As the COP28 climate talks ended in a deal on global transition away from fossil fuels and triple renewable energy capacity by 2030, Taiwan Institute for Sustainable Energy Research (TAISE) invited Taiwan delegation to COP28 to share their observations on Dec. 20.
During the talks, the six delegators all highlighted the key role of climate finance in achieving sustainable transformation.
COP28 President Sultan Al Jaber approved the deal to transition away from fossil fuels on Dec. 13. (Photo: UNclimatechange)
CEO Ku Yang (顧洋) of TAISE, who had joined the climate talks for 20 times, said that COP28 was the largest in history, with 5,500 delegates from the UN and more than 100,000 people attending the event.
Ku believes that the five keywords for COP28 is “action, aspiration, just, collaboration, and transformation,” adding that the first global stocktake report showed that more efforts should be done to meet climate targets.
This year’s climate talks focused more on developing countries, echoing the UN’s principle of “leave no one behind,” the central, transformative promise of the 2030 Agenda for Sustainable Development and its Sustainable Development Goals (SDGs), Yang said.
Wu Yi-lin (吳奕霖), supervisor of the Climate Change Administration, said that COP28’s report on global climate change mitigation and adaptation indicates that by 2030, there is still a significant gap between emissions and 1.5°C and 2°C goals set under the Paris Agreement.
The report highlights the funding shortfall for adaptation – approximately 10 to 18 times the current international adaptation funding amount. The adaptation funding gap for developing countries is estimated to be between $194 billion and $366 billion.
Vice presidential candidate and legislator Cynthia Wu (吳欣盈) of Taiwan People’s Party said that this year's COP28 focuses on climate finance, with a global commitment of over $85 billion in climate funding. These commitments will drive a comprehensive reform in Taiwan's asset management industry and enhance the expertise of economic professionals.
Wu suggested Taiwan utilize various platforms and tools to expand climate finance diplomacy such as bilateral climate investment and financing, as well as sovereign funds for achieving net-zero transition.
CEO Chao Kung-yueh (趙恭岳) of the International Climate Development Institute (ICDI) believes that COP28 marks the “beginning of the end of the fossil fuel era,” a crucial conclusion for governments and businesses.
At the COP26 in Glasgow, several heads of multilateral banks had pointed out the critical role of climate finance in the future and it will serve as a safety net for a just transition, Chao added.
Acer, CTCI share sustainable solutions to businesses
Chief Sustainability Officer Joanne Ho of CTCI shares her observation at COP28. (Photo: Hsu Tsu-lin)
Construction engineering company CTCI participated in the COP28 for the first time where its Chief Sustainability Officer Joanne Ho (何麗嫺) shared the company’s carbon reduction experiences at the Palau Pavilion.
According to Ho, businesses across the globe will face climate risks and opportunities in the next decade. CTCI is committed to sustainability by promoting green engineering and driving supply chain decarbonization.
The company has been selected for the Dow Jones Sustainability Emerging Markets Diversified Index for nine consecutive years, according to Ho.
Global Stocktake report identifies international public financing as a key driver for advancing climate action, Ho said. However, it is essential for countries to guide both public and private sector funds to participate in climate action, while accelerating technology innovation and transfer to enable climate action.
Participating at the COP28 for the first time, Acer’s Chief Sustainability Officer Grace Liu (劉靜靜) shared the company’s carbon reduction strategies through Acer’s Earthion platform at the Taiwan Climate Partnership (TCP) pavilion in Blue Zone, and explained how Acer achieves carbon reduction in logistics through changing freight transportation modes, introducing electric vehicles, and incorporating biofuels.
Regarding maritime logistics, Liu said that Acer has switched to sustainable marine fuels, reducing emissions by up to 92% compared to traditional heavy fuel oils. Last year, Acer used sustainable marine fuels for 50 containers, saving 40 tons of carbon, and the figure has grown sixfold this year, reaching 300 containers.
Grace Liu shares how Acer achieved carbon reduction in logistics at COP28. (Photo: Taiwan Climate Partnership)
COP28 has a dedicated area for climate finance, and the host country made a significant announcement on the opening day by kicking off the “Loss and Damage” fund, with over $700 million pouring in.
In addition, Liu pointed out that corporate participation in COP28 is not only about seeking climate solutions but also presents great opportunity to form collaborations.
Liu mentioned WayOut, a Stockholm-based startup, has developed container-sized water treatment facilities powered by renewable energy that can display users’ water carbon footprint and eco-footprint by scanning QR Code. Such product made her realize that products in the future should put more focus on carbon footprints that consumers are concerned about.