As part of its support of COP events and the Paris Agreement, and in line with the Ipieca Principles, Ipieca raises awareness of COP outcomes, shares on the ground learnings and insights, and produces practical guidance and tools to support the industry contribute to achieving COP objectives.
Key outcomes from COP28 UAE
The UAE Consensus
After running into extra time, countries reached a historic agreement to transition away from all fossil fuels in a just, orderly and equitable manner to reach net zero globally by 2050. The agreement also calls for a tripling of global renewable energy capacity and doubling energy efficiency globally by 2030, and for countries to accelerate the development of low-emissions technologies including low-carbon hydrogen and carbon capture and storage.
Loss and damage fund adopted
The opening ceremony of COP28 delivered an agreement to operationalize the fund which will assist developing countries that are vulnerable to the adverse effects of climate change, known in the negotiations as ‘loss and damage’.
The Global Decarbonization Accelerator
On 2 December, COP28 President Dr Sultan Al Jaber launched the Global Decarbonization Accelerator (GDA), a comprehensive energy package designed to speed up the energy transition and reduce global emissions. The GDA includes:
- The Oil and Gas Decarbonization Charter: 50 companies (including 19 Ipieca members), representing over 40 per cent of global oil production have signed the Charter, committing to zero methane emissions and ending routine flaring by 2030, and to total net-zero operations by 2050. Ipieca welcomes the Charter and will work to expand signatories, promote adoption of guidance, standard and frameworks, and access technical support to achieve the commitments.
- The Industrial Transition Accelerator will accelerate decarbonization across sectors including the oil and gas industry and users of its products in heavy industries and heavy-duty transport sectors. It aims to encourage policymakers, technical experts and financial backers to work with industries to rapidly deliver emissions reduction.
- Methane Finance Sprint: a new grant of over USD 1 billion aimed at tackling methane emissions from all sectors. The Sprint also includes allocations for the re-launch of the World Bank’s Global Flaring and Methane Reduction Partnership, additional support for the Climate and Clean Air Coalition, the International Methane Emissions Observatory and other programmes.
Ipieca’s role at COP events
As a non-lobby organization, Ipieca’s role is to listen to negotiations and to provide technical inputs and industry feedback on the issues under discussion when required. During COP we host events to drive debate on relevant climate topics.
Ipieca on site activity at COP28
Click on an event to learn more.
- Ipieca official UNFCCC event ‘Business leadership on the Global Stocktake: catalysing investment while prioritizing a just transition’
- International Gas Union-Clean Resource Innovations Network official UNFFCC event ‘Multi-sector collaboration: accelerating action on methane and delivering the Global Methane Pledge’ - read the IISD summary here.
- IMO-IRENA-UNCTAD official UNFCCC event ‘The 2023 IMO GHG Strategy: defining the global level playing field for shipping decarbonization’
- Ipieca event on ‘Net zero in action: showcasing decarbonization technologies’
- Ipieca event ‘Partnerships for progress: how a just transition drives sustainable energy and the SDGs’
- Ipieca-OGCI-PETRONAS event ‘Near zero methane emissions: realistic or optimistic’
- Petrobras event ‘Just energy transition in the Global South: challenges and perspectives of developing countries’
- Ecopetrol event ‘Challenges and opportunities for the O&G industry in the energy transition’
- Equinor roundtable ‘Collaborating to reduce methane emissions from the energy industry’