COP28 presents an opportunity to fast-track the energy
transition towards net-zero, and insurance organizations have a
significant role to play.
"Fast-tracking the energy transition" is one of the
key aims of the COP28 UN Climate Change conference that the United
Arab Emirates will host in Dubai from 30 November.1
Energy is responsible for around three-quarters of greenhouse gas
emissions and the industry is already changing rapidly, but it
needs to do so faster to lessen the impacts of climate change.
The International Energy Agency predicts that the growth of
clean energy means that demand for coal, oil and natural gas will
all peak this decade and that electric cars will account for
two-thirds of all new car sales by 2030. But while the agency
estimates US$1.8 trillion will be invested in clean energy this
year, a new record, it says this needs to reach around US$4.5
trillion a year by the early 2030s if the world is to reach
net-zero emissions by 2050.2
