Dubai, December 13, 2023 – The United Nations Climate Change Conference (COP28) drew to a close, leaving behind a historic agreement signaling the "beginning of the end" of the fossil fuel era. Representing a collective effort of nearly 200 Parties, the conference, held in Dubai, in which WSDF took active part, delivered a momentous decision on the world's first 'global stocktake,' setting the stage for an accelerated, just, and equitable transition supported by substantial emissions reductions and increased financial commitments.
Global Stocktake: A Central Pillar for Future Climate Action
COP28's central outcome, the global stocktake, is hailed as a groundbreaking tool that encapsulates every negotiated element. It empowers countries to develop robust climate action plans by 2025. Recognizing the urgency, the stocktake underscores the need for a 43% reduction in global greenhouse gas emissions by 2030 compared to 2019 levels to meet the 1.5°C target. However, it notes that Parties are currently off track in achieving their Paris Agreement goals.
The stocktake calls on Parties to globally triple renewable energy capacity and double energy efficiency improvements by 2030. It emphasizes accelerating efforts to phase down unabated coal power, eliminate inefficient fossil fuel subsidies, and drive the transition away from fossil fuels in a just, orderly, and equitable manner, with developed countries leading the way.
Immediate Actions: Ambitious Emission Reduction Targets
Parties are urged to present ambitious, economy-wide emission reduction targets aligned with the 1.5°C limit in their next round of climate action plans by 2025. The urgency of immediate actions is highlighted to bridge the gap in meeting the Paris Agreement goals.
Strengthening Resilience and Global Cooperation
COP28 commenced with the World Climate Action Summit, bringing together 154 Heads of States and Government. A historic agreement on the operationalization of the loss and damage fund and funding arrangements was reached, demonstrating early substantive progress. Commitments to the fund exceeded USD 700 million, showcasing global solidarity in enhancing resilience to the impacts of climate change.
Further progress was made on the loss and damage agenda, with an agreement to establish the secretariat of the Santiago Network for Loss and Damage. This platform aims to provide technical assistance to developing countries particularly vulnerable to the adverse effects of climate change.
Climate Finance: The Driving Force of Climate Action
The conference placed climate finance at the forefront, with UN Climate Change Executive Secretary Simon Stiell emphasizing its role as the "great enabler of climate action." Notable boosts were given to the Green Climate Fund (GCF) and commitments made to the Least Developed Countries Fund and Adaptation Fund. However, financial pledges, as highlighted in the global stocktake, fall short of the trillions needed to support developing countries in their transition to clean energy and adaptation efforts.
To address this, the global stocktake emphasizes the crucial need to reform the multilateral financial architecture and accelerate the establishment of new and innovative sources of finance.
Inclusivity and Empowerment
COP28 witnessed diverse participation from world leaders, civil society, business, Indigenous Peoples, youth, philanthropy, and international organizations. Empowering all stakeholders to engage in climate action emerged as a critical theme, highlighted in the action plan on Action for Climate Empowerment and the Gender Action Plan.
Fostering Cooperation Among Governments and Key Stakeholders
Running concurrently with the formal negotiations, the Global Climate Action space at COP28 emerged as a dynamic arena where governments, businesses, and civil society converged to foster collaboration and spotlight their tangible climate initiatives.
In a significant move, the High-Level Champions, operating within the Marrakech Partnership for Global Climate Action, unveiled their strategic roadmap for 2030 Climate Solutions. This comprehensive set of solutions draws insights from a diverse array of non-Party stakeholders, offering effective measures poised for scaling up and replication. The overarching objective is to cut global emissions in half, address existing adaptation gaps, and enhance resilience by the year 2030.
Moreover, the conference witnessed the unveiling of various initiatives aimed at fortifying the resilience of food and public health systems. Noteworthy announcements were made to tackle emissions stemming from agriculture and methane, showcasing a multifaceted approach to combatting climate change at COP28.
The conference also saw several announcements to boost the resilience of food and public health systems, and to reduce emissions related to agriculture and methane.
Looking Ahead: Critical Years for Climate Action
COP28 sets the stage for critical years ahead. COP29 and COP30 will play pivotal roles in establishing new climate finance goals and updating nationally determined contributions. The enhanced transparency framework, initiated at COP28, ushers in a new era of implementing the Paris Agreement.
As the world anticipates the transitions to decarbonized economies and societies, COP28's agreements and decisions serve as a roadmap. The race against time continues, with a collective call to deliver on commitments, mitigate climate challenges, and achieve a 1.5-degree world.
