Photograph: Kamran Jebreili/AP
Highlights of COP28
· Phasing out or reducing the use of fossil fuels.
· Building resilience to climate impacts.
· Financial support for vulnerable countries coping with a climate catastrophe.
The conclusion of the United Nations Climate Change Conference (COP28) marks a historic agreement indicating the “Beginning of the End” of the fossil fuel era. This agreement establishes the foundation for a rapid, fair, and just transition, emphasising substantial reductions in emissions and increased financial support.
Establishment of Global Stocktake.
Nearly 200 negotiators convened in Dubai to endorse the world's inaugural 'global stocktake,' designed to intensify climate efforts by the end of the decade. The primary objective is to maintain the global temperature limit of 1.5°C, demonstrating a collective commitment to addressing climate change and fostering global solidarity.
The centrepiece of COP28, the global stocktake, encapsulates all negotiated elements, and serves as a crucial outcome. Countries can now leverage it to formulate more robust climate action plans, due by 2025. Acknowledging scientific evidence, the stock take underscores the imperative to cut global greenhouse gas emissions by 43% by 2030 (compared to 2019 levels) to confine global warming to 1.5°C.
Mr. António Guterres reiterated calls for a complete phase out of fossil fuels to limit temperature rise to 1.5°C while ensuring that the transition is equitable and just.
The stocktake urges parties to globally triple renewable energy capacity and double energy efficiency improvements by 2030. Additionally, it advocates for expediting efforts to decrease reliance on unabated coal power, discontinuing inefficient fossil fuel subsidies, and implementing measures for a just, orderly, and equitable transition away from fossil fuels, with developed nations taking the lead.
Climate and Energy Minister Chris Bowen has signalled that Australia might be willing to sign up to a COP28 call to phase out fossil fuels.
Australia, the US, the UK,Canada, and Japan formed a coalition refusing to be co-signatories to what they term as "death certificates" for small island states. This group demanded a more robust agreement at the Cop28 summit to tackle fossil fuels and address the pressing climate crisis for small island states.
This statement was delivered by Australian minister Chris Bowen on behalf of what’s known as the umbrella group of countries, came as tensions flared at the United Arab Emirates over the text of a draft deal proposed by the summit presidency. The draft avoided highly contentious calls for a “phase-out” or “phase-down” of fossil fuels in an attempt to find consensus from nearly 200 countries
In the short term, Parties are prompted to present ambitious, comprehensive emission reduction targets covering all greenhouse gases, sectors, and categories, aligning with the 1.5°C limit. These targets are expected in their next round of climate action plans (known as nationally determined contributions) by 2025.
The President of COP28, Sultan Al Jaber, has asserted that there is "no science" suggesting a necessity for a phase-out of fossil fuels to limit global warming to 1.5°C, according to information uncovered by "The Guardian" and the Centre for Climate Reporting.
This statement raises questions about the alignment of his position with widely accepted scientific consensus, which emphasises the critical role of reducing fossil fuel use to achieve climate goals.
The global scientific community, including reports from the Intergovernmental Panel on Climate Change (IPCC), consistently underscores the imperative of transitioning away from fossil fuels to mitigate the impacts of climate change.
Al Jaber's position, as reported, appears to run counter to this established scientific understanding, and it may spark discussions and debates within the climate community.
Loss and damage fund
Significant strides were made on the loss and damage agenda as an agreement was reached to have the secretariat of the Santiago Network for Loss and Damage hosted by the UN Office for Disaster Risk Reduction and the UN Office for Project Services. This network is poised to facilitate technical assistance to developing nations, particularly those highly susceptible to the detrimental effects of climate change.
A series of substantial financial commitments has been announced by various countries in support of climate-related efforts. The host country, the United Arab Emirates, pledged $100 million, paralleled by Germany with an additional $100 million. The United States committed $17 million, the United Kingdom approximately $50.6 million, and Japan pledged $10 million, all designated for Loss and Damage (L&D) initiatives. In a collective effort, the European Union pledged a noteworthy $145 million, which includes support beyond Germany's contribution.
These financial commitments are intended to aid vulnerable countries grappling with the adverse impacts of climate change. The substantial contributions from diverse nations underscore a shared commitment to addressing the challenges of loss and damage associated with climate change and signify a collaborative approach to supporting nations in need.
Increasing climate finance
Climate finance emerged as one of the central themes at COP28, emphasised by Simon Stiell as the "great enabler of climate action." The Green Climate Fund (GCF) experienced a significant boost in its second replenishment, with 31 countries pledging a record $12.8 billion, and additional contributions anticipated.
Commitments to the LeastDeveloped Countries Fund, Special Climate Change Fund, and Adaptation Fund also increased, reaching $174 million, $188 million, and nearly $188 million, respectively.
Despite these positive developments, the global stocktake highlighted a substantial gap between current financial pledges and the trillions required to support developing nations in clean energy transitions, climate plan implementation, and adaptation efforts.
To address this, the stocktake emphasised the necessity of reforming multilateral financial structures and expediting the establishment of innovative finance sources.
COP28 discussions centred on establishing a 'new collective quantified goal on climate finance' by 2024, building from a $100 billion per year baseline. This goal aims to guide the design and implementation of national climate plans due by 2025.
Anticipating the shift towards decarbonised economies, the mitigation work programme initiated at COP27 will persist until 2030. This includes biannual global dialogues, marking a commitment to ongoing collaboration and action in the crucial decade ahead.
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