Removal technologies are part of the solution
Accelerating [..] removal technologies such as carbon capture and utilization and storage, particularly in hard-to-abate sectors
- Notable inclusion linked to the transition away from fossil fuels
- More specifics around the capture rates will be required
Hit or Miss?
N/A
Climate Impact
High
Renewables phase-up
Tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030
- Cost of renewables will continue to decrease
Hit or Miss?
Hit
Climate Impact
High
Fossil fuels made the cut
Transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner
- Transitioning away doesn't equal phasing out
- Growing global consensus on the urgency of the climate crisis
- Focus on energy systems not global economy
- No timeline for transition
Hit or Miss?
Hit
Climate Impact
Medium
Room for transitional fuels
Recognizes that transitional fuels can play a role in facilitating the energy transition while ensuring energy security
- Significant amount of flexibility around transitional fuels definition
- Indication that natural gas could play a role in the transition to net zero
Hit or Miss?
N/A
Climate Impact
Low
Loss and Damage
Operationalization of loss and damage fund
- Over U$792M already pledged but still a fraction of what is needed
Hit or Miss?
Hit
Climate Impact
High
Carbon Markets
Parties failed to find an agreement. Politicization of Article 6.4 and delays in its operationalization
- At best, work on Article 6 markets has been deferred to a future COP
- In the meantime, carbon offset markets are destined to continue to grow through bilateral agreements and further refinement and innovation in the voluntary markets
Hit or Miss?
Miss
Climate Impact
Low
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