COP28 launched with the operationalization of the Loss and Damage Fund and ended with the first formal agreement to tackle fossil fuels. Held in Dubai, the United Arab Emirates in 2023, COP28 marked the end of the first Global Stocktake.
The Global Stocktake is the Paris Agreement’s process to assess the progress made to mobilize stronger climate action every 5 years. Countries, recognizing the need for ramped-up action, agreed to accelerate climate action in all areas by 2030.
According to COP28 President, Dr. Sultan Al Jaber, this COP marked the beginning of the end of the fossil fuel era.
“Whilst we didn’t turn the page on the fossil fuel era in Dubai, this outcome is the beginning of the end,” said UN Climate Change Executive Secretary Simon Stiell.
“Now all governments and businesses need to turn these pledges into real-economy outcomes, without delay,” Al Jaber said.
In this article, we break down some of the major outcomes of COP28:
1. Cutting GHG Emissions at COP28
A call for the world to transition away from fossil fuel energy systems – this is a key issue highlighted within the UAE Consensus. Accelerating action to cut emissions in this decade is seen as key to achieving net zero by 2050.
Addressing methane pollution was also at the top of the list at COP28. A number of steps were taken to address pollution from this powerful greenhouse gas. Grants totaling over $1 billion will triple funding for projects that aim to reduce costs across various sectors.
Parties were called to progress towards a swift, just, and equitable transition from fossil fuels. Which in turn means a triple renewable energy capacity and double energy efficiency by 2030. Countries were encouraged to submit economy-wide Nationally Determined Contributions (NDCs). Five more countries joined the Global Methane Pledge – bringing the total number of signatories to 155.
A call for increased adaptation finance was also made as Parties were called to deliver National Adaptation Plans by 2025 and implement them by 2030.
“Even if we stopped all emissions today, accelerated adaptation is still needed to respond to the devastating climate impacts already being experienced,” the UAE consensus states.
2. Loss and Damage Fund Operationalized
After months of talks in 2023, the Loss and Damage Transitional Committee saw a breakthrough at the start of the Dubai climate summit. The fund was fully operationalized on the first day and several countries stepped up to commit roughly $700 million to capitalize the fund.
However, this is a drop in the ocean considering the $580 billion needed to address loss and damage in vulnerable countries by 2030.
The Board of the Loss and Damage Funds is tasked with ensuring the fund’s policies are fit for purpose and responsive and mobilizing resources to the scale needed. Countries are called to step forward with larger pledges to meet the climate-vulnerable communities.
3. Global Goal on Adaptation Framework Established
The Framework for the Global Goal of Adaptation was finalized at COP28 after two years of discussions with negotiators. Global time-bound targets were agreed upon for specific themes and sectors, such as water, and health, among others. A two-year work program has been established by negotiators to enhance this new framework.
This framework presents an opportunity to fill in missing pieces for adaptation needs for developing countries to meet their climate resilience goals.
4 .COP29 Declared as The Finance COP
While COP28 brought an additional $3.5 billion in new pledges to the second replenishment of the Green Climate Fund (GCF) much of the outcome on finance was passed on to COP29.
The adoption of a new financial goal – called the New Collective Quantified Goal (NCQG)- will be the big topic for COP29, which is already being touted as the Finance COP.
At COP28, the Global Stocktake decision included reflection on financial progress – parties acknowledge that countries failed to meet the $100 billion goal in 2021.
The new goal will take account of the needs of developing countries and estimate climate finance flows at $5.8 trillion to $5.9 trillion up until 2030.
At least three technical experts dialogue will be held leading up to COP29 to address the elements of the NCQG – including the amount the goal should aim for, timelines, what it will fund, and how the process will be measured.
Bolstering National Climate Commitment
The government will prepare its next round of NDCs in 2024 following a call at COP28 for the UN to host workshops globally and regionally to build national capacity to help prepare them.
The Global Stocktake calls on countries to submit new NDCs ahead of COP30 in 2025. The COP28 decision indicates that NCD must be more ambitious.
Negotiators agreed that the COP28, COP29, and COP20 presidencies will collaborate on a “Road map to Mission 1.5.”
5. Carbon Market Conundrum
A decision on rules for carbon markets was not adopted at COP28. Article 6 of the Paris Agreement provides a framework for countries to pursue voluntary cooperation to reach their climate targets.
A major question regarding international carbon market trading is left unanswered, leaving the carbon markets in limbo. Countries could not agree on several major points including:
- The process of authorizing emission reduction for transfer to other countries, and when authorization could be revised or revoked,
- The process for reviewing confidential information and correcting inconsistencies in country reports,
- The scope and definition of “cooperative approaches” refer to how carbon trading can help countries meet their NDCs; and
- Which activities are eligible to be included in carbon markets until Article 6.
These negotiations will continue at COP29 in Azerbaijan.
Declaration on Sustainable Agriculture
Over 159 nations signed the COP28 UAE Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action. These nations commit to integrating food and food systems into the NDCs by 2025. The Global Stock Take encourages the implementation of integrated multisectoral solutions, including “resilient food systems.”
Global Goal on Adaptation Framework Established
The Framework for the Global Goal on Adaptation was finalized at COP28 after two years of discussions with negotiators. Global time-bound targets were agreed upon for specific themes and sectors, such as water, and health, among others. A two-year work program has been established by negotiators to enhance this new framework.
This framework presents an opportunity to fill in missing pieces for adaptation needs for developing countries to meet their climate resilience goals.
SIDS at COP28
Lead Negotiators for the Alliance of Small Island Developing State (AOSIS), Anne Rasmussen, at COP28 said, “We have come to the conclusion that the course correction that is needed has not yet been secured.”
AOSIS is the negotiating bloc which includes the Caribbean Community Climate Change Centre (CCCCC) and other representatives of small islands.
“AOSIS at the beginning of this COP had one objective, to ensure that 1.5 is safeguarded in a meaningful way. Our leaders and Ministers have been clear. We cannot afford to return to our islands with the message that this process has failed us,” said Rasmussen.
She noted, “Zoning in on paragraphs 26 – 29 of this draft decision we have come to the conclusion that the course correction that is needed has not yet been secured. We have made incremental advancement over business as usual when what we really needed is an exponential step-change in our actions and support.”
Road to COP29
COP29 will be hosted in Baku, Azerbaijan from November 11 – 22, 2024. For the first time since the Paris Agreement countries will set a new global climate finance target.
Check out our Road To COP29 article for details on the key issues critical for COP29 to be considered a success.
