Assessing the Path Ahead for a Fossil-Free Future Post COP28
In the wake of intense negotiations at the UN climate summit in Dubai, COP28 unveiled its closing agreement, marking a pivotal moment in the global fight against climate change. Whilst signalling support for the science that there is no room for fossil fuels in the future, it falls short in providing the swift, inclusive and sustained reductions we need.
We spoke with Ricardo Piniero, Partner and Head of Infrastructure, who expressed reservations about the COP28 agreement. He highlighted the positive commitments, such as over 120 nations inclusive of Australia, pledging to triple renewable capacity by 2030. However, he also emphasised the need for collaboration between the public and private sectors to achieve these ambitious targets.
Ricardo Pineiro, Foresight Partner and Head of Infrastructure:
“Despite the statement surrounding the elimination of fossil fuels, the lack of adequate financial support for developing nations to transition to green economies remains a sticking point. We need more substantial commitments to climate finance, emphasising the necessity for a just and fair transition away from fossil fuels. Without a comprehensive strategy for all countries to make this journey, the ambitious goals of ‘transitioning away’ may face challenges. While COP28 has laid the groundwork for a global shift in the race to net-zero, the journey ahead requires commitment and additional measures to ensure the Paris Agreement targets are met."
At Foresight we continue to support the global transition, mobilising finance towards sustainable projects and renewable energy, infrastructure and natural capital markets.