial component of the broader Global Decarbonization Accelerator (GDA). Learn more
Renewable Energy Commitment:
A significant milestone was reached as 118 countries pledged to triple the installed global renewable energy generation capacity to at least 11,000 gigawatts. Additionally, they committed to doubling the annual global average rate of energy efficiency improvements, aiming for more than 4 percent every year until 2030. Details
Masdar's Solar Power Project in Angola:
During the COP28 climate summit, Masdar announced plans to develop a 150 Megawatt solar power project in Angola. This initiative aims to provide renewable energy to 90,000 homes, contributing to economic growth and job creation. Explore more
U.S. Pledge to Green Climate Fund:
The United States pledged $3 billion to the Green Climate Fund at COP28, marking its first pledge since 2014. This commitment underscores renewed efforts to support global climate initiatives. Read the announcement
CAF's Investment in Climate Change Fight:
The Development Bank of Latin America and the Caribbean (CAF) announced a substantial commitment to fight climate change. With an annual investment of over $2 billion, totaling $15 billion until 2030, CAF aims to drive sustainable initiatives in Latin America. Details
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