COP28, which was being held in Dubai, has wrapped up with unanimous consensus that charts an ambitious path forward to address the Global Stocktake and bridge crucial gaps leading up to 2030. It urges Parties to submit Nationally Determined Contributions (NDCs) covering the entire economy and calls on them to move away from fossil fuels in order to achieve net zero.
Through its “Action Agenda,” which covers the four pillars of the Paris Agreement—fast tracking a just and orderly energy transition; fixing climate finance to make it more available, affordable, and accessible; focusing on people, nature, lives, and livelihoods; and fostering full inclusivity in climate action—the COP28 Presidency took bold and decisive steps to deliver beyond the negotiated text.
- Accelerating a Just Energy Transition: COP28 prioritizes expediting an equitable transition to clean energy sources.
- Revamping Climate Finance: The conference lays the groundwork to make climate finance more accessible, affordable, and available.
- Focusing on People, Nature, Lives, and Livelihoods: COP28 underscores the importance of safeguarding human well-being and the environment.
- Promoting Inclusivity in Climate Action: The conference emphasises the need for comprehensive participation in climate mitigation efforts.
Key commitments outlined in the final negotiated text include:
- Unprecedented Shift from Fossil Fuels: COP28 places a historic emphasis on transitioning away from all fossil fuels, with the goal of achieving global net-zero emissions by 2050.
- Enhanced Expectations for NDCs: The conference calls for more ambitious “economy-wide emission reduction targets” in the next round of Nationally Determined Contributions (NDCs).
- Financial Architecture Reform: COP28 marks a significant step forward in reforming the financial system, recognizing the role of credit rating agencies for the first time and advocating for an increase in concessional and grant finance.
- Renewables and Energy Efficiency Targets: A specific target is set to triple renewable energy capacity and double energy efficiency by 2030.
- Scaling Up Adaptation Finance: Acknowledging the urgent and evolving needs, COP28 underscores the necessity of significantly increasing adaptation finance beyond the previously established doubling target.
Notably, the Action Agenda at COP28 has mobilised over $85 billion in funding and witnessed the launch of 11 pledges and declarations, all garnering unprecedented support.
Major achievements within the Action Agenda, distinct from the negotiated text, include:
- ALTÉRRA Launch: The United Arab Emirates (UAE) introduces ALTÉRRA, a catalytic private finance initiative worth $30 billion, with the aim of mobilizing a total of $250 billion for global climate action.
- COP28 UAE Declaration on Agriculture, Food, & Climate: This declaration embeds sustainable agriculture and food systems into the climate change response, enjoying endorsements from 158 countries.
- COP28 UAE Declaration on Climate and Health: Aimed at accelerating the development of climate-resilient and equitable health systems, this declaration has been endorsed by 144 countries.
- Global Decarbonization Accelerator (GDA): The GDA comprises groundbreaking energy initiatives across both public and private sectors, intended to expedite the global energy transition.
- Global Renewables and Energy Efficiency Pledge: A commitment to tripling worldwide installed renewable energy generation capacity and doubling the global rate of energy efficiency improvements by 2030 has been endorsed by 132 countries.
- Oil and Gas Decarbonization Charter (OGDC): Signatories to the OGDC pledge to eliminate methane emissions, end routine flaring by 2030, and achieve net-zero operations by 2050. As of now, 52 companies, representing over 40% of global oil production, have pledged their support.
- Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge: This pledge aims to advance the role of sub-national leaders in climate-related decision-making and has been endorsed by 67 countries.
COP28 has thus concluded with a global commitment to address the urgent climate crisis, setting the stage for transformative actions towards a sustainable and climate-resilient future.
