As part of the World Climate Action Summit held on 2nd December 2023, COP28 President Dr. Sultan Al Jaber launched the Global Decarbonization Accelerator (GDA) which is focused on three pillars:
· rapidly scaling the energy system of tomorrow;
· decarbonizing the energy system of today; and
· targeting methane and other non-CO2 greenhouse gases (GHGs).
These plans for system-wide changes include a series of initiatives designed to speed up the energy transition and drastically reduce global emissions.
As part of the GDA, the presidency has also launched the Industrial Transition Accelerator (ITA), which will accelerate decarbonization across key heavy-emitting sectors.
The ITA will be under the leadership of the COP28 Presidency, UNFCCC, and Bloomberg Philanthropies, and the ITA Secretariat will be hosted by the Mission Possible Partnership (MPP).
Endorsed by 35 companies and 6 industry associations, the ITA is aimed to encourage policymakers, technical experts and financial backers to work hand-in-hand with industries to unlock investment and rapidly scale the implementation and delivery of emissions-reduction projects.
The 6 association signatories include:
· World Steel Association
· International Aluminium Institute
· Global Renewable Alliance
· Global Cement and Concrete Association
· Oil and Gas Climate Initiative
· International Air Transport Association