COP28 and Eight Themes to Watch - An Analysis by S&P Global Commodity Insights
LONDON and NEW YORK, Nov. 20, 2023 /PRNewswire/ -- Just days away from this year's United Nations Conference of Parties (COP) 28 meeting, what's clear is that that global energy systems will need to achieve historic and unprecedented levels of innovation to redress climate change and meet the world's energy needs. COP28 will deliver the first completed global stocktake of the world's progress toward meeting climate goals. Key findings include an implementation gap, with countries falling short of their targets, and an emissions ambition gap recognizing that current targets fall far short of the needed levels of commitments to reach Paris goals.
Saugata Saha, president, S&P Global Commodity Insights, said, "Given the competing geopolitical, economic, and financial pressures – and increasingly domestic-oriented policy directions – a key success at COP28 will be all countries taking part and remaining around the negotiating table. A good result beyond participation would be the build-up of trust, cooperation on sharing technologies, opening channels for needed capital flows, and bridging the North-South divide to solve the Energy Trilemma of affordability, security, and sustainability."
To help understand the challenges to reaching the emissions targets, experts at S&P Global Commodity Insights have developed three plausible scenarios and two net-zero cases extending to 2050 and featuring in-depth coverage of trends in oil, gas, coal, power, renewables, emissions and hydrogen markets at the global, regional and country levels:
The results of S&P Global Commodity Insights' scenarios work indicate that the world still needs to innovate toward commercially viable technologies to bring net-zero within reach. The chart below provides a sense of the emissions paths of the different scenarios (including the two net zero cases) and the shortfalls as compared to NDC goals and net zero targets. However, what happens at COP can impact the trajectories. Watch for signposts across a number of key themes.
S&P Global Commodity Insights Eight Key Themes to Watch at COP28:
S&P Global Commodity Insights executives, experts and news teams will be on the ground at COP28 in Dubai, United Arab Emirates, assisting hosts and attendees' needs for essential intelligence, insights and data. For more on COP28 and the energy transition, visit the Markets Insights section of the website, or the dedicated Energy Transition Insights page.
About S&P Global Commodity Insights
We're a trusted connector that brings together thought leaders, market participants, governments, and regulators and we create solutions that lead to progress. Vital to navigating commodity markets, our?coverage includes oil and gas, power, chemicals, metals, agriculture, shipping and energy transition. Platts® products and services, including leading benchmark price assessments in the physical commodity markets, are offered through S&P Global Commodity Insights.?S&P Global Commodity Insights maintains clear structural and operational separation between its price assessment activities and the other activities carried out by S&P Global Commodity Insights and the other business divisions of S&P Global.?
S&P Global Commodity Insights is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and work?ow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information visit https://www.spglobal.com/commodityinsights.
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SOURCE S&P Global Commodity Insights
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