The world is at a critical juncture in its fight against climate change, and COP28 in the United Arab Emirates (UAE) promises to be a landmark event. This conference, the 28th session of the Conference of Parties (COP), marks another crucial step in the ongoing battle to address the climate crisis. As we inch closer to 2030—the year by which we must halve emissions to limit global warming to 1.5°C—the urgency of the situation cannot be overstated. In this blog, we will delve into what COP28 entails and what to expect from this pivotal gathering.
COP28: A Pivotal Moment for Climate Action
The COP, an annual event initiated in 1995, gathers signatories to the United Nations Framework Convention on Climate Change (UNFCCC) to discuss and find solutions to the monumental challenge of climate change. However, COP28 holds special significance as it will host the first Global Stocktake (GST), a comprehensive evaluation of progress since the adoption of the Paris Agreement. This assessment aims to align global efforts in addressing climate change and bridge the existing gaps in progress.
The Paris Agreement, established during COP21 in 2015, set the ambitious goal of limiting global warming to 1.5°C compared to pre-industrial levels by 2050. To stay on this trajectory, we must reduce emissions by half by 2030. COP28 offers a critical opportunity to recalibrate and refocus our climate agenda.
The First Global Stocktake: Taking Stock of Progress
The upcoming United Nations climate conference, COP28, scheduled for December 2023 in Dubai, United Arab Emirates, is set to mark a significant moment in the global fight against climate change. At the heart of this conference is the conclusion of the first-ever Global Stocktake (GST). This process aims to assess the progress made by countries toward the long-term climate targets outlined in the 2015 Paris Agreement and represents a pivotal step in addressing climate change on a global scale.
Recognizing the need for ongoing assessment and action, the Paris Agreement introduced the Global Stocktake (GST) process. The GST is designed to evaluate collective progress made by countries every five years across three key pillars: mitigation, adaptation, and finance.
What to Expect from COP28
In July 2023, COP28 President Sultan Al-Jaber outlined the main areas of focus for the conference. Notably, the Environment Ministers of South Africa and Denmark will lead consultations on the GST, aiming to assess collective progress towards Paris Agreement goals.
Energy: COP28 will focus on six deliverables, including ramping up renewables, reducing oil and gas emissions, and promoting clean baseload capacity. These measures aim to satisfy diverse constituencies, including renewable energy proponents and fossil fuel-producing nations.
Finance: Finance will be a defining theme at COP28, with objectives to unlock more capital for climate action in developing countries, catalyze private capital flows, and reform regulatory systems. However, some proposals may face resistance, like a near-term capital increase for the World Bank.
Adaptation and Loss & Damage: COP28 will address climate adaptation and loss and damage, operationalizing the new loss and damage fund and potentially adopting a comprehensive framework for the Global Goal on Adaptation.
COP28 aims to address four paradigm shifts:
- Fast-Tracking the Energy Transition and Emission Reductions by 2030: This includes tripling renewable energy capacity, doubling energy efficiency improvements, reducing oil and gas emissions, and transforming heavy-emitting sectors.
- Transforming Climate Finance: COP28 seeks to fulfill old promises and set the framework for a new finance deal, focusing on multilateral development banks, private capital flows, and regulatory system reforms.
- Putting Nature and People at the Center of Climate Action: This paradigm shift emphasizes the importance of considering the impact of climate actions on lives and livelihoods, prioritizing adaptation and loss and damage.
- Creating the Most Inclusive COP Ever: COP28 aims to be an inclusive platform for all stakeholders, fostering cooperation and accountability.
As COP28 approaches, it’s crucial to acknowledge the critical role this conference plays in addressing the climate crisis. While challenges lie ahead, COP28 represents an opportunity to unite and take bold actions to safeguard our planet for future generations. The world’s response to the GST’s findings will determine whether we can meet the goals of the Paris Agreement and combat climate change effectively. Stay tuned for updates on this crucial event as we continue our journey on the road to COP28.