Decarbonization investments are unstoppable and will affect all aspect of business till 2030
The recently concluded COP28 (Climate Conference of the Parties) in the UAE in December 2023 succeeded bringing oil and gas producers to the table to address climate change challenges and participate in the green-growth revolution. The UAE, the host is becoming one of the largest investors in clean tech, catalyzing a broader race among other oil producing countries to position themselves as the leaders of clean energy. The momentum toward achieving zero emissions by 2050 has also gained traction despite serious delays documented in the stocktaking that happened in Dubai last December. This is happening as countries acknowledge the high costs of climate inaction and the potential loss of competitiveness for those failing to adopt climate change mitigation and adaptation measures. To detail the risk further, Swiss Re, the leading Reinsurance Group, estimates that global climate change could reduce global GDP by 11–14%, or up to $23 trillion annually by 2050 if left unaddressed.
To illustrate the positive clean tech momentum further, investments in clean energy and technologies have surpassed investment in fossil fuels, as demonstrated in the IEA Energy Outlook 2023. With over US$ 3 trillion invested globally in energy in 2023 (as projected by the IEA Report), more than USD 1.8 trillion was…
