- At COP28 in the United Arab Emirates (2023), the final outcome agreement included global targets to triple the capacity of renewable energy like wind and solar power, and to double the rate of energy efficiency improvements, both by 2030. It is also the first time that countries agreed on the need to "transition away” from fossil fuels in energy systems.
- COP29 took place in Baku, Azerbaijan, in November 2024. The UK delegation was led by Ed Miliband, the energy security and net zero secretary with Prime Minister Keir Starmer who pledged to cut UK emissions by 81% by 2035 compared to 1990 levels (from 78%).
- COP30 will be held in Belem, Brazil, in November 2025, when countries will need to present the second round of nationally determined contributions (NDCs).
- The Inclusive Forum on Carbon Mitigation Approaches (IFCMA) was launched in February 2023 to discuss ways to boost global emissions reductions through improved collaboration. The IFCMA is working with key international organisations, including the United Nations Framework Convention on Climate Change (UNFCCC), World Trade Organization, World Bank Group, International Monetary Fund, and International Energy Agency, to build synergies and avoid duplication of efforts.
- Timing: this is a continuing area of development affecting many countries, so there is no specific timeframe for changes.
Resources (click to open)
- Deloitte at COP 29 (November 2024)
- Leveraging Global Incentives To Drive Decarbonisation (Deloitte EMEA Dbriefs webcast, March 2024)
- OECD Secretary-General Report to G20 Finance Ministers and Central Bank Governors on the work of the Inclusive Forum on Carbon Mitigation Approaches (OECD, February 2024)
- Deloitte at COP28 UAE | 2023 United Nations Climate Change Conference (November 2023)
- Can tax policy be a catalyst for positive change? An EU perspective on green incentives | TaxScape | Deloitte (September 2023)
- Can tax policy be a catalyst for positive change? A US perspective on green incentives | TaxScape | Deloitte (August 2023)