COP28, the 28th session of the Conference of the Parties to the UN Framework Convention on Climate Change, was held in Dubai from 30 November to 13 December 2023. It was the first COP to take place in the Middle East, a region highly vulnerable to the impacts of the climate crisis.
The main objective of the COP28 was to take stock of the progress made by the parties on the implementation of the Paris Agreement, the landmark climate treaty adopted in 2015, and to chart a course of action to dramatically reduce greenhouse gas emissions and protect lives and livelihoods.
Results and Key Findings of COP28
The COP28 achieved some historic outcomes, such as:
Loss and Damage
One of the first outcomes of COP28 was the establishment of a loss and damage fund. It will provide financial support to the developing countries that are already suffering from the effects of climate change, such as extreme weather events, sea level rise, and biodiversity loss. The fund was agreed on the first day of the summit, after decades of demand by the global south. However, the $700 million pledged by the wealthy nations falls far short of the estimated annual cost of the damage, which ranges from $100 billion to $580 billion.
Fossil Fuel Phase-Out & Increasement of Renewable Energy Capacity
A historic result of COP28 was the adoption of a fossil fuel phase-out agreement, which commits the parties to transition away from fossil fuels in energy systems, in a just, orderly and equitable manner, so as to achieve net-zero emissions by 2050. This was the first time that the COP explicitly addressed the need to end the use of coal, oil, and gas, the main drivers of the climate crisis. The agreement also calls for a tripling of renewable energy capacity globally by 2030, and the acceleration of technologies such as carbon capture and storage.
Role of the Private Sector
The launch of a $30 billion private market climate capital, which will mobilize private sector investment in low-carbon and climate-resilient projects, especially in emerging and developing economies. The capital will leverage the expertise and resources of the World Bank, the International Finance Corporation, and the World Economic Forum, among others.
Challenges & Criticism
There was controversy over the remarks of the COP28 president, Sultan Al Jaber, who is also the CEO of the UAE’s state-owned oil company, Adnoc. In a video call last month, he said that there was “no science” indicating that a phase-out of fossil fuels was needed to limit global warming to 1.5°C, the goal of the Paris Agreement. He later clarified his views and said that a phase-out was “inevitable and essential”.
Another challenge was the lack of ambition and urgency shown by some of the major emitters, such as China, India, and Russia. They did not submit new or updated nationally determined contributions (NDCs), the voluntary pledges to reduce emissions under the Paris Agreement. The current NDCs are not enough to close the gap between the projected emissions and the level required to keep the global temperature rise below 1.5°C.
Additionally, a lot of dissatisfaction and frustration was expressed by many civil society groups, indigenous peoples, youth activists, and scientists, who staged protests and demonstrations throughout the summit, demanding more action and justice from the leaders. They also denounced the influence of the fossil fuel industry and the lack of participation and representation of the most affected and marginalized communities.
Summary
- Establishment of a loss and damage fund for the most vulnerable countries. This was agreed on during the first days of the COP.
- Agreements on mitigation measures now include a fossil fuel phase out (instead of only a phase down) to achieve net-zero emissions by 2050.
- The private sector will be supported by the launch of $30 billion private market climate capital.
- A lot of challenges and criticism occured during this year’s COP in Dubai, many of them facing towards its residency in UAE, a mayor oil exporting country.
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Sources:
https://news.un.org/en/events/cop28
https://www.weforum.org/agenda/2023/11/cop28-summary-key-talking-points/
https://www.theguardian.com/environment/2023/dec/07/cop28-first-half-un-climate-conference-dubai
