WGEO Program at COP29

Panel Discussion by GE Vernova, WGEO Partner

Background

Energy demand is expected to double by 2040. This reflects both unmet needs, with up to 760 million people around the world still lacking access to reliable power, and the expanding role of electricity in modern economies, including electrification of transportation and other industries, the growth of data centers and artificial intelligence, and more.

Some worry that this energy super-cycle could slow down the transition to net zero, especially as geopolitical concerns escalate and drive the need for energy security to the top of the agenda, sometimes at the expense of sustainability. Others are more optimistic, citing the unique opportunities presented in a growth environment to accelerate investments in breakthrough technologies, strengthen collaborations, and develop talent.

In Focus

The panel will discuss how the energy super-cycle represents an excellent opportunity to accelerate investments in transformative technologies and deepen collaborations, the role of policy in creating supportive frameworks, and financing tomorrow’s energy.

Questions for Panel Discussion

1. The case for climate optimism

• While many are concerned about being unable to meet climate targets, we are also hearing more about the case for climate optimism driven by the energy super-cycle. What reasons are there to be hopeful?
• What technologies are you most excited about as you look ahead?
• How does the significance of collaboration change during an energy supercycle and do you see a growing appetite among various actors to address the climate challenge together?

2. The role of government and policy

• Our appetite for power seems insatiable. We are talking about a doubling of electricity demand in 15 years, maybe tripling in 25 years. How are utilities and policymakers trying to keep up with that demand?
• How can we ensure both electrification and decarbonization continue to be prioritized by policymakers?
• Are regulatory and policy frameworks keeping pace with technological breakthroughs?

3. Financing tomorrow’s energy

• We’re at what many are referring to as The Finance COP. There’s no question that access to finance will be a critical part of the equation when it comes to addressing the climate challenge. What role do you think financial institutions can play in de-risking new climate technologies to meet the needs of the energy super-cycle?
• How are financiers evaluating low-carbon power generation projects and ensuring sufficient funding for transition technologies and fuels during this era of strong growth in power demand?
• Can you share a few examples of successful strategies adopted to enhance access to finance for climate innovations in the energy sector? What worked well and what did not?

4. Building the energy transition workforce

• Enabling the energy transition through financing mechanisms will be essential to meeting our climate and energy goals, but the successful commercialization of these solutions will be impossible without the proper workforce. What is the most effective corporate infrastructure for enabling the human capital needed for the energy transition?
• How can we foster optimism and physical capabilities in the workforce that is designed to promote decarbonization and climate goals? What kind of policy mechanisms and educational programs might support these kinds of initiatives?

WGEO Panel Discussion

Background

Carbon markets are considered a cost-effective solution to mitigate climate change, where emission reductions can drive clean investments in countries where implementing such reductions would be more economically viable beyond the baseline. Since 2005,
carbon markets have evolved through various international agreements, starting with the Clean Development Mechanism under the Kyoto Protocol (2005-2012) and continuing with Article 6 under the Paris Agreement from 2020 onward. Between 2012 and 2020, the voluntary carbon market became increasingly active as the private sector committed to voluntarily reducing their GHG emissions across Scope 1, 2, and 3 emissions.

The output of carbon markets, carbon credits, is explicitly used in Emissions Trading Schemes and carbon taxes. The evolution of green investments in emission reductions, alongside sustainable development linked with carbon credits, has been significant, particularly under the Paris Agreement. Countries now view market mechanisms as a crucial component for meeting their Nationally Determined Contributions (NDCs). The interplay between these mechanisms is facilitated through various rules, modalities, and procedures. As mentioned above, carbon markets, through market-based mechanisms, present an opportunity for countries and entities to achieve their Net Zero goals. In the long run, carbon markets hold the potential to contribute to the scale of climate finance required for meaningful climate action, driving progress towards a green economy.

In Focus

The overall objective of this workshop is to build the capacity of various stakeholders for their participation in the implementation of carbon markets linked to the green economy. This will enable stakeholders to mobilize relevant policies and actions across multiple sectors and effectively engage in carbon markets through market mechanisms and climate action implementation.

The workshop will aim to:

• Enhance understanding of carbon market provisions, including participation requirements.
• Analyse the interplay between carbon markets and green economy growth through relevant case studies.
• Highlight the role of carbon markets in supporting GAGE alliance countries to achieve their NDCs under the Paris Agreement.
• Provide an overview of the rules, modalities, and procedures for participation in carbon markets.
• Share information on existing global and regional programs and initiatives related to carbon markets.

Questions for Panel Discussion

1. How can carbon markets be more effectively integrated across different regions to maximize climate action?

• What are the key factors to consider when designing and implementing carbon market linkages?
• How can technical barriers to linking carbon markets be overcome?
• What role can international cooperation play in facilitating the integration of carbon markets?

2. What are the challenges and opportunities in linking national carbon trading schemes?

• How can differences in emissions baselines, pricing mechanisms, and regulatory frameworks be addressed?
• What are the potential benefits and risks of linking carbon markets?
• How can the linkages be designed to ensure environmental integrity and avoid market manipulation?

3. How can transparency and fairness be ensured in carbon markets to support sustainable development goals?

• What measures can be taken to ensure the transparency and accountability of carbon market transactions?
• How can carbon markets be designed to promote equitable outcomes and avoid carbon leakage?
• What role can civil society organizations play in monitoring and evaluating the performance of carbon markets?

WGEO Panel Discussion

Background

The COVID-19 pandemic has presented a significant global economic challenge, necessitating a comprehensive recovery effort. However, this recovery must be aligned with the urgent need to address climate change and build a more sustainable future. A green recovery, one that prioritizes investments in clean energy, sustainable infrastructure, and climate resilience, offers a promising path forward.

Recent reports by the United Nations Environment Programme (UNEP) emphasize the importance of a green recovery in addressing both economic and environmental challenges. By investing in sustainable sectors, governments can create jobs, stimulate economic growth, and reduce greenhouse gas emissions.

In Focus

A successful green recovery requires a coordinated effort across multiple sectors and levels of government. Key principles for a green recovery include:

• Job creation and economic growth: Investing in sectors that promote sustainable development and create jobs.
• Climate resilience: Building resilience to climate change impacts through investments in infrastructure, adaptation measures, and early warning systems.
• Social equity: Ensuring that the benefits of a green recovery are distributed fairly and equitably.
• International cooperation: Strengthening international collaboration to support a global green recovery.

Questions for Panel Discussion

1. What are the principles of a green recovery post-crisis that can be applied universally?

• How can governments balance economic recovery with environmental sustainability?
• What are the key sectors and investments that can drive a green recovery?
• How can social equity be ensured in the design and implementation of green recovery policies?

2. How can nations incorporate green recovery into their economic recovery plans?

• What strategies can be used to mobilize public and private investment in green projects?
• How can governments create a conducive policy environment for green recovery?
• What are the potential trade-offs between short-term economic gains and long-term sustainability?

3. What are the long-term benefits of aligning recovery efforts with sustainability goals?

• How can a green recovery contribute to building a more resilient and sustainable future?
• What are the economic benefits of investing in clean energy and sustainable infrastructure?
• How can a green recovery help to address social and environmental inequalities?

WGEO Official

Background

Climate change has assumed a central role in environmental and societal development. As we pursue progress, it becomes essential for every stakeholder to contribute to the collective effort to mitigate the adverse effects of global warming by adopting sustainable, inclusive, and equitable measures. Urban settlements play a significant role in global greenhouse gas (GHG) emissions, accounting for 40% of the total. Cities are responsible for over 70% of global energy-related greenhouse gases, with a predicted 50% increase in urban emissions by 2050, particularly in developing countries. Urgent action is needed to mitigate these impacts. According to the World Bank, an estimated 7.6 trillion USD is required for green city investments to address these challenges.

The signing of a Memorandum of Understanding (MoU) between United Cities and Local Governments of Africa (UCLG-AFRICA) and the World Green Economy Organization (WGEO) marks a significant milestone in the journey towards achieving carbon neutrality and building resilience in African cities. This partnership underscores the need for a transition towards a green economy, particularly in the face of the disproportionate impact of unsustainable development in the cities of developing countries.

One of the main objectives of the MoU is to develop a “Scientific Platform Pioneering Carbon Neutral Frameworks for Cities”.

This platform will serve as a crucial tool in guiding cities towards carbon neutrality, enabling evidence-based decision-making and strategic planning to:

• Develop a scientific approach for cities to pioneer carbon-neutral frameworks
• Address the growing trend of urban emissions and the associated challenges.
• Mobilize investments for sustainable urban development initiatives.

WGEO Carbon Neutral Cities Initiative

The initiative is conceived to support the cities on 6 prone approaches; Quantify, Monitor, Record, Target setting, followed by Informed decisions and finally to facilitate investments in climate mitigation and resilient activities.

The key feature of this platform is to provide cities with scientifically sound frameworks for transitioning towards carbon neutrality. These frameworks are developed based on datadriven solutions and will offer evidence-based solutions tailored to each city’s unique profiles. As part of this process, city-level emissions inventories are mapped based on scope 1, 2, and 3 categories, with further mapping of strategic actions aimed towards mitigation actions.

The establishment of this scientific platform, featuring carbon-neutral frameworks for cities, represents a critical step towards addressing the challenges of urban emissions. Moving ahead, as the first step towards activating the MoU, WGEO and UCLG have considered the following eleven cities to kick-start the initiative:

These eleven cities will receive technical assistance and knowledge dissemination to support the development of carbon-neutral strategies.

While many actions have been taken to outline inclusive, sustainable, and climate-resilient low-carbon development pathways in many of these cities, there is a need to develop a robust evidence base in the form of GHG emissions inventory and climate change risk assessments to inform these pathways and monitor progress. Additionally, identifying supporting institutional, governance, and financing mechanisms is essential to enable and mainstream the implementation of these actions.

The WGEO and UCLG-AFRICA are jointly organizing a session at WGEO Pavilion during COP29 to present and explore key strategies for implementing Carbon Neutral Plans in the eleven selected cities. This session will officially launch the program, outlining the next steps needed to achieve the objectives in a collaborative manner, with active involvement from eleven city departments and other key stakeholders.

