COP28 Concludes with Enhanced Commitment to Green Technology

Summit Highlights and New Commitments

The COP28 climate conference, concluding its sessions recently, has ushered in a series of new commitments focused on green energy and technology. The summit’s president, Dr. Sultan Al Jaber, expressed pride in the progress achieved since the summit’s start on November 30. One of the key outcomes is the unanimous decision by the 198 attending parties to triple their renewable energy use, redirect financial aid towards green technology, and set economy-wide emissions targets.

Decarbonisation and Financial Aid

A significant resolution from the summit is the agreement for countries to submit a nationally determined contribution to decarbonisation within two years, incorporating the latest scientific research. This initiative is accompanied by an increased financial aid commitment to the science and technology community, with the European Commission’s President Ursula Von der Leyen announcing a €2.3bn investment in the green energy sector.

Innovations at the Forefront

The COP28’s TechSprint competition showcased groundbreaking sustainable tech solutions using AI, blockchain, and IoT. Notably, the Hong Kong team, Intensel, won in the AI category with a platform that predicts the financial risk posed by climate change in specific areas.

Controversies and Industry Skepticism

Despite the summit’s achievements, there were controversies, including skepticism expressed by the COP28’s President about the phasing out of fossil fuels. Additionally, some tech industry experts, like IFS’ chief sustainability officer Stephen Keys, questioned the feasibility of achieving the set targets without adequate knowledge and tools.

Concerns and Realistic Expectations

Global Witness CEO Mike Davis shared a more critical view, emphasizing the need for absolute commitment to reducing fossil fuel use without loopholes or reliance on unproven technologies. Moreover, a 2023 GlobalData survey indicated mixed feelings in the tech industry about ESG policies, with many viewing them as mere marketing strategies.

The COP28 conference thus marked a significant step towards addressing climate change, highlighting the crucial role of technological innovation while also revealing the challenges and skepticism in effectively implementing these ambitious environmental goals.