NUNZIUM

In 2023, the world witnessed a significant shift towards clean energy, marking a new era of climate action. This was driven by substantial investments in clean energy, legislative changes, and a landmark agreement at the 28th Conference of the Parties (COP28).

The United States led the way with the Inflation Reduction Act of 2022, which allocated a record $369bn to initiatives aimed at reducing greenhouse gas emissions and promoting electrification. This unprecedented investment sparked over $110bn in new clean energy manufacturing investments from the private sector.

In Europe, the EU banned imports of commodities linked to deforestation in June 2023, leading to a sharp decline in the Amazon rainforest's deforestation rate. This followed Brazil's commitment to end deforestation by 2030. Additionally, legal pathways were established for individuals to sue plastic manufacturers for damages, a significant development considering the plastics industry’s 3.3% contribution to global greenhouse gas emissions.

The COP28, held in Dubai, was a key event. World leaders agreed to establish a fund to address climate change-related loss and damage, meeting a $100bn annual pledge to affected countries for the first time. The agreement also included a commitment to transition away from fossil fuels, a first in UN climate negotiations’ 30-year history. Despite criticisms regarding the lack of quantified objectives and ambiguity surrounding the term "transition", the consensus deal was generally welcomed.

The COP28 climate summit concluded on December 13, 2023, with a final deal signaling the beginning of the end of the fossil fuel era. It called for a tripling of global renewable energy capacity by 2030 and an acceleration of efforts to reduce coal usage through technologies like carbon capture and storage. However, challenges persist, with some developing nations and major oil producers resisting a fossil-fuel phaseout.

Nevertheless, 2023 marked a turning point in the fight against climate change. From the largest dam removal project in American history on the Klamath River to the passing of the High Seas Treaty to protect the world's oceans, the world took unprecedented steps towards a cleaner, more sustainable future. As the year drew to a close, the momentum towards this future was clearly gathering pace, indicating a stronger commitment to change than ever before.