The United Nations Climate Change Conference (COP28) has drawn to a close with a groundbreaking agreement that signals a transformative departure from the fossil fuel era. Almost 200 Parties convened in Dubai, showcasing global solidarity in the pursuit of swift, just, and equitable climate action.
The centerpiece of COP28 is the world's first 'global stocktake,' designed to enhance climate action before the end of the decade, aiming to keep the global temperature limit of 1.5°C within reach. UN Climate Change Executive Secretary Simon Stiell, in his closing speech, emphasized that while the fossil fuel era wasn't entirely turned in Dubai, this outcome marks the "beginning of the end." Stiell urged governments and businesses to translate pledges into tangible, real-world outcomes without delay.
The global stocktake recognizes the need for a 43% reduction in global greenhouse gas emissions by 2030 compared to 2019 levels, crucial for limiting global warming to 1.5°C. However, it acknowledges that Parties are falling behind in meeting their Paris Agreement goals.
To drive the transition away from fossil fuels, the stocktake calls for a tripling of renewable energy capacity, a doubling of energy efficiency improvements, and acceleration in phasing down unabated coal power. Developed nations are urged to lead this transition in a just and equitable manner.
In the short term, Parties are encouraged to submit ambitious, economy-wide emission reduction targets aligned with the 1.5°C limit in their next round of climate action plans by 2025.
Strengthening Resilience and Finance
The conference witnessed a historic agreement on the operationalization of the loss and damage fund, with commitments surpassing USD 700 million. The creation of the Santiago Network for Loss and Damage aims to provide technical assistance to vulnerable developing countries.
Parties agreed on targets for the Global Goal on Adaptation (GGA) and its framework, identifying necessary resilience measures against climate impacts. Climate finance took center stage, with the Green Climate Fund receiving pledges totaling USD 12.8 billion and commitments to other funds totaling over USD 360 million.
While these financial pledges represent progress, the global stocktake highlights the shortfall in funding required to support developing countries adequately.
Looking Ahead
Looking ahead, COP28 sets the stage for a new era of implementing the Paris Agreement. The enhanced transparency framework negotiations pave the way for increased accountability.
As Azerbaijan is announced as the host of COP29 in 2024 and Brazil for COP30 in 2025, the next two years become critical. Governments must establish a new climate finance goal at COP29 and present new nationally determined contributions aligned with the 1.5°C limit at COP30.
In his closing remarks, Stiell emphasized the importance of ordinary people's voices and determination, stating, "We are still in this race," and urging relentless commitment to the global climate cause. COP28 President Dr. Sultan Al Jaber celebrated the historic achievement, affirming that the world has found a new path towards a better future for people and the planet.
