s COP29 arrives, we find ourselves five years away from important, large emissions reduction milestones: 2030 commitments from countries and industries. There is no doubt that this current momentum influences the themes to be discussed, which include long–term finance, technology development, and rate of change. By necessity, adaptation and its implications will also come more into focus. Not only because some critical solutions are taking longer to de–risk and scale, but because it appears catastrophic events will continue with greater frequency and severity.
According to BloombergNEF, Cleantech raised its first trillion U.S. dollars of investment over roughly 20 years—primarily to mitigate the impact of climate change. They estimate the second trillion will happen in just four years—by 2026. Hopefully, this money can further accelerate solutions that significantly reduce absolute emissions.
Numerous examples highlight how basic industries’ existing process emissions can be materially reduced but the sum of incremental process improvements will still fall well short of net zero. It is also apparent that 2030 emissions reduction targets for all but a handful of leading industrial companies are in jeopardy. How do we respond when 2030 targets of some of the largest emitting industries aren’t met? After being reminded that bringing disruptive, large–scale innovation changes to market still takes time and constant effort in order to scale, how do we move forward?
- Keep going! Figure out how to solve or overcome implementation and scaling issues. There are industries to be built and restructured, more great ideas on the way to be tried, tested and de–risked, and societal norms and cultures to change that can shape demand. There are still worthy efforts that shouldn’t be abandoned and new ones that deserve investment and focus of the world’s most talented people. As Albert Einstein is credited to have said, “In the middle of difficulty lies opportunity.”
- Elevate adaptation in our thinking and planning. Adaptation is becoming more necessary as temperatures continue to climb. Will it carry a high cost? Yes. Will it offer fewer benefits as compared to mitigation (essentially net negative economics)? Yes. Is it the best answer in anticipation of the increasing frequency and intensity of catastrophic events? Yes.
Looking forward, the world and its basic industries will one day develop better, faster ways to mitigate negative climate impact. Especially if we can buy some time to work through scaling issues and overcoming the current surplus of first–of–a–kind projects. Until then, society must adapt to the consequences of higher temperatures, while remaining committed to mitigation and large–scale change.
a global affairs media network
Achieving COP’s mission requires patience, adaptation
Investment in clean technologies is on the rise, but will take time to bear fruit. Photo by Chelsea on Unsplash
November 14, 2024
While cleantech investment is on the rise, rapidly, implementation and scaling issues mean these will take time to bear fruit. Meanwhile, we must be patient and adapt to higher temperatures as we continue to seek solutions, writes Duane Dickson.
A
s COP29 arrives, we find ourselves five years away from important, large emissions reduction milestones: 2030 commitments from countries and industries. There is no doubt that this current momentum influences the themes to be discussed, which include long–term finance, technology development, and rate of change. By necessity, adaptation and its implications will also come more into focus. Not only because some critical solutions are taking longer to de–risk and scale, but because it appears catastrophic events will continue with greater frequency and severity.
According to BloombergNEF, Cleantech raised its first trillion U.S. dollars of investment over roughly 20 years—primarily to mitigate the impact of climate change. They estimate the second trillion will happen in just four years—by 2026. Hopefully, this money can further accelerate solutions that significantly reduce absolute emissions.
Numerous examples highlight how basic industries’ existing process emissions can be materially reduced but the sum of incremental process improvements will still fall well short of net zero. It is also apparent that 2030 emissions reduction targets for all but a handful of leading industrial companies are in jeopardy. How do we respond when 2030 targets of some of the largest emitting industries aren’t met? After being reminded that bringing disruptive, large–scale innovation changes to market still takes time and constant effort in order to scale, how do we move forward?
- Keep going! Figure out how to solve or overcome implementation and scaling issues. There are industries to be built and restructured, more great ideas on the way to be tried, tested and de–risked, and societal norms and cultures to change that can shape demand. There are still worthy efforts that shouldn’t be abandoned and new ones that deserve investment and focus of the world’s most talented people. As Albert Einstein is credited to have said, “In the middle of difficulty lies opportunity.”
- Elevate adaptation in our thinking and planning. Adaptation is becoming more necessary as temperatures continue to climb. Will it carry a high cost? Yes. Will it offer fewer benefits as compared to mitigation (essentially net negative economics)? Yes. Is it the best answer in anticipation of the increasing frequency and intensity of catastrophic events? Yes.
Looking forward, the world and its basic industries will one day develop better, faster ways to mitigate negative climate impact. Especially if we can buy some time to work through scaling issues and overcoming the current surplus of first–of–a–kind projects. Until then, society must adapt to the consequences of higher temperatures, while remaining committed to mitigation and large–scale change.
