Last week, we highlighted Canada’s commitments and activities in the first half of COP28. Here are a few major highlights from these final days.
Canada estimated the social cost of greenhouse gas emissions? In April 2023, the government estimated it costs $261 CAD per ton emitted. Having estimates like this helps people, businesses, and governments understand the impacts of planetary crises so we can better address them.
Because of the national basis of the Paris Agreement, the nature of its guidance is scattered. For example, the Paris Agreement only suggests that developed countries establish targets. On a positive note, a historic decision based on the first Global Stocktake (GST), an initiative under the Paris Agreement, officially recognized that fossil fuels are a key contributor to climate change and called for a transition to cleaner energy sources and technologies. Specifically, the decision encourages nations to contribute to emissions reductions targets that align with the 1.5 C global warming limit. The decision calls for nations to work towards:
In 2024, a finance goal will be agreed upon, which will provide direction for the next decade and beyond, giving life to decisions made at COP28.
For more details on Canada’s daily COP28 highlights, visit the Government of Canada’s daily highlights summary page.
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