- 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 will take place in Baku, Azerbaijan, in November 2024. COP30 will be held in Belem, Brazil, in November 2025, when countries will need to present the second round of nationally determined contributions (NDCs).
- With regards to carbon pricing, the inaugural meeting of the Inclusive Forum on Carbon Mitigation Approaches (IFCMA) was held on 9-10 February 2023 and saw 607 representatives of over 100 countries coming together to discuss ways to boost global emissions reductions through improved collaboration. It was acknowledged that the aim is not to set standards nor rank countries, but rather to take stock of mitigation policy instruments available to countries to reduce greenhouse gas emissions. A first report on the carbon intensity work is to be presented to the IFCMA in the second half of 2024. This report will explore methodological approaches for computing carbon intensity of goods and sectors and the challenges faced by firms who seek to calculate carbon intensity metrics.
- Timing: this is a continuing area of development affecting many countries, so there is no specific timeframe for changes.
Resources (click to open)
