The conference aimed at progressing on aligning global financial flows to assist Paris Agreement's climate goals. It highlighted challenges developing countries face and the role of central banks and the private sector in achieving "Paris alignment". Divergences between group party remained on how to implement this and the private sector's role in adaptation. Common ground was found on the need for more adaptation finance and training in developing countries.
The US Supreme Court overturned Chevron doctrine, reducing deference to federal agencies' interpretation of law. This will have a significant knock-on impact on climate policy as courts have now absorbed power to decide the legality of US's federal agency EPA's (Environmental Protection Agency) regulations on greenhouse gas emissions. The decision is seen as a win for industry groups and a loss for environmental advocates. (Note : Est. in 1970, EPA is a U.S. federal agency responsible for protecting human health and the environment. It has played a key leadership role in the global climate effort.)
Despite a record $1.8 trillion investment in clean energy in 2023, COP28's goal of tripling renewable capacity by 2030 may not be met. Renewable energy now generates 30% of global electricity, driven by solar and wind, with China contributing significantly. However, IEA (International Energy Agency) reported that only 14 of 194 countries have climate policies on track. Battery storage technologies was found to be crucial for climate goals, with expected deployment reaching 1,848 GWh by 2030.
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OnePointFive is a registered trademark of Accurate, Mumbai