Outcome

It is expected to have the below outcomes from this session:

• Provided detailed insights into the Carbon Neutral Cities Initiative, focusing on scientifically sound frameworks that enable cities to transition toward carbon neutrality through data-driven solutions.
• Fostered dialogue among participants about the implementation challenges and opportunities within the context of the carbon-neutral frameworks and urban emissions mitigation.
• Offered key takeaways that encourage ongoing collaboration among stakeholders to build resilient and sustainable urban environments.
• Highlighted the significance of digital infrastructure in supporting the six-pronged approach to urban climate initiatives: quantifying, monitoring, recording, setting targets, informed decision-making, and facilitating investments.

The partnership between UCLG-AFRICA and WGEO marks a significant step towards building sustainable, resilient, and carbon-neutral cities in Africa. Together, the collaboration would address the challenges posed by climate change and pave the way for a greener and more sustainable future in the cities.

Joint Panel Discussion by WGEO & UGIH

Background

The increasing frequency and intensity of climate-related disasters necessitate innovative solutions to build resilience and protect vulnerable communities. Scientific breakthroughs and technological advancements offer promising avenues for addressing climate challenges and enhancing adaptation capacities.

Recent reports by the Intergovernmental Panel on Climate Change (IPCC)24 emphasize the critical role of technology in addressing climate change. By investing in research and development, governments and businesses can develop and deploy innovative solutions to mitigate climate impacts and build resilience.

In Focus

To effectively mobilize science and technological innovation for climate resilience,25 it is essential to:

• Prioritize research and development: Invest in research and development to identify and develop innovative climate solutions.
• Foster collaboration: Encourage collaboration between scientists, policymakers, businesses, and civil society organizations.
• Facilitate technology transfer: Promote the transfer of knowledge and technology to developing countries.
• Address barriers to innovation: Remove barriers, such as regulatory hurdles and financial constraints, that hinder the development and deployment of innovative solutions.

Questions for Panel Discussion

1. What scientific breakthroughs and technological innovations are most critical for enhancing climate resilience?

• How can advancements in climate modeling and forecasting be used to improve early warning systems and disaster response?
• What are the most promising technologies for climate-resilient infrastructure, agriculture, and water management?
• How can emerging technologies, such as artificial intelligence and machine learning, be applied to climate resilience challenges?

2. How can these innovations be rapidly mobilized and deployed in vulnerable regions?

• What are the barriers to the adoption of new technologies in developing countries, and how can these be addressed?
• How can partnerships between governments, businesses, and civil society organizations be fostered to accelerate the deployment of innovative solutions?
• What role can international cooperation play in facilitating the transfer of technology and knowledge to vulnerable regions?

3. What partnerships are crucial for driving innovation in climate resilience?

• How can collaborations between academia, industry, and government be
  strengthened to promote innovation?
• What role can public-private partnerships play in funding and developing new
  climate technologies?
• How can international cooperation be leveraged to accelerate the development
  and deployment of innovative climate solutions?

WGEO Panel Discussion

Background

The transition to a low-carbon economy necessitates a fundamental transformation of energy infrastructure. This includes investing in renewable energy generation, upgrading transmission and distribution grids, and developing new storage technologies. By modernizing infrastructure, governments and businesses can accelerate the deployment of clean energy and reduce their reliance on fossil fuels.

Recent reports by the International Energy Agency (IEA)26 highlight the urgent need for investment in clean energy infrastructure. By expanding renewable energy capacity and improving grid resilience, it is possible to achieve a more sustainable and secure energy system.

In Focus

The transition to a renewable-based energy system presents significant challenges and opportunities. Key considerations include:

• Grid modernization: Upgrading existing power grids to accommodate increased
  renewable energy generation and ensure grid stability.
• Energy storage: Investing in energy storage technologies to address the intermittency
  of renewable energy sources.
• Infrastructure development: Building new infrastructure, such as transmission lines
  and charging stations, to support the integration of renewable energy.
• Policy and regulatory frameworks: Creating supportive policies and regulations to
  incentivize investment in clean energy infrastructure.

Questions for Panel Discussion

1. What infrastructure changes are needed to support a full transition from fossil fuels to renewable energy?

• How can existing power grids be upgraded to accommodate higher levels of renewable energy?
• What are the most promising energy storage technologies for supporting renewable energy integration?
• What infrastructure investments are needed to facilitate the electrification of transportation and other sectors?

2. How can existing infrastructure, viz, transmission and distribution networks, be adapted or transformed to support sustainable energy sources?

• What strategies can be used to retrofit existing power plants and industrial facilities for renewable energy integration?
• How can the energy efficiency of buildings and transportation systems be improved?
• What are the challenges and opportunities associated with decommissioning fossil fuel infrastructure?

3. What are the technological and economic challenges in transitioning to a renewable-based energy system?

• What are the key technological barriers to achieving a fully renewable energy system?
• How can the costs of renewable energy be reduced to make it more competitive with fossil fuels?
• What are the potential economic benefits and risks associated with a transition to a renewable-based energy system?