What will define real success for COP28, with its focus on how global businesses and governments jointly manage the transition from fossil fuels to alternative energy sources over the coming decades? Part of the answer is that the conference will develop transition strategies that are consistent with the underlying economic cost-benefit valuations.
The President of COP28, Sultan Al Jaber, has expertise in both the fossil fuel industry and renewable energy industry. He is both the CEO of the United Arab Emirates’ state-owned oil company and a cofounder of the renewable energy firm Masdar. Moreover, Al Jaber is an economist. As a result, he is well placed to ensure that the key transition tradeoffs are analyzed using traditional economic valuation analysis, as encapsulated in the phrase “you pays your money and you takes your choice.” Will he do so? This question lies at the heart of whether COP28 will be a success.
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