Key Takeaways From COP28

COP28 took place in Dubai, UAE, from November 30 to December 12, 2023. The conference lasted two weeks, involving intense negotiations and commitments for climate action. It was one of the most complex COPs since the Paris Agreement. The event saw record attendance with 97,000 delegates, including more than 150 heads of state. Business leaders and non-state actors also attended, highlighting the growing focus on climate change by the public, private, and civil society.

The major outcome of COP28 was the first Global Stock Take (GST). The GST was a review that examined how the UN member states were progressing towards the goals of the 2015 Paris Agreement. This agreement aimed to limit temperature rise to below 2°C and ideally, to 1.5°C compared to pre-industrial levels.

The final GST text urged nations to move away from fossil fuels. Overall, the UAE Consensus was a victory for multilateralism and climate diplomacy.

Five Key Takeaways From COP28

1. Taking Stock Of Actions

Dubai Climate Action Overview

CoP 28 identified as a key opportunity for nations to alter climate action track through GST.
Global emissions are currently increasing by 1.5% per year.
Emissions need to reduce by 7% per year until 2030 to maintain a 1.5ºC goal.
The release of GST reminded us that we are far from our targets.

Purpose of GST

The GST serves to instruct necessary immediate actions.
The document is essential for planning and discussions.

Key Conclusions from Negotiators

There is an urgent need for deep, rapid, and sustained reductions in greenhouse gas emissions.
A systematic transition from fossil fuels in energy systems is called for, aiming to achieve net-zero by 2050.
Emphasis on the acceleration of actions in this critical decade.

Renewable Energy and Energy Efficiency

A need to triple the global capacity of renewable energy was identified.
Doubling the annual rate of energy efficiency improvements before 2030 is crucial.

Non-CO2 Emissions and Methane

Significant curbing of non-CO2 emissions is essential.
There is a specific focus on achieving near-zero global methane emissions by 2030, as methane is 80 times more harmful than CO2.

Fossil Fuel Subsidies

Inefficient subsidies for fossil fuels that do not address energy poverty or facilitate just transitions should be phased out as soon as possible.

2. Tripling Renewables, Doubling Efficiency

Massive Investment in Clean Power

A tremendous expansion in new energy infrastructure, especially clean energy, is required to meet energy transition goals.
Total investment is projected to reach $4.5 trillion by 2030.

The Global Agreement on Renewable Energy

117 countries, following the recommendation of the International Energy Agency (IEA), have agreed to triple global renewable energy capacity by 2030 to more than 11,000 GW.
These countries also aim to double the annual rate of energy efficiency improvements within this decade.
Such targets, while ambitious, are crucial to achieving the 1.5°C goal.

The Role of the Private Sector

The private sector has stepped in to support these initiatives.
An example is the Danish investment firm, Copenhagen Infrastructure Partners, which announced a $3 billion fund for new renewable energy projects in growing and developing markets.

Future Focus on New Technologies

Climate action in the 2020s will focus on existing technology.
However, by 2050, half of the necessary reductions for net-zero emissions must come from technologies not yet available at scale.
Hence, there’s a pressing need for a decarbonized and reliable grid that facilitates the adoption of new climate technologies at scale.

3. Transforming Demand To Significantly Reduce Emissions In Agriculture

Food Systems and Global Emissions

Food systems significantly multiply the impact of just and equitable transition.
They contribute to 30% of global emissions, escalating costs, and nutrition related issues.

COP28 Presidency’s Take on Sustainable Agriculture

The issue of sustainable agriculture was a main focus of the COP28 Presidency’s climate action agenda.
They announced the Emirates Declaration on Sustainable Agriculture, Resilient Food Systems and Climate Action.
The declaration received support from 134 countries, representing 70% of the world’s land.
These countries committed to including emissions from agriculture and farming in their national climate action plans.

Also Read | Everything You Wanted To Know About Agricultural Emissions

4. Promoting A Comprehensive Agenda For Nature And Climate Action

Climate and Biodiversity

The world is experiencing both climate change and loss of biodiversity.
A nature-positive economy can generate business value over $10 trillion annually.
Nature-based solutions can provide up to 30% of emission mitigation targets.

Dubai Summit

The Dubai Summit led to the convergence of climate and nature agendas.
The UAE and China issued a joint statement recognizing the interdependence of climate and nature.
They committed to implementing strategies for both nature and climate.
The COP28 Presidency launched initiatives with a $1.7 billion commitment to meet climate and biodiversity goals.

Importance of Ocean

The ocean is a crucial factor in combating climate change, being the world’s biggest carbon sink.
It absorbs 90% of the warming generated from climate change.
However, investment in ocean action is the least funded UN Sustainable Development Goal.

COP28’s Focus on Blue Solutions

COP28 aimed to boost blue solutions, focusing on the restoration and protection of mangroves.
21 countries joined the Mangrove Breakthrough to protect 15 million hectares of mangroves by 2030.
Mangroves can hold more than four times more carbon than tropical forests.

Funding for Nature Conservation

The summit was successful in mobilising over $2.5 billion to bridge the funding gap in nature conservation and restoration for climate resilience.

5. Prioritising adaptation and providing support for the most vulnerable

Global Risks of Climate Change

Climate change adaptation failure ranks as the second most severe long-term global risk.
The most severe risk is the failure in climate mitigation.

The Global Goal on Adaptation

The Global Stocktake (GST) established seven targets for Global Goal on Adaptation by 2030.
Goals include improving resilience against water-related disasters and promoting climate-positive methods in food and water production.
The goal also includes the provision of climate-resilient health services.

The UN’s Adaptation Fund

The summit secured $188 million for the UN’s Adaptation Fund for 2023.
This achievement, while commendable, is below the annual target of $300 million.
It’s also significantly lower than the estimated $215 billion required yearly for developing countries.

The Loss and Damage Fund

Another significant achievement of COP28 was the activation of the Loss and Damage Fund.
Over $726 million was raised to assist countries severely affected by climate change.
However, this amount represents only 0.2% of the necessary funds.

Way Forward

The conference results show promising signs of progress, albeit not meeting the lofty expectations of the international community. It’s crucial to highlight that while the UAE Consensus moves in the same direction as the Paris Agreement, it lacks legal enforceability. Consequently, an urgent call to action for the creation of a transition blueprint and the expeditious, effective execution of the GST by countries is necessary.

The anticipation for commitments and investments from both governmental and private entities to accelerate the transition to net-zero emissions was heightened, especially after the limited advancements at COP27. Even though COP28 succeeded in raising over $85 billion, it’s widely accepted that this amount is insufficient to rebuild trust and convert the initial GST into concrete actions that can significantly alter the trajectory of global emissions.