Why this is important to Wisconsin businesses: Wisconsin companies involved in renewable energy or sustainable solutions may find new opportunities in projects that result.
The COP 28 UN Climate Change Conference ended with an agreement that marks “the beginning of the end” of the fossil fuel era, a United Nations leader says.
Nearly 200 heads of state, business leaders, investors, and philanthropists met in Dubai, United Arab Emirates, for two weeks in late 2023 and agreed to boost action to combat climate change before the end of this decade.
As many as 85,000 people participated in the conference, which was the largest attendance for an event of its kind.
In the first four days alone, $57 billion worth of investments were announced, involving finance, health, food, nature, and energy.
“Whilst we didn’t turn the page on the fossil fuel era in Dubai, this outcome is the beginning of the end,” said UN Climate Change Executive Secretary Simon Stiell in his closing speech. “Now all governments and businesses need to turn these pledges into real-economy outcomes, without delay.”
The goals set by the conference include tripling renewable energy capacity and doubling energy efficiency improvements by 2030.
Six countries pledged new funding for the Green Climate Fund; total pledges now stand at a record $12.8 billion from 31 countries, with further contributions expected. The Green Climate Fund is the world’s largest climate fund, used to accelerate projects that will reduce greenhouse gases in developing countries.
A declaration embracing sustainable agriculture and prioritizing resilient food systems was endorsed by 137 countries, while the goal to triple the world’s renewable energy capacity to at least 11,000 gigawatts by 2030 was approved by 119 countries.
Wisconsin companies involved in the green energy industry may find opportunities to participate in projects that could result from the conference.
