The outcomes of the climate negotiations, ending on Wednesday, send a positive signal to investors.
“The results underline that the age of fossil fuels is ending everywhere in the world. This sends an important signal to investors, who now will have an even harder time justifying investing in the fossil economy” says CLC CEO Tuuli Kaskinen.
“At the same time, it’s clear that the result will not set us on the path to [achieving the] 1.5 degrees [target]. We still have a massive task ahead of us.” Kaskinen continues.
For the first time, the final text mentions clear targets that support the growth of the clean products’ market. Likewise, it is a step in the right direction that wording and a timeline for “transitioning away from fossil fuels in energy systems” is included in the final text, especially considering that the COP26 agreement was the first one to ever mention fossil fuels. Notably, the final text includes pledges to triple the use of renewables and double energy efficiency levels.
“The markets are following these negotiations very closely, so it’s essential that the national governments send a unison message about the transformation of energy production. This is good news for the investment potential and the green products export of Finnish companies”, says Tuuli Kaskinen.
In addition to the negotiations, a broad array of climate solutions was presented in Dubai. Finland participated with its own pavilion for the first time. “The experience for many of the participating companies was very good. Many people were interested in Finnish climate solutions, and many of them wanted to learn even more. It looks like Finnish companies ought to also participate in the future”, says Tuuli Kaskinen.
Next year’s conference will be held in Baku, Azerbaijan. The decision on the continuation of the Finnish pavilion will be made during the first half of the next year.
More information: Tuuli Kaskinen, Climate Leadership Coalition CEO and Chair of the Finnish COP28 pavilion steering group, mobile nr +358 (0)50 514 9752