Diana Kibuuka @COP28
The United Nations Climate Change Conference (COP28), closed13th. December, with positive signals towards the “beginningof the end” of the fossil fuel era, by laying the ground for a swift,just and equitable transition, underpinned by deep emissions cuts and scaled-up finance.
In a demonstration of global solidarity, negotiators fromnearly 200 Parties came together in Dubai with a decision on the world’s first global stock take’ to ratchet up climate action before the end of the decade – with the overarching aim to keep the global temperature limit of 1.5°C within reach.
The global stocktake, which is considered the centraloutcome of COP28, recognizes the science that indicates global greenhouse gas emissions need to be cut 43% by 2030, compared to 2019 levels, to limit global warming to 1.5°C. But it notes Parties are off track when it comes to meeting their Paris Agreement goals.
The stocktake calls on Parties to take actions towardsachieving, at a global scale, a tripling of renewable energy capacity and doubling energy efficiency improvements by 2030, accelerating efforts towards the phase-down of unabated coal power, phasing out inefficient fossil fuel subsidies, and other measures that drive the transition away from fossil fuels in energy systems, in a just, orderly and equitable manner, with developed countries continuing to take the lead.
“Whilst we didn’t turn the page on the fossil fuel era in Dubai, thisoutcome is the beginning of the end”, said UN Climate Change ExecutiveSecretary Simon Stiell in his closing speech – “Now all governments andbusinesses need to turn these pledges into real-economy outcomes, without delay.”He added.
There was more progress on the loss and damage agenda withan agreement that the UN Office for Disaster Risk Reduction and the UN Office for Project Services will host the secretariat of the Santiago Network for Loss and Damage and this platform will catalyze technical assistance to developing countries that are particularly vulnerable to the adverse effects of climate change.
The Loss and Damage fund agreement made history as the firsttime substantive decision adopted on the first day of the conference and commitments to the fund started coming in moments after the decision was gaveled, totaling to more than USD 700 million.
Climate Finance, which is also referred to as “Great enablerof climate action by the UN Secretary Stiell, took center stage at the conference and “The Green Climate Fund (GCF) received a boost to its second replenishment with six countries pledging new funding at COP28 with total pledges
now standing at a record USD 12.8 billion from 31 countries, with further contributions expected.
Eight donor governments announced new commitments to theLeast Developed Countries Fund and Special Climate Change Fund totaling more than USD 174 million to date, while new pledges, totaling nearly USD 188 million so far, were made to the Adaptation Fund at COP28.
However as highlighted in the global stocktake, thesefinancial pledges are far short of the trillions eventually needed to support developing countries with clean energy transitions, implementing their national climate plans and adaptation efforts.
In order to deliver such funding, the global stocktakeunderscores the importance of reforming the multilateral financial architecture, and accelerating the ongoing establishment of new and innovative
sources of finance.
The Parties also agreed on targets for the Global Goal onAdaptation (GGA) and its framework, which identify where the world needs to get to in order to be resilient to the impacts of a changing climate and to assess countries’ efforts. The GGA framework reflects a global consensus on adaptation
targets and the need for finance, technology and capacity-building support to achieve them.
After COP28
COP28 also saw Parties agree to Azerbaijan as host of COP29from 11-22 November 2024, and Brazil as COP30 host from 10-21 November 2025.
The next two years will be critical. At COP29, governmentsmust establish a new climate finance goal, reflecting the scale and urgency of the climate challenge. And at COP30, they must come prepared with new Nationally Determined Contributions that are economy-wide, cover all greenhouse gases and are fully aligned with the 1.5°C temperature limit.
“We must get on with the job of putting the Paris Agreement fully towork – In early 2025, countries must deliver new nationally determined contributions. Every single commitment – on finance, adaptation, and mitigation – must bring us in line with a 1.5-degree world”. Said Stiell
In his closingremarks the COP28 President Dr. Sultan Al Jaber said, the world needed to find
a new way, and that by following our North Star, they found that path. He also pledged to secure a better future of the people through implementing the key outcomes of global climate action across the four pillars; fast-tracking a just, orderly, and equitable energy transition; fixing climate finance; focusing on people, lives and livelihoods; underpinning everything with full inclusivity as set by the COP 28 Presidency.
World leaders at COP28 were joined by civil society,business, Indigenous Peoples, youth, philanthropy, and international organizations in a spirit of shared determination to close the gaps to 2030.
Some 85,000 participants attended COP28 to share ideas, solutions, and build partnerships and coalitions.
The Global Climate Action space at COP28 provided a platformfor governments, businesses and civil society to collaborate and showcase their real-world climate solutions.
The conference also saw several announcements to boost theresilience of food and public health systems, and to reduce emissions related to agriculture and methane.