The inaugural Conference of the Parties (COP) in Berlin in 1995 marked the start of a process that has witnessed both major achievements and disappointments. As we approach the 28th session of the Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC), to be held at Expo City, Dubai in the United Arab Emirates (UAE) from November 30 to December 12, the global dialogue on climate change stands at a crossroads. COP28 carries the weight of addressing critical imperatives: 1) reducing emissions by 43% by 2030 as per the UN’s Synthesis Report, 2) commitment to increasing climate finance, and 3) innovation in technology.
The urgency to tackle climate issues has never been more acute. Extreme weather events, rising sea levels, and disruptions to ecosystems serve as stark reminders of the consequences of climate change. COP28 stands as a pivotal moment for nations to collectively confront the gravity of the situation and commit to tangible measures that safeguard the environment for future generations.
There is a lot that our students can learn from events such as COP28 – both for their future (as climate change will lead to new kinds of jobs), and for the future of the world.
Diplomacy and action
The conference is poised to catalyse events serving as a springboard for both diplomacy and action, setting the stage for comprehensive global cooperation. COP28 fosters diplomatic efforts to unite nations in the common cause of combating climate change. Leaders are entrusted with navigating the challenging transition towards sustainable practices, leveraging innovation and technology to drive progress.
Collaboration between the public and private sectors is a cornerstone of climate action. Enterprises are urged to recognise that decarbonisation is not solely an environmental responsibility, but also a strategic imperative for sustainable business models.
Innovation
Innovation remains the linchpin of climate action. Leaders at COP28 will explore cutting-edge technologies with the potential to revolutionise the energy landscape. From renewable energy sources to grid improvements and decarbonisation initiatives, the focus is on driving down costs and making these technologies more mature, accessible and easy to employ.
Daniel Pacthod, senior partner at McKinsey & Company, emphasised in a webinar, “A significant theme of COP28 is the notion of being ‘net nature positive’ and not only net zero emission.” This involves not only reducing carbon emissions, but also actively working towards restoring and preserving natural ecosystems. Leaders are expected to discuss strategies for creating an orderly transition that balances economic development with environmental stewardship.
According to a new McKinsey report, capital spending on physical assets for energy and land-use systems will need to rise by $3.5 trillion per year for the next 30 years, reflecting that a substantial financial commitment is imperative to facilitate the transition to a sustainable future. COP28 will delve into mechanisms for financing this transition, ensuring that the burden is shared equitably and that the most vulnerable nations receive the support they need.
Leaders attending COP28 must take decisive actions to accelerate the trajectory of innovation, making sustainable technologies more affordable and widely accessible. Building coalitions and better mechanisms for international cooperation are crucial steps toward realising the shared goal of a net nature-positive world. It is noteworthy to recall Prime Minister Narendra Modi’s statement at COP26 in Glasgow, where he declared India’s commitment to achieving net-zero emissions by 2070 and called for a Lifestyle For the Environment, LiFE.
As leaders converge to deliberate on the intricacies of climate action, the world looks to them to transcend political boundaries and forge a path towards a sustainable future. The decisions made in Dubai will not only shape the course of our planet, but also determine our collective ability to navigate the difficult transition ahead and innovate a new era of climate-conscious living.
The article was first published in Financial Express. Nov 2023. Reproduced with kind permission. Link: https://www.financialexpress.com/jobs-career/education-what-can-students-learn-from-cop28-3311408/