Delegates from 200 countries met at the annual UN Climate Change Conference (COP) to address global climate change issues. This year’s COP28 was held in Dubai from 30 November to 12 December and hosted a total of 85000 attendees.
Main achievements of COP28 are the agreements reached on fossil fuels and the energy transition package.
However, the UAE Consensus didn’t meet up to the initial expectations of “phasing out” fossil fuel, which was the goal for most countries. The positive development is that, for the first time, 200 nations agreed on transitioning away from fossil fuels – a clear indication of the direction governments and industries must follow.
Regarding the energy transition, it was agreed to triple the deployment of renewable power and double the rate of efficiency gains by the end of the decade (2030).
Among the areas where no significant progress was achieved are: 1.5°C-aligned emissions and adaptation finance gap.
Now, the crucial post-negotiations phase is to translate the agreements into actual policies in the coming months.
We warmly greet the essential steps taken by countries but at the same time we expect further action to completely eliminate the use of fossil fuels and to meet the global warming indicators outlined in the Paris Agreement.
Madestones proudly supports genuine climate protection efforts at all levels. Our commitment is exemplified by our Carbon Neutral certification from the independent international body Vinçotte. As a company dedicated to a more sustainable future, we are diligently working towards utilizing only renewable energy in the production of diamonds within our state-of-the-art laboratories.
Furthermore, we actively sponsor initiatives focused on tree planting, contributing to the mitigation of global warming effects and safeguarding against the consequences of climate change, such as floods. Madestones stands as a steadfast advocate for environmental responsibility and will continue to champion initiatives that propel us towards a more sustainable and resilient future.