The Global Decarbonization Accelerator (GDA) constitutes a series of pivotal initiatives crafted to expedite the energy transition and markedly diminish global emissions. Launched at the World Climate Action Summit during the COP28 Presidency, the GDA stands on three primary pillars:
The GDA is focused on three key pillars:
1. Rapidly scaling the energy system of tomorrow;
2. Decarbonising the energy system of today; and
3. Targeting methane and other non-CO2 greenhouse gases (GHGs).
This comprehensive plan aims for systemic change, addressing energy’s demand and supply facets.
Scaling energy system
As of December 2, 116 countries have signed the Global Renewables and Energy Efficiency Pledge. This commitment entails tripling the worldwide installed renewable energy generation capacity to a minimum of 11,000 gigawatts. Additionally, the Pledge aims to double the global average annual rate of energy efficiency improvements, escalating it from approximately 2% to over 4% every year until 2030.
Furthermore, through the UAE Hydrogen Declaration of Intent, 27 countries have pledged to endorse a global certification standard, facilitating the recognition of existing certification schemes. This move is intended to unlock global trade in low-carbon hydrogen.
Decarbonising the energy system
Under the GDA, 50 companies, collectively representing over 40% of global oil production, have committed to the Oil and Gas Decarbonization Charter (OGDC). This commitment includes striving for zero methane emissions and terminating routine flaring by 2030. The companies have also pledged to achieve total net-zero operations by 2050.
According to the statement issued by the COP28 Presidency, over 29 National Oil Companies (NOCs) have committed to the Charter – the largest number of NOCs to sign up to a decarbonisation pledge.
Signatories to the Charter have agreed to several key actions, including investing in future energy systems encompassing renewables, low-carbon fuels, and harmful emissions technologies. They aim to enhance transparency by improving monitoring, reporting, and independent verification of GHG emissions. Additionally, there’s a collective aspiration to implement current best practices by 2030 to reduce emission intensity collectively.
Industrial Transition Accelerator (ITA)
The GDA has introduced the Industrial Transition Accelerator (ITA) to expedite decarbonisation across critical heavy-emitting sectors. ITA endeavours to foster collaboration between policymakers, technical experts, financial backers, and industries to catalyse investments in this domain.
Methane and other non-CO2 greenhouse gases
The third pillar of the GDA will address methane and other non-CO2 greenhouse gases through economy-wide methane-emission reduction.
The GDA also covers the Global Cooling Pledge, which targets substantially reducing global cooling emissions by 68% by 2050. Such emissions account for 7% of the global total, a figure expected to triple as more nations adopt air-conditioning. As of today, 52 countries have signed the Pledge.
