Climate change is almost certainly the largest issue that our generation, and perhaps future generations, will face. Earth’s climate patterns have been changing at an alarming speed, leading to unprecedented environmental challenges. As the impacts of climate change intensify, ranging from rising sea levels to extreme weather events, the international community recognizes the imperative to collaborate on mitigating its effects.
The Conference of the Parties (COP) emerges as a crucial platform under the United Nations Framework Convention on Climate Change (UNFCCC). COP gatherings serve as pivotal moments where nations converge to discuss, negotiate, and commit to concrete actions to combat climate change. These meetings not only underscore the shared responsibility of nations but also highlight the necessity for coordinated efforts to achieve sustainable, resilient, and low-carbon futures on a global scale. There are COP gatherings hosted every year.
Over the past few years, COP meetings have played a critical role in advancing global efforts to address climate change. COP 21 in Paris marked a historic milestone with the adoption of the Paris Agreement, establishing a collective commitment to limiting global temperature rise.
Subsequent COPs focused on refining the implementation of the agreement. Key outcomes included the formulation of guidelines for reporting and monitoring under the Katowice Climate Package, the initiation of the Talanoa Dialogue to increase climate ambition, and ongoing efforts to address issues such as carbon markets, climate finance, and adaptation strategies.
While progress has been made, challenges persist, and the international community continues its collaborative efforts to mitigate the impacts of climate change and transition toward a sustainable and resilient future.
According to the Oxford Institute for Energy Studies, the top 5 issues that must be discussed at COP 28 are: The Global Stocktake, Loss & Damage Fund, Financing the Developing World, Phase Out of Hydrocarbon Producers, and Key New Technologies.
1) Global Stocktake:
The Global Stocktake is a comprehensive assessment mechanism within the Paris Agreement framework. It involves reviewing collective progress towards the agreement's goals, including emission reduction targets and adaptation efforts. COP discussions on the Global Stocktake focus on refining methodologies, data transparency, and ensuring that the process remains robust and inclusive, thus providing a holistic understanding of the global response to climate change.
2) Loss & Damage Fund:
The Loss & Damage Fund addresses the irreversible losses and damages experienced by vulnerable countries and communities. COP discussions on this topic explore financial mechanisms and support structures to address and compensate for such losses, recognizing the disproportionate burden on developing nations.
3) Financing the Developing World:
COP discussions delve into issues of climate finance, assessing the adequacy of funding for both mitigation and adaptation projects in developing countries. The talks often center on mobilising financial resources, enhancing access to funds, and ensuring transparency and accountability in financial mechanisms.
4) Phase Out of Hydrocarbon Producers and Fossil Fuels:
COP deliberations explore strategies, policies, and timelines for reducing reliance on fossil fuels, with an emphasis on supporting affected communities and facilitating a just transition to a low-carbon economy.
5) Key New Technologies:
COP conversations on key new technologies delve into innovative solutions for climate mitigation and adaptation. This includes discussions on breakthrough technologies, sustainable practices, and research and development initiatives. The aim is to encourage the adoption of cutting-edge solutions to accelerate the global transition to a low-carbon future.
Summary::
The current year has marked the highest temperatures ever recorded, prompting urgent calls from the United Nations to take measures to curb global warming and mitigate the widespread damage that has ensued. The World Meteorological Organization (WMO) cautioned that 2023 has surpassed numerous climate records, “leaving a trail of destruction and despair”.
On the first day of COP 28, the recently appointed President of COP28, Dr. Sultan Al Jaber, expressed a strong commitment to achieving the globally agreed warming limit of 1.5°C, emphasising his unwavering focus on this goal. The United Nations reported that 97,300 delegates had registered for the event, making COP 28 the biggest ever COP. Countries made their first decision to launch a fund for loss and damage from extreme weather. This fund is directed at supporting the developing countries hit hardest by climate change and will be held in the World Bank. This marks the first step to rebuild trust and confidence at the UN talks. However, the $700 million (£557 million) pledged by affluent nations, primarily responsible for the climate crisis, constitutes less than 0.2% of the required annual funding. Estimates for the yearly expenses associated with climate damage have ranged from $100 billion to $580 billion.
Day 2-3
World Climate Action Summit (WCAS)
On the second day of COP 28, the UAE opened the World Climate Action Summit (WCAS), attended by 154 Heads of States and Governments and 22 International Leaders. Leaders expressed a resolute commitment to maintaining the attainability of the Paris Agreement goals and transitioning towards immediate, short-term solutions. Numerous countries detailed fresh pledges to diminish emissions, encompassing commitments on methane, non-CO2 gases, and coal. The most recent findings from the Intergovernmental Panel on Climate Change’s (IPCC) Sixth Assessment Report and the technical phase of the Global Stocktake (GST) report underscored the reality that the world is deviating from maintaining a 1.5°C temperature threshold and achieving the goals outlined in the Paris Agreement. Leaders from diverse countries underscored the necessity of establishing a substantial Global Goal for Adaptation, aiming to prioritise and implement actions for adaptation on equal footing with mitigation efforts. Acknowledging the consequences of climate change, 18 nations showcased the spirit of international solidarity by pledging a combined total of $725 million toward the fund associated with loss and damage, with the UAE contributing $100 million to this initiative.
