Highlights and commitments from COP28, with a focus on Ocean Energy Pathway
Brussels, 14 December 2023
With the completion of the 28th session of the UN Climate Change Conference of Parties in the UAE (COP28), we are taking stock of the historic deal that has been achieved, as all nations agreed to transition away from planet-warming fossil fuels, as well as other main key remarks and conclusions of the conference. During COP28, a prevailing collective momentum among diverse sectors was showcased, followed by official announcements, commitments and declarations, driving global ambition for climate action.
Acknowledging the goals of the Paris Agreement as a multilateral process, action is focused on collaboration towards reducing GHG emissions, enabling decarbonization across heavy-emitting sectors among energy producers, industries, and transportation. Annual energy efficiency improvements must be doubled by 2030, followed by a threefold increase in the renewable energy generation capacity in the same timeframe.
Most importantly, 25 global utilities united for a joint commitment to advance electrification, RES-ready grids, and clean energy deployment. In addition, climate finance would be pivotal in mobilizing private capital for nature, allocated to climate adaptation and resilience projects, especially when considering the impact of recent record-breaking temperatures and climate-induced disasters on vulnerable communities.
As a key contributor in greater electrification, Cenergy Holdings welcomes the announcement of Ocean Energy Pathway (OEP), a flagship initiative supported by the Ocean Resilience and Climate Alliance (ORCA), a $250M funder collaborative, focusing on advancing ocean-based solutions to fight climate change. The initiative would act as a catalyst in tripling the renewable energy generation capacity to at least 11,000 GW by 2030 worldwide, therefore unlocking the tremendous potential of offshore wind power.
Massive upscaling of offshore wind farms would drive strong economic growth, bolster energy security, and create a feasible alternative to fossil fuel dependency. Enabling the low-carbon transition and with a steady gaze on a 1.5oC trajectory, we are driving the expansion of renewable energy generation and the modernization and expansion of the electricity grids, vital components to decarbonize electricity supply. Cenergy Holdings is envisioning a pathway free of climate-related irreversible tipping points, in expectation for COP29.
About Cenergy Holdings
Cenergy Holdings is a Belgian holding company listed on both Euronext Brussels and Athens Stock Exchange, investing in leading industrial companies, focusing on the growing global demand of energy transfer, renewables and data transmission. The Cenergy Holdings portfolio consists of Corinth Pipeworks and Hellenic Cables, companies positioned at the forefront of their respective high growth sectors. Hellenic Cables is one of the largest cable producers in Europe, manufacturing power and telecom cables as well as submarine cables. Corinth Pipeworks is a world leader in steel pipe manufacturing for the energy sector and major producer of steel hollow sections for the construction sector. For more information, please visit our website at www.cenergyholdings.com.