Environment and economy in harmony

Environment and economy in harmony

By Abdulaziz Nawaf Al-Sabah

With the UN Framework Convention on Climate Change (UNFCCC) Conference of Parties, commonly known as COP28, convening in Dubai at the end of November, the world has its best chance to agree on a just and equitable energy transition. And my generation has its best chance to ensure we inherit a livable world. To combat climate change, the Paris Agreement of 2015 mandated that “the increase in the global average temperature [remains] well below 2°C above pre-industrial levels” and that the world should pursue efforts “to limit the temperature increase to 1.5°C”.

The focus was on cutting emissions. Yet five years after the Paris Agreement, according to the World Meteorological Organization, atmospheric CO2 increased by 3.25 percent. Today, according to the International Energy Agency, the world is burning more coal, which produces almost double the amount of CO2 per unit of energy as natural gas, than at any time before in human history. One of the main components of the Paris Agreement was the promise by developed nations to support developing countries to achieve climate goals, but the annual $100 billion allocated was never fully funded and is woefully insufficient.

In the UNFCC’s recent analysis, developing countries require financing