COP 28: Day 3:Unveiling the Declaration on Climate and Health and Pioneering Decarbonization Collaborations!

During the third day of COP28 (December 2), significant progress was made in the fight against climate change. Two key milestones emerged: the adoption of the ‘COP28 UAE Declaration on Climate and Health,’ and the forging of new collaborations and charters related to decarbonization.

COP28 UAE Declaration on Climate and Health

On December 2 , the COP28 Presidency, in collaboration with the World Health Organization, unveiled the ‘COP28 UAE Declaration on Climate and Health’ (the Declaration) at the World Climate Action Summit, as leaders convened for the commencement of COP28 in an effort to expedite measures safeguarding public health against escalating climate impacts. This landmark Declaration, endorsed by 123 nations and disclosed a day prior to the inaugural Health Day at a COP, stands as a global precedent, acknowledging the imperative for governments to shield communities and fortify healthcare systems in the face of climate-induced health challenges such as extreme heat, air pollution, and infectious diseases.

Crafted with the assistance of ‘country champions,’ including Brazil, Malawi, the UK, the US, the Netherlands, Kenya, Fiji, India, Egypt, Sierra Leone, and Germany, this collaborative initiative arises against the backdrop of an alarming annual death toll of nearly 9 million from polluted air and the exposure of 189 million people to weather-related extremes each year.

Dr. Sultan Al Jaber, COP28 President, underscored, “The impacts of climate change are already at our doorstep, posing one of the greatest threats to human health in the 21st century. Governments have rightfully acknowledged health as a pivotal component of climate action.” He emphasized that the Declaration signals a resolute call to decrease global emissions and foster collaborative efforts to bolster health systems.

Dr. Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization, stressed, “The climate crisis is a health crisis, yet health has been relegated to a footnote in climate discussions for too long.” Expressing gratitude to the UAE for prioritizing health in its COP28 Presidency, he welcomed the declaration, highlighting its emphasis on constructing climate-resilient and low-carbon health systems to safeguard both the planet and its inhabitants.

President Lazarus Chakwera of Malawi, one of the first endorsers of the Declaration, remarked, “Climate change is increasingly impacting the health and wellbeing of our communities.” Drawing on firsthand experiences of extreme weather displacing citizens and triggering infectious disease outbreaks, he urged a more assertive path forward at COP28, calling for investments in health, a just transition away from fossil fuels, and the creation of a healthier future.

Encompassing various action domains at the intersection of climate and health, the Declaration commits signatories to build more climate-resilient health systems, enhance cross-sectoral collaboration for emission reduction, maximize health benefits from climate action, and augment financial support for climate and health solutions. Additionally, countries pledge to incorporate health targets in their national climate plans and enhance international cooperation to address health risks linked to climate change at future COPs.

Oil and Gas Decarbonization Charter (OGDC)

The Presidency of COP28, along with the Kingdom of Saudi Arabia, has officially introduced the groundbreaking Oil and Gas Decarbonization Charter (OGDC), a global initiative aimed at expediting climate action and achieving significant impact within the oil and gas sectors.

As of now, 50 companies, which account for more than 40 percent of worldwide oil production, have endorsed the OGDC. Notably, National Oil Companies (NOCs), constituting over 60 percent of the signatories, mark the highest participation of NOCs in any decarbonization initiative to date.

Dr. Sultan Al Jaber, the President of COP28, remarked, “The initiation of the OGDC represents a crucial initial step. While numerous national oil companies have embraced net-zero 2050 targets for the first time, I am aware that there is a collective need for more substantial efforts. The entire industry must collaborate to keep the 1.5C goal achievable and set more ambitious targets for decarbonization.”

Signatories have pledged to achieve net-zero operations by 2050 at the latest, cease routine flaring by 2030, and substantially reduce upstream methane emissions. Additionally, they commit to advancing industry best practices for emission reduction, encompassing key actions such as:

• Investing in the energy system of the future, incorporating renewables, low-carbon fuels, and negative emissions technologies.
• Enhancing transparency, which includes improving measurement, monitoring, reporting, and independently verifying greenhouse gas emissions, along with showcasing performance and progress in emission reduction.
• Aligning with broader industry best practices to hasten operational decarbonization, with the aim of implementing current best practices by 2030 for a collective reduction in emission intensity.
• Combating energy poverty by providing secure and affordable energy to support the development of all economies.

Dr. Al Jaber emphasized the inclusivity and transparency of the Charter, stating, “To expedite progress across the climate agenda, we must ensure accountability and responsibility for climate action from everyone involved. The focus should be on reducing emissions and fostering a positive, can-do vision to propel climate action and encourage universal participation. I am dedicated to formulating a clear action plan and delivering results.”

The OGDC acknowledges that addressing climate change is a shared challenge requiring concentrated efforts from both energy producers and consumers, fundamental societal and energy sector changes, and international collaboration to advance the energy transition and mitigate greenhouse gas emissions from oil and gas.

In addition to decarbonization, signatories recognize the imperative for the oil and gas industry to take further actions, such as engaging with customers, investing in the future energy system, and enhancing transparency through improved measurement, reporting, and independent verification.

Climate Solutions Investment Platform

The announcement of the US$750 million Climate Solutions Investment Platform by Investcorp, an alternative investment management firm, was warmly received by the COP28 Presidency. This initiative is part of Investcorp’s collaboration with ‘Innovate for Climate Tech,’ a coalition consisting of Masdar City, Tencent, and Catalyst, facilitated by the COP28 Presidency.

The primary objective of the ‘Climate Solutions Investment Platform’ is to offer growth capital to companies contributing to decarbonization and addressing the impacts of climate change through their products, services, and technologies.

Launched in November 2023 and facilitated by the COP28 Presidency, the Innovate for Climate Tech coalition is anchored by Masdar City, Tencent, and Catalyst. Masdar City, located in Abu Dhabi, is a pioneering sustainable urban community and a world-class business and technology hub. Tencent, headquartered in China, is a leading internet and technology company, while Catalyst is a startup technology accelerator based in Masdar City.

As an Investment Partner within the coalition, Investcorp will benefit from access to the coalition’s knowledge base and utilize networking opportunities to guide its allocation.