
/DUBAI, the United Arab Emirates (UAE), December 12, 2023, 9:00 GMT, RENEWABLE MARKET WATCHTM/ Renewable Market Watch™ participates in the COP28 Conference in Dubai, UAE. COP28 closed today with an agreement that signals the “beginning of the end” of the fossil fuel era by laying the ground for a swift, just and equitable transition underpinned by deep emissions cuts and scaled-up finance. In a demonstration of global solidarity, negotiators from nearly 200 Parties came together in Dubai with a decision (the UEA Consensus) on the world’s first ‘global stocktake’ to ratchet up climate action before the end of the decade – with the overarching aim to keep the global temperature limit of 1.5°C within reach. The UAE Consensus calls on Parties to transition away from fossil fuels to reach net zero, encourages them to submit economy-wide Nationally Determined Contributions (NDCs), includes a new specific target to triple renewables and double energy efficiency by 2030, and builds momentum towards a new architecture for climate finance.