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There has been a shift recently: more and more countries are working on Article 6 of the ParisAgreement, specifically on making sure that they have the necessary plans, capabilities, and instruments in place to attract the potential investments that market-based mechanisms under Article 6 can provide.
Climate policy response by governments and investment in cleantechnologies must be accelerated to keep temperature rise near 1.5°C, Also speaking at the event, Azadeh Sabour, Head of Climate Solutions at Morningstar Sustainalytics, noted that climate policy is “off track” to keep temperature rise near 1.5°C.
This is not surprising and shows that, for now, despite governments’ agreement at COP28 on the need to transition away from fossil fuels this decade, collective agreement on the who, when and how for the transition remains elusive – with some CERAWeek attendees cautioning against a speedy transition and touting fossil gas as a transition fuel.
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