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- Dec 2023
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bylinetimes.com bylinetimes.com
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Yet we have to not lose sight of the opportunity ahead. We have a chance to get a global agreement on some unprecedented milestones that have never been on the table before: tripling renewables worldwide by 2030, reducing fossil fuel use worldwide, and releasing trillions of climate finance. What many don’t realise is that we are dealing with nonlinear dynamics here – not simple straight line change.
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for: COP28 - success without phase out
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key point
- Even if the final COP28 language does not include phase out or phase down, it can still happen if the other deals are inked, such as tripling of renewables by 2030 or trillions more for climate finance.
- This is because nonlinear dynamics are at play
- Tripling investments can result in deployment far beyond the 3x investment
- If that happens then the resulting atmosphere will force phase down and potentially phase out of fossil fuels simply by market logic
- current heavy fossil fuel subsidies will be stressed to potential breaking point
- being so noncompetitive will drive away many investors
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