COP27 has begun in Egypt, with delegates from 200 nations already agreeing to discuss reparations for poorer countries facing damage from climate change for the first time.
Monday at the summit sees the likes of Rishi Sunak and Emmanuel Macron address delegates, outlining priorities for the conference, with a roundtable discussion on “just transition” also set to take place.
The hydrogen transition summit, taking place on 8 November, will see companies, investors and policymakers discuss supply chain collaboration to scale the clean hydrogen economy.
Hydrogen is increasingly becoming a viable low-carbon option as fossil fuel prices rise, and the transition summit aims to produce “policies that create sustainable markets for clean hydrogen and which underpin investments by suppliers, distributors and users”.
However, hydrogen will require an entirely new infrastructure for storage and distribution, something that will be discussed in the summit, alongside ways to ensure profitability in the growing sector and reduce the need for government funding.
Food and water security will also be discussed in the coming days, as well as finance for climate development and future energy investments.
As the climate summit got underway, IMF head, Kristalina Georgieva outlined that unless trajectories don’t place carbon at US$75 per tonne globally by 2030, “we simply don't create the incentive for businesses and consumers to shift."
Currently, carbon credits, for offsetting emissions, can be purchased in China for as low as US$8.02, according to CarbonCredits.com.
UAE president Mohammed bin Zayed Al Nahyan, another speaker, confirmed that the country will continue to supply oil and gas as long as there is demand, but argued it is a “responsible supplier”.
Following Russia’s invasion of Ukraine, and subsequent globally rising in inflation, countries have seen the desire for domestic reform on environmental policies strained as they move to prioritise stemming price rises and tackling energy supply fears.
A reopening of gas storage facilities and coal-fired power stations in Europe are among the examples of this.
In the run-up to the summit, the United Nations issued stark warnings that action is needed now if the world is to avoid climate catastrophe, which has led to COP27 unofficially becoming known as the “implementation COP”.