The COP28 Summit, held in Dubai from 30 November to 12 December 2023, could have marked a historic turning point in the global approach to climate change.
In a recent post by Position Green, the firm provided a review of the event and how it achieved further progress in the move to bring the fossil fuel era to an end.
This event, which attracted nearly 100,000 participants, concluded with an unprecedented agreement that signals a potential end to the fossil fuel era. For the first time, the summit called for a shift away from fossil fuels in energy systems, aiming to achieve net-zero emissions by 2050.
While the deal was met with widespread approval, there remains some skepticism due to the absence of explicit terms for a complete phase-out of coal, oil, and gas. Nevertheless, the explicit mention of transitioning away from fossil fuels could significantly reshape global economies.
The summit opened with positive news about the climate disaster fund, a concept that was initially introduced at COP27 in Egypt. This year’s discussions focused on operationalizing the fund, with a meeting scheduled in January to finalize its framework. The fund is seen as a vital step in supporting communities and developing nations affected by climate disasters. However, there are concerns about the adequacy of the pledged funds, especially considering the estimated annual damages of $400bn due to climate change. Despite these concerns, the commitment is seen as a significant step forward.
A landmark development at COP28 was the inclusion of fossil fuels in the summit’s final agreement. This marked the first time a COP agreement directly addressed the issue, acknowledging fossil fuels as a major contributor to climate change. The agreement, while criticized for its vague terms, sets a target for achieving net zero by 2050. Additionally, initiatives such as the Global Cooling Pledge and the Oil and Gas Decarbonization Charter were introduced to further reduce emissions.
A significant focus at COP28 was on climate finance accountability, with developed nations being urged to fulfill their funding commitments. This funding is crucial for supporting the climate transition and adaptation efforts in developing countries. The summit also saw progress on the New Collective Quantified Goal (NCQG), which aims to extend beyond the $100bn pledged by developed nations. President Al Jaber announced over $85bn in new financial commitments for various climate sectors, emphasizing the importance of implementation in achieving successful climate action.
The summit highlighted a shift towards renewable energy as the primary future energy source. The final deal called for a significant increase in renewable energy capacity and improvements in energy efficiency by 2030. This represents a substantial achievement and signals to markets the need for increased investment in renewable energies.
COP28 served as the first global stocktake since the Paris Agreement. The summit emphasized the need for rapid and substantial reductions in greenhouse gas emissions to align with the 1.5°C target. This involves cutting emissions by half within six years and reaching net-zero by 2050. Despite progress, there’s recognition that current efforts are not enough, and there’s a need for intensified global actions.
Over 150 businesses and financial institutions committed to climate and nature targets at COP28. These commitments involve increased investments in nature-based solutions and a comprehensive assessment of nature-related impacts. The importance of technology in driving sustainable transition was also highlighted, particularly in carbon capture initiatives. The private sector’s role in transitioning to low greenhouse gas emissions and climate-resilient development was emphasized as crucial.
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