Review Article 2

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Economics

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Apr 3, 2024

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docx

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Jarrett hall Review Article 2 1. Summary: The COP28 climate talks concluded with significant achievements, including the establishment of a new fund to address losses and damages from climate impacts and the first international agreement targeting fossil fuels as the main driver of climate change. The Global Stocktake, a key feature of the summit, resulted in the UAE Consensus, providing directions for energy, transport, and nature issues and guiding future national climate commitments (NDCs) due in 2025. The decision to transition away from fossil fuels marked a historic moment, despite opposition from oil and gas interests. Positive developments outside formal negotiations included commitments to reduce methane emissions, promote sustainable food systems, and protect forests. However, concerns were raised by the lead negotiator for the Alliance of Small Island States (AOSIS) regarding support for carbon capture technology and other issues. While there were achievements, the course correction needed to avert the climate crisis was deemed uncertain. Challenges included limited progress in adaptation targets, insufficient attention to finance-related matters, and uncertainty about funding the massive clean energy transition committed to. The need for breakthroughs on financial issues was emphasized for the next year's climate summit (COP29) in Azerbaijan. 2A. What do you consider is the most important outcomes of this meeting? Explain your answer. In my eye the most important outcome of this meeting is the finance challenges being deferred to next year as a new finance goal emerges. I love the idea that developed countries should be contributing funding to developing countries to help them build more sustainable practices and cut down our carbon footprint globally. However, in 2021 the developed countries did not meet their goal of $100 billion annual to contribute to these developing countries. Also, the finance challenges brought up in COP28 have been deferred to COP29, which does not give me confidence in this project. To me, there seems to be no plan of how to achieve this goal. The theory of it sounds great, but if every country is not contributing then no one country alone will be able to handle this issue. Simply deferring financial issues to next year does not solve the answer of how this funding will occur and how to ensure that all developed countries are playing their part. The U.S. is in an extreme amount of debt, and I do not believe it is smart to give $100 billion to developing countries if we are going to be the only country doing that. $100 billion can solve a lot of issues in the U.S. and I think if there is any sort of hesitation from other countries, the U.S. should take that $100 billion and invest it in their own nation. 2B. Make a link between the important outcomes from this meeting and the 17 UN sustainability goals. That is, how will these outcomes help the world to reach its sustainability goals? One of the important outcomes from this meeting is on moving away from fossil fuels to clean energy. The outcome also included agreement to triple the world’s renewable energy capacity and double its energy efficiency by 2030. Although, I do believe that electric non 1
Jarrett hall emission vehicles will become more and more advanced, there are still many issues facing these vehicles today. One, mining for cobalt and lithium to produce batteries for these electric cars is very dangerous for the environment. Second, the electrical grid cannot currently support completely removing combustion engines, and there is no proper way of disposing of these batteries now. I believe we should be moving toward using non emission cars in the future, but there are many issues facing this that need to be resolved before we put ourselves in an even worse spot then we are now. 2C. What role does economics have in trying to reach these sustainability goals? Economics plays a huge example in trying to reach these sustainability goals. Back to the electric car example: If the demand for electric cars continues to grow at an extremely quick pace, then the focus will lead more to production of these vehicles rather than focusing on the issues these cars currently face. Everyone wants to get to a point of sustainability, but we cannot allow the problems of the future distract from the problems we face today. Creating sustainable energy is no easy task but is very doable if we put the right practices in place. I believe aiming to triple clean energy production in the next five years is possible, but we should not be putting policies in place to force the hand of clean energy. We have to find ways to produce this clean energy safely, have the practices in place to support the clean energy, and have clean ways of disposing of clean energy before we focus on increasing the use of clean energy. 2
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