News & Insights

COP28: A Global Call to Action

19 Mar

Every year, delegates from numerous nations come together at the UN Climate Change Conferences, commonly referred to as COPs, with the shared goal of discussing and agreeing on impactful strategies to address the climate crisis.

Last year, the UN Climate Summit, COP28, was held in the United Arab Emirates from November 30 to December 13. This conference witnessed a remarkable attendance of over 85,000 participants, including over 150 Heads of State and Government.

In this article, we will delve into the key highlights of the discussions held during COP28 and its major undertakings for the future forward.

Key Outcomes from COP28 

COP28 marked the conclusion of the first “global stocktake”, which reflects the first assessment of how countries are faring against commitments towards greenhouse gas emissions and financial support for developing countries. At the COP28, it was recognized that global greenhouse gas (GHG) emissions must be reduced by 43% below 1990 levels to limit global warming to 1.5°C. A number of areas and developments in the following areas were noted: 1) fossil fuel consumption, 2) a charter for decarbonization in the oil and gas industry and 3) finance flow to key social impact aspects. By the end of COP28, it was clear that advancements on the global scale are not occurring at the scale or pace required to cap the rise in global temperatures. Here are some of the key agreements reached at COP28:

Transitioning away from Fossil Fuels & Tripling Renewable energy 

Key stakeholders have recognized that GHG emissions must be reduced by 43% below 1990 levels to limit global warming. Therefore, with acceptance from over 180 countries at COP28, the call for shift from fossil fuels was outlined as “Reference to transition away from all fossil fuels in the energy systems to enable the world to reach net zero emissions by 2050, keeping in science”. While this could appear modest, it is a historic first for a COP text to directly address discontinuation of fossil fuel consumption. Yet, the terminology “transition away” does not fully reflect earlier discussed intentions at COP26 to phase out fossil fuels at the earliest possible. The text also refers to use of “transitional fuels” in the interim to ensure there is sufficient energy production to meet global demands. In addition, targets on global renewable energy have been set to triple with urge to double energy efficiency rates by 2030. Initiatives to accelerate zero-emissions fuel derived renewable hydrogen were also highlighted at COP28. Similar to previous COP resolutions, this agreement carries no legal enforcement, with the eventual effectiveness hinging on the approaches developed for its enactment.

Climate Finance 

Loss and Damage 

The framework of Loss and Damage is targeted at financing developing countries most severely impacted by climate change and its impact.  At COP28, affluent countries have pledged initial donations to the loss and damage fund amounting to $792 million intended towards support for emergency responses and displacement, resettlement or migration of people in instances of destruction and loss. To oversee these efforts, a board representing regions will be formed, with the World Bank taking on an interim managerial role for the fund.

Other Key Financial Commitments

  • The Adaptation Fund, Climate Investment Funds, Global Environment Facility and the Green Climate Fund declared a unified commitment to streamline process, enable blended finance to financially serve the Adaptation Fund. 
  • Alterra, a catalytic climate fund of $30 billion was setup, aiming to promote investments in developing nations for risk mitigation purposes. There are also plans to raise $250 biliion from private and institutional investors by 2030 for climate transition initiatives. Additionally, a series of blended finance mechanisms were introduced to help manage the flow and dispersion of funds.

    Social Impact

  • Ensuring Food Security and the acute susceptibility of food systems to climate change effect were highlighted, COP declared action on sustainable agriculture, resilient food systems and climate action. Furthermore, organizations rolled out initiatives in regenerative agriculture and climate food innovation bolstered by financial injection of $3.2 billion.
  • Countries blessed with natural resources along with allied partners, announced $2.7 billions in foundational financing derived from public and private contributors. This funding will aid towards the support of livelihood and development of local and indigenous populations.
  • The pivotal role of promoting gender equality in the shift towards a low carbon economy was emphasized at COP28. Through the COP28 Gender- Responsive Transitions & Climate Action Partnership, financial support will be directed towards women and girls for equal opportunity.

    Adaptation 

Parties at the COP28 agreed upon development of a blueprint involving i) assessment on impacts ii) vulnerabilities and risks iii) adaptive strategies and policy tools and finally iv) systems to monitor, evaluate and learn from domestic adaptation measures.

Essential Steps to Move from Agreement to Action

To achieve the goals set at COP28, both the public and private sectors need to take a series of actions. This encompasses an urgent plea to governments, urging them to accelerate the shift from fossil fuels to renewable energy sources like wind and solar power in their next round of climate commitments.

Additionally, there is a broad range of measures available to mitigate emissions and promote energy efficiency. These include the development of low-emission technologies, such as renewables and nuclear energy, alongside the innovation of carbon removal technologies like carbon capture and storage. That said, nature-based solutions are equally important and can serve as powerful allies in the fight against climate change. 

While it’s imperative to take steps to mitigate climate change, having adaptation plans in place is also critical. According to the United Nations Environment Programme, adaption plans will help direct support and finance to the countries that need them the most.

Sources:

Back to list
Older Deciphering the Green: How to Evaluate the Quality of a Sustainability Report