On the road to COP29: setting the stage for future action
Web Story
6min
2024-11-08
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The upcoming COP29 climate conference is an opportunity to advocate for policy measures that support and accelerate the wide adoption of low-carbon technologies and practices.02
To stay within reach of the Paris Agreement goals, we need to dramatically accelerate the use of low-carbon energy, invest in robust and smart grid infrastructure, and make sure we use energy as efficiently as possible.03
With our leading technologies in electrification and automation, ABB is helping to drive the electrification of everything and decarbonization across industries.On the road to COP29
Nine years after the Paris Agreement was adopted, urgent action is needed to meet its 1.5°C target. According to the UN’s Intergovernmental Panel on Climate Change, greenhouse gas (GHG) emissions must peak before 2025 and decline 43 percent by 2030.
COP29 (29th Conference of the Parties to the UN Framework Convention on Climate Change) will be held in Baku, Azerbaijan, from November 11-22. The conference aims to raise funds to help countries reduce GHG emissions and deal with the effects of climate change. Countries are also expected to present updated national climate action plans. Among others, the focus will be on the following benchmarks:
- Climate finance: Financing mechanisms to help developing countries mitigate the impact of climate change and support their climate actions.
- Ambition and implementation of National Commitments (NDCs).
- National Adaptation Plans (NAPs), and other climate goals to demonstrate a just transition.
At the recent Climate Week NYC and in the run-up to COP29, ABB has called on policymakers to provide clear and predictable framework conditions for businesses to innovate, develop and deploy the technologies that are needed for the energy transition and the decarbonization of our economy.
Here’s a snapshot of our activities at Climate Week NYC:
- Accelerating the energy transition: Anke Hampel, Vice President and Group Head of Sustainability, took the stage at the Sustainability LIVE event, at the Climate Group Energy Efficiency Panel and in various working sessions organized by the World Business Council for Sustainable Development (WBCSD) to highlight ABB’s role in accelerating the energy transition. Our electrification and automation technologies are designed to help customers integrate low-carbon energy sources, drive electrification and improve energy efficiency across various sectors. Watch Anke’s keynote here:
- Scale up finance and technologies: We know that to speed up the energy transition, financing solutions and technologies at scale are necessary. Brian Nelson, Renewables Segment Leader in our Electrification Smart Buildings division, shared the role of renewables and grid modernization in the energy transition in a high-level discussion among industry leaders hosted by the Atlantic Council.
- Collaboration is key: At the Sustainable Investment Forum North America, Tuomo Hoysniemi, President of ABB Motion Drive Products, shared his insights on the essential role of industry collaboration in driving solutions to address climate challenges. During the panel discussion on “Decarbonizing Energy Portfolios and Managing the Energy Transition,” Tuomo emphasized the critical importance of energy efficiency. Watch Tuomo’s speech here:
"We are committed to driving the energy transition and supporting climate action. We call on governments, civil society and fellow technology leaders to collaborate on strategies that accelerate progress as we approach COP29."
- Cody Taylor, Vice President and Group Head of Government Relations and Public Affairs
Alliance of CEO Climate Leaders
In the lead up to COP29, our CEO, Morten Wierod, signed the Alliance of CEO Climate Leaders’ open letter to world leaders which sends a clear and urgent message. The alliance is a coalition of over 100 global CEOs and senior executives, all united in their commitment to tackling climate change.
The alliance believes that a net-zero future is achievable if we scale up technologies and solutions in a collaborative and inclusive manner. It is not just a matter of policy but also one of global cooperation among the private sector, governments and other stakeholders.
"The technologies to accelerate the energy transition exist today. But time is running out. We now need urgent action and international collaboration to accelerate the shift to renewables and increase energy efficiency across all sectors of the economy."
- Morten Wierod, ABB CEO
ABB at COP29
Cody Taylor, Vice President and Group Head of Government Relations and Public Affairs will join other industry leaders at the Sustainable Innovation Forum organized by Climate Action for a discussion on rapidly scaling clean energy for stability and resilience. Register now to join online on November 13.
Join us in shaping the future
The energy transition is not only the right thing to do – it presents a significant economic opportunity. By scaling up renewable energy and energy-efficient technologies, we can unlock new avenues for growth, create jobs and foster sustainable development.