Leaders reaffirmed their dedication by transitioning to an energy system that remains consistent with the goal of limiting global warming to 1.5 degrees Celsius. In a discussion on the energy transition, 22 Heads of State and ministers, alongside business leaders, convened to explore the prospects of tripling renewable energy capacity and doubling energy efficiency. The discourse also delved into the notable decline in the costs associated with clean technologies. The leaders emphasised the potential to reduce emissions across all sectors and accelerate technological innovation to tackle scope 3 emissions. Additionally, they underscored the importance of phasing down fossil fuels to support a transition aligned with the goal of limiting global warming to 1.5°C. Emphasising the urgency of action, leaders acknowledged the imperative to accelerate the mobilisation of finance, with a particular focus on developing countries where financial support and technology are essential for a fair energy transition that addresses growing energy demands. The Oil and Gas Decarbonization Charter (OGDC) garnered support from 51 companies, which includes 29 national oil companies. These companies pledged to achieve net-zero emissions by 2050 or earlier.
Summary of High Level Events
Chaired by the first Global Stocktake (GST) High Level Committee (HLC), The three High Level Events on Adaptation, Means of Implementation and Mitigation also took place on the 1st and 2nd of December.
Under the topic of Mitigation, there is a need for the second round of Nationally Determined Contributions (NDCs) to be more ambitious, economy-wide and cover all GHGs and sectors in order to achieve the target of limiting global warming to 1.5°C. In addition, these efforts should align with the Paris Agreement, taking into account individual countries’ circumstances, as well as increased financial support for transitions. Just transitions present opportunities for job creation, enterprise, and economic growth. Immediate measures are essential to decrease methane and non-CO2 gas emissions and to phase out unabated fossil fuels, especially coal. Additionally, it is crucial to discontinue inefficient fossil fuel subsidies, with developed nations taking the lead in these efforts. The magnitude and rapidity of the required transitions are unparalleled, necessitating intensified efforts towards sustainable development, poverty eradication, and addressing the socio-economic impacts associated with actions to reduce greenhouse gas emissions. These endeavours demand corresponding means of implementation and support, which includes technology transfer and capacity building for developing countries to fully capitalise on the transition.
An immediate and intensified focus on scaling up adaptation actions is imperative to diminish vulnerabilities and bolster resilience. Climate change is already affecting lives and livelihoods globally, with a disproportionate impact on developing countries and vulnerable communities. The current adaptation finance gap, estimated to be between USD $194-366 billion a year, must be drastically reduced through improvements in grants and highly concessional adaptation finance for all developing countries. In order to bridge the gaps in implementation between countries, the Global Goal on Adaptation framework should be adopted immediately, complete with themes and indicators.
Accessible and affordable finance at a substantial scale is a prerequisite for the complete implementation of climate plans, including Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs), particularly in developing countries.While there has been some progress in mobilising climate finance, it is of utmost importance to promptly fulfil all pertinent pledges, which includes delivering the promised USD $100 billion. Additionally, there is a need to establish an ambitious new collective quantified goal on climate finance, scaling up financial contributions from all sources—public, private, domestic, and international finance. This should encompass guarantees and blended finance, green bonds, and innovative financial instruments. Recognizing the role of public finance as pivotal, it can also serve to incentivize private finance flows towards comprehensive decarbonization efforts. On top of this, debt reform should hold a central position in financial discussions, incorporating specific initiatives to prevent further exacerbation of the debt burden in many developing countries. It is crucial to provide enhanced support for capacity building, technology development, and transfer, with a specific emphasis on innovation and local production of both mitigation and adaptation technologies.
Day 4- Health, Relief, Recovery and Peace Day
Climate change stands as the most significant threat to human lives, health, livelihoods, and overall well-being in the 21st century. Furthermore, it exacerbates peace and security issues on a global scale. On Day 4 of COP 28, these key issues, and their solutions that will protect those harmed most by climate change, were highlighted by Parties and Non-State Actors.
At the Reaching the Last Mile Forum, a total of $777 million was pledged to expedite efforts and advance progress against Neglected Tropical Diseases (NTDs).Additionally, $221 million was pledged to disaster preparedness, risk insurance, and anticipatory action.
Day 5- Finance/Trade/Gender Equality/Accountability
The Finance discussions highlight blended financial solutions that encompass actions in both financial and carbon markets, involving UAE institutions, international partners, international financial institutions (IFIs), and philanthropies. This collaborative approach aims to generate new financing resources dedicated to the climate transition, particularly in developing economies.
The Trade discussions underscore the significance of international trade in driving climate action, urging the global trade community to actively participate in finding solutions. This involves supporting a just transition and facilitating market access for Micro, Small, and Medium Enterprises (MSMEs) to connect with global supply chains and engage with governments.
The Gender Equality discussions advocated for negotiations on a gender-just transition, emphasising the importance of fairness in emerging green sectors. Over 60 countries signed the Climate Action Just Transition & Climate Action Partnership which includes commitments like accessible funding, gender-responsive budgeting, and data.
The Accountability discussions focused on reinforcing accountability measures during COP sessions. This involves establishing common standards and laying the groundwