COP28 Recap: Shaping the Future of Global Climate Action!
Article written by Kone Eburajolo & Tendai Nhachi
As COP28 concludes, let's reflect on the remarkable strides made in the fight against climate change. This conference was not just a meeting; it was a collective commitment to shaping a sustainable future for our planet.
Highlights:
Several financial commitments, including over USD 700 million for the Loss and Damage Fund, aimed to assist lower-income countries in addressing climate change-induced losses.
UAE announced the establishment of a USD30billion fund dedicated to advancing global climate solutions. The fund aims to attract USD250billion of investment in 10 years.
130+ countries have endorsed Global Renewables and Energy Efficiency pledge.
First time ever, the preliminary text for the Global Stocktake for Climate Action has been released.
Climate negotiators made a groundbreaking achievement with the inaugural worldwide agreement, known as the "UAE Consensus," which marks a historic milestone. This landmark accord calls upon nations to promptly shift their energy systems from fossil fuels in a fair and organized fashion.
Global Climate Action Momentum
Building on the success of COP27, COP28 witnessed a surge in global climate action. The Yearbook of Global Climate Action 2023, showcased the dedication of non-Party stakeholders, bringing us closer to our climate goals.
Main areas of negotiations
COP28, guided by the COP28 Presidency, centred its efforts negotiations on four critical pillarsthe following:
- Fast-tracking a just, orderly, and equitable energy transition
- Global transition away from fossil fuels and net-zero ambitions
- IncreasingFixing climate finance commitments
- Focusing on people, lives, and livelihoods
- Supporting adaptation to climate change and resilience efforts
Underpinning everything with full inclusivity
- Global stocktake
Accelerating the Energy Transition
COP28 commenced with an emphasis on achieving a just and orderly energy transition, recognizing Africa's call for flexibility in harmonizing economic development and industrialization goals. The prioritization of a gradual reduction in fossil fuel usage aligns with the imperative for a transition that takes into account Africa's distinct circumstances and development needs. The COP28 Presidency took a leading role in launching the Global Renewables and Energy Efficiency Pledge. Supported by 130 national governments, this pledge commits to tripling the world's renewable energy capacity by 2030. Initiatives such as the Global Cooling Pledge and the Oil and Gas Decarbonization Charter further emphasize the commitment to reducing sectoral emissions and fostering innovation.
Revolutionizing Climate Finance
Addressing the importance of climate finance, COP28 witnessed commitments from 13 national governments in support of the UAE Leaders’ Declaration on a Global Climate Finance Framework. The Joint Declaration and Task Force on Credit Enhancement of Sustainability-Linked Sovereign Financing for Nature and Climate highlight the efforts to provide long-term fiscal solutions. The creation of the Loss and Damage Fund marked a notable milestone, tackling the provision of financial assistance to developing nations grappling with substantial losses and damages resulting from climate-related incidents. Receiving over $650 million in pledges, the aim of the fund is to provide financial support for irreversible impacts of climate change, and addressing issues such as national response plans and human mobility in the face of loss and damage. Additionally, the UAE's commitment of $30 billion for environmentally friendly initiatives worldwide, including a $5 billion allocation for the Global South, plays a pivotal role in supporting climate finance commitments. The World Bank's dedication to augment climate funding further underscores its alignment with this specific emphasis.
Adaptation and Prioritizing People's Well-being
Amid rising temperatures, climate-induced disasters, and the impact of climate change on people's lives, the Sharm el-Sheikh Adaptation Agenda took centre stage. Acknowledging these challenges, there was a focus on adaptation strategies, with an emphasis on enhancing water access, resilient infrastructure, and agricultural systems. Initiatives such as the COP 28 UAE Declaration on Climate Relief, Recovery, and Peace, and the COP 28 UAE Declaration on Climate and Health underscored the commitment to building resilience.
Embracing Inclusivity and Collaboration
COP28 prioritized inclusivity, with a joint commitment by the COP28 Presidency and the UNFCCC to make the conference the most inclusive to date. Initiatives such as the COP 28 Gender-Responsive Just Transitions and Climate Action Partnership and the Podong Indigenous Peoples Initiative highlighted the importance of diverse voices in climate action.
Global Stocktake and Declarations
A significant aspect of COP28 is the conclusion of the first-ever global stocktake, which highlighted the anticipation of reaching peak global emissions and urged nations to implement measures for emission reduction., occurring every five years. This collective evaluation assesseds global progress toward the Paris Agreement's goals, revealing a gap in implementation and indicating a need for accelerated action.
The stocktake underscores the need for a comprehensive approach, integrating climate resilience and development aligned with low greenhouse gas emissions. It highlights a growing disparity between developing countries' needs and available support, urging the redirection of trillions of dollars for climate action and resilience. Despite slow progress, the global stocktake presents numerous proposed tools and solutions. The success of higher ambition and accelerated action in this critical decade depends on the global response from COP 28 Parties to the Paris Agreement.
The Road Ahead
COP28 has witnessed the release of several declarations, starting with the COP28 UAE Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action. For a comprehensive list, explore the official declarations here.
As we bid farewell to COP28, the journey towards sustainability continues. Pledges and commitments must now transform into tangible actions. Initiatives such as the Net-Zero Transition Charter for the Private Sector and the '2030 Climate Solutions: An Implementation Roadmap' provide a roadmap for accountability and transparency in the years ahead.
Stay updated on all things COP 28 by visiting the official website.
Let's carry the momentum forward and forge a path to a greener, more sustainable world! #COP28 #ClimateAction #SustainableFuture