Cop28 Dubai
By Staff Writer, Halal Incorp
The 28th Conference of the Parties (COP28), the world’s most significant climate meeting, recently concluded in Dubai, marking a pivotal moment in global efforts to address the escalating crisis of human-induced climate change.
Negotiators from diverse nations engaged in intensive deliberations, striving to formulate a comprehensive plan to combat the pressing challenges posed by climate change. While some noteworthy progress was achieved, COP28 fell short of delivering the decisive actions that scientific consensus deems necessary.
This analysis explores the key decisions made at COP28, highlighting both achievements and shortcomings.
Cop28 Dubai
Loss and Damage
COP28 witnessed a groundbreaking agreement to support nations most vulnerable to the severe impacts of climate change. The agreement encompasses the development of national response plans, addressing climate information gaps, and ensuring equitable and dignified human mobility in cases of displacement and migration due to loss and damage.
A globally diverse board will oversee the fund, initially managed by the World Bank. Wealthy nations pledged over $650 million in support of this fund, marking a crucial step toward addressing the immediate consequences of climate change.
Cop28 Dubai
Climate Finance Target
Significant progress was made on the New Collective Quantified Goal (NCQG), building on the $100 billion commitment by developed nations to finance climate mitigation and adaptation initiatives in developing countries.
However, the existing goal remains unmet, and COP28 only saw an agreement to draft a post-2025 finance target, leaving crucial details to be finalized in subsequent conferences.
Global Goal on Adaptation
Continuing the emphasis from COP27, COP28 prioritized supporting strategies for adapting to climate change impacts.
The final text called for a doubling in adaptation finance and set explicit 2030 targets for water security, ecosystem restoration, and health. However, concerns arise as the commitment to closing the adaptation finance gap weakened, and key financing details were deferred to COP29.
Cop28 Dubai
Global Stocktake and Fossil Fuels
The Global Stocktake faced scrutiny at COP28, with improvements in the final text acknowledging the projection of peak global emissions between 2020-2025. The text now explicitly aligns with goals to limit warming to 1.5 degrees Celsius and achieve net-zero emissions by 2050.
Despite positive strides, concerns linger regarding softened language on unabated coal and the inclusion of “transitional fuels” in the energy transition, calling for a transition away from fossil fuels rather than a phaseout.
Carbon Markets
Dubai’s COP28 witnessed intense discussions on carbon markets, where countries or entities trade carbon credits to meet climate targets. Unfortunately, no consensus was reached on key supervisory and accounting issues, leaving questions about the credibility and permanence of claimed reductions/removals to be addressed at COP29.
Cop28 Dubai
Other Key Themes
The final COP text underscored the importance of a just transition, reflecting in various agreements. Nature-based solutions were recognized in the Global Goal on Adaptation, emphasizing the acceleration of ecosystem-based adaptation.
A promising 2030 deforestation goal was also included in the final text.
COP29 Host
Baku, Azerbaijan, will host COP29, a decision reached after Armenia and Russia withdrew their objections, avoiding an extension of the UAE presidency and relocation to Bonn, Germany.
Overall Assessment
While the UAE effectively managed the logistics of the largest COP in history, COP28’s landmark agreements on loss and damage and the commitment to transition away from fossil fuels were tempered by an overall sense of incrementalism.
In the face of the urgent climate crisis during the hottest year on record, the incremental steps taken at COP28 may prove insufficient, underscoring the need for more substantial and immediate actions in subsequent conferences.
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