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At COP28, international NGO the Climate Parliament has secured a new commitment from Members of Parliament to create the necessary legislative and regulatory framework in their states to attract green investment and enable essential action to combat climate change.
The commitment, which was signed yesterday by MPs representing nations including Egypt, India and South Africa, is the culmination of a year-long consultation process with private and public sector investors, which sought to identify the steps required by national legislators and regulators to unlock a massive wave of renewable energy investment across the developing world.
The signatories at COP28 have committed to:
Advocating for a greater level of climate ambition and overseeing the implementation of Nationally Determined Contributions (NDCs) at national level.
Creating the necessary institutional and legislative framework to allow for long-term planning and monitoring of GHG emissions reduction, renewable energy scale-up and fossil fuel phase out, prevention of further deforestation and land degradation, amongst many other essential actions needed to combat climate change.
Creating the necessary legislative and regulatory environment and engaging in dialogues with private and public investors to attract green investment on the massive scale needed to achieve the energy transition.
22 MPs have signed the commitment, representing (in alphabetical order): Botswana, Bulgaria, Djibouti, Egypt, India, Ivory Coast, Kenya, Malawi, Nepal, Republic of Guinea, Senegal, Seychelles, Sierra Leone, South Africa, Sri Lanka, Uganda, United Kingdom, Zambia, Zimbabwe.
The commitment was signed as part of a two-day Parliamentary Forum organised by the Climate Parliament in collaboration with the European Climate Foundation and the Climate Compatible Growth research programme, which brought together parliamentary climate champions focused on the Global Stocktake and attracting required investment in green grids infrastructure to power the clean energy transition.
This included a coordinated dialogue between parliamentary and private sector companies and investors, seeking to bridge the gap between policy and commercial delivery.
Nick Dunlop, Founder and Chief Strategy Officer of the Climate Parliament, said:
“MPs are absolutely fundamental to unlocking the huge investment needed to create the infrastructure which our future energy systems will rely on. Many billions if not trillions of dollars are needed as we accelerate towards global net-zero, and much of that will necessarily come from the private sector. But investors will rightly require a secure and attractive legislative and regulatory environment in order to undertake this enterprise commercially. At the end of the day, it is nationally elected MPs who will decide on the domestic polices, priorities and budgets which will unlock this investment. Securing consensus from MPs today is a real statement of intent. I should serve as inspiration to politicians around the world to back up rhetoric on climate with tangible commitment to turn words into action and bring to bear the power of their advocacy, influence and ultimately parliamentary votes to help secure the energy transition and prevent climate catastrophe.”
Barry Gardiner, Member of Parliament, UK
“There is only one crisis, because we have only one planet. As MPs we need to assess risk properly - not over the electoral cycle, but over the generations. Not just for your country, but for the whole planet. We need to value things properly. Not just GDP growth, but wealth. Not just dollars, but Natural Capital. And we need to live sustainably. If you want to live in peace, create justice. If you want to create justice, live sustainably.”
C.K. Raut, PhD, Member of Parliament, Nepal
"If we have to save the Earth and our existence on the face of the climatic catastrophe, we have no option but to acknowledge the bitter truth and raise our ambitions, and work together on a war footing."
Amira Saber, Member of Parliament, Egypt
“We are in this together. It is our choice to be heroes or zeros and I believe everyone could be a hero armed with Truth and Ambition.”
Rebecca Yei Kamarra, Member of Parliament, Sierra Leone
“There will be no result without MPs and our communities in the fight against climate change. MPs must be supported to join the fight against climate change.”
Hon. Waven William, MP, The Seychelles
“1.5 degrees Celsius is not a global aspiration or an option but a must collective responsibility to triple efforts to save our planet by any means possible.”