Simonas Gentvilas: Lithuania already implements COP28 commitments
The COP28 climate change conference in Dubai, United Arab Emirates, concluded on December 13 with a groundbreaking agreement to phase out fossil fuel subsidies, a goal pursued for the past 14 years.
Lithuania, as stated by Environment Minister Simonas Gentvilas, has been actively taking ambitious actions to address climate change for quite some time, emphasizing the importance of a green transformation for the national economy. Minister Gentvilas highlighted that moving away from fossil fuels is not only beneficial for the current generation but also a responsible step towards providing sustainable solutions for future generations. He noted that Lithuania has adopted a highly ambitious amendment to the Excise Duty Law, which includes further taxation of fossil fuels.
While the global agreement at the conference aimed to triple the world's renewable energy capacity and double the global average annual energy efficiency by 2030, and to expedite efforts to phase out coal power generation, Lithuania's targets are even more ambitious. By 2030, the country aims to achieve 70% of its energy from renewable sources and derive all its electricity from renewable sources.
Minister Gentvilas pointed out that in Dubai, an agreement was reached to accelerate the reduction of emissions from road transport through various means, including the development of alternative infrastructure and the promotion of zero- and low-emission vehicles. Lithuania is actively pursuing this objective by utilizing the Modernisation Fund to incentivize the purchase of electric vehicles, with a total of €50 million planned to be available by the end of 2026.
The global agreement also set a target to reduce global greenhouse gas emissions by 43% by 2030 compared to 2019, aligning with the 1.5°C global temperature rise target of the Paris Agreement. It aims to accelerate the transition to cleaner, healthier, and more sustainable economic development in all countries.
To achieve these goals, Lithuania plans to invest around €25 billion in green initiatives by 2030, leading to the creation of approximately 24,000 jobs and enhancing energy security and independence by reducing dependence on fossil fuels.
The conference further established commitments for countries under the Paris Agreement to deliver new nationally binding actions by 2035 across all sectors of the economy. Developed countries pledged €700 million to the newly established Loss and Damage Fund, supporting developing countries vulnerable to climate change impacts, with €485 million contributed by the EU and its Member States.
Additionally, the conference saw agreements to double funding from developed countries by 2030 compared to 2019 for developing countries to address climate change and prepare national communications on adaptation measures.
Country commitments to protect biodiversity, forests, water resources, oceans, mountain areas, and other ecosystems, along with promoting nature-based solutions to enhance natural sinks, were confirmed.
Developed countries committed to reaching at least $100 billion by 2025 for climate finance, with an obligation to allocate the funds to mitigation and adaptation measures.
COP29, the next climate change conference, is scheduled to take place in Baku, the capital of Azerbaijan, from November 11-22, 2023.
Last updated: 07-01-2024
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