COP 28 SUMMARY - 'THE BEGINNING OF THE END'Industry Insights
The UN Climate Change conferences take place every year and are the worlds decision making forum on climate change with almost every country in the world being in attendance.
COP is where the world (more than 70,000 delegates) come together to agree on ways to help tackle the climate crisis and achieving net-zero emissions by 2050.
This year, hosted by The United Arab Emirates from the 30th of November to the 12th of December, COP 28 represents the decision decade for climate action. Discussions at the conference include loss and damage finance, global financial goals, energy and transition, and emission gaps to name a few. It will also see the first ever global stocktake, where countries and stakeholders will be able to see the progress being made to limit global warming.
With officials now flying home, and the conference coming to an end, this article will briefly look over the key outcomes, and the highlights of COP28.
Loss & Damage
COP 28 saw a landmark agreement put in place to support vulnerable nations facing the worst climate change impacts. The agreement includes, national response plan developments, insufficient climate information and data being addressed, safe and dignified human mobility (displacement, relocation, and migration) in temporary and permanent loss and damage cases.
Funded by the World Bank, a geographically diverse board will be established over the coming months, with a total of over $650 million being donated by wealthy nations over the course of conference in Dubai.
Global Goal Adaptation
With the theme continuing from COP27, this conference saw a development on adapting to the impacts of climate change.
An explicit date in 2030 has been integrated for targets on water security, ecosystem restoration and health.
However, the conversation was cut short when financial doubling discussions were brought to the table.
COP29 will need to ensure financing expectations and targets details are finalised.
Climate Finance Targets
The $100 billion (not yet been met, but on track) pledged by developed nations to help finance climate mitigations in other developing nations finally made progress when a post-finance target is to be drafted ahead of COP29 where discussions and finer details will be finalised.
Fossil Fuels & Carbon Markets
Other closely watched areas included fossil fuel reduction and carbon markets. Nations were called on to take a variety of actions to reduce emissions being produced, in particular methane emissions needing to be substantially reduced by 2030 and limitations on the permittance of unabated coal power.
Carbon markers were also closely watched as negotiators tried to further define how credit markets would be supervised and accounted for.
With no agreements being reached, it will be another topic for the COP29 agenda.
The Beginning Of The End
The most important takeaway from the conference was the agreement that signals the fossil fuel era is beginning to come to an end. Whilst the page wasn’t completely turned in Dubai, nearly 200 parties agreed that all governments and businesses need to turn their pledges into real economic outcomes.
The global stocktake recognises that according to science, global greenhouse emissions need to be cut 43% by 2030 to limit global warming to 1.5°c.
COP28 managed the logistics for the largest COP in history, with agreements put in place for loss and damage and a clear path away from fossil fuels, the urgency at the moment is crucial.
Giant leaps are needed from all countries, as small steps are not enough.
Further COP Reading