The 28th Conference of the Parties to the UN Framework Convention on Climate Change (UNFCCC) known as COP28 took place in Dubai from November 30th to December 13th, 2023. It was an event in the battle against climate change, drawing over 85,000 participants that included national delegations, civil society representatives, and business leaders. The main goal of COP28 was to accelerate progress towards the objectives set by the Paris Agreement. But how did it differ from previous conferences, what key topics dominated the Energy Transition discussions, and where do we go from here?
From Sharm El-Sheikh to Dubai: A Shifting Landscape
Moving from Sharm El Sheikh to Dubai represented a shift in focus. While COP26 in Glasgow concentrated on securing pledges and COP27 in Sharm El Sheikh focused on adaptation and financial aspects, COP28 placed a stronger emphasis on implementation and accountability. This shift was largely influenced by the first-ever “Global stocktake” which provided a comprehensive assessment of collective advancements made under the Paris Agreement. The stark reality? Progress fell short across areas such as reducing emissions, enhancing adaptation measures, and providing climate financing for developing nations.
As a result of these findings, COP28 adopted an approach. The conference witnessed an increased focus on solutions, advancements in technology, and concrete financial pledges. Furthermore, the involvement of non-governmental entities, especially businesses from the private sector became more significant. This shift reflects an increasing realization that addressing climate change requires collaboration beyond governments.
Source - Cathay Petroleum (https://www.cathaypetroleum.com/cop-28-the-biggest-climate-conference/)
Energy Transition: Fuelling the Debate
The transition from fossil fuels to renewable energy sources continued to be a central topic during the discussions at COP28. Key points covered included -
Phasing out fossil fuels - A decision was made for the first time to "accelerate efforts towards phasedown of unabated coal use" in the final agreement. This marks a significant advancement, although concerns persist regarding the absence of concrete timelines and specific actions. Meanwhile, debates on phasing out oil and gas remain contentious due to the economic and geopolitical challenges intertwined with reliance on fossil fuels.
Climate finance - The delivery of the $100 billion climate finance commitment to developing nations remained a point of contention. While approximately $800 million in commitments have been pledged to this fund so far, concerns remain regarding how accessible and effectively these funds are utilized. Ensuring transparency, streamlining administrative procedures, and attracting investments from private sector players are crucial steps for progress.
Renewable Energy Deployment - Scaling up renewables received significant attention with discussions focusing on financing options, technology-sharing initiatives, and modernizing energy grids. Countries have set goals to boost renewable energy investments by 30% by 2030 and advance innovative technologies such as green hydrogen to cut carbon emissions in industries like steel and heavy manufacturing. Signatory countries have also aimed to triple the world's installed renewable energy capacity to at least 11000 GW by 2030 but ensuring fair access and addressing infrastructure challenges in developing nations are key priorities.
Targets to Triple Nuclear Energy - Nearly 22 countries have endorsed 9th declaration at COP28 to triple global nuclear energy capacity by 2050.
Energy Efficiency Pledge - Nations have committed to doubling the annual rate of energy efficiency improvements from about 2% to 4% each year until 2030.
Global Goal in Adaptation - The introduction of the Global Goal on Adaptation (GGA) at COP28 aims to boost awareness and funding for country's climate change adaptation efforts within the framework of the Paris Agreement 1.5/2 degree temperature goals.
The Global Cooling Pledge - A coalition of 66 signatories has pledged to reduce cooling-related emissions across all sectors by 68% globally by 2050 compared to levels in 2022.
Just Transition - Ensuring a smooth and fair transition for workers and communities relying on fossil fuels was recognized as crucial. Conversations revolved around enhancing skills providing social safety nets and aiding those impacted. The launch of the "Just Transition Platform" during COP28 aims to accelerate and fund these endeavors understanding that a sustainable future should not come at the expense of communities.
Looking Beyond Dubai: The Road Ahead
The conclusion of COP28 brought about a bag of outcomes. While acknowledging the necessity for action and incorporating a coal phase-out are positive steps, the absence of concrete timelines and limited progress in financial matters leaves much to be desired. Despite these challenges, COP28 played a role in holding nations accountable and emphasizing the urgency of climate actions.
So, what comes next? Moving forward, we anticipate -
Increased scrutiny and pressure on nations - The stocktake has established a benchmark for evaluating progress, expecting countries to showcase efforts in their Nationally Determined Contributions (NDCs) by 2025. This places pressure on developed countries to enhance their initiatives and enables developing nations to access support ambitious targets.
Scaling up Innovation and Technology - Investing in renewable energy, clean technologies, and climate-resilient infrastructure is crucial to achieving net-zero emissions. Continued research and development, international collaboration, and financial support for technology transfer are critical steps.
Enhanced Collaborations – Continued partnerships among governments, businesses, and civil society are key to driving change and mobilizing resources. Platforms like the Climate Investment Funds and the Race to Zero campaign can help foster collaboration and accelerate progress.
Holding Developed countries accountable - Delivering climate finance commitments and ensuring equitable access to resources for developing countries remains a critical step. Maintaining transparency mechanisms, independent monitoring, and holding developed nations accountable are essential in making sure they meet their responsibilities.
Ultimately, the success of COP28 will be measured not just by its outputs, but by the concrete actions taken in its wake. It is now imperative for all stakeholders to translate commitments into tangible initiatives and accelerate the transition towards a sustainable future. We must remember, COP28 was not an end, but rather a pivotal crossroads on the long road to tackling climate change. The journey continues, and every step we take counts.
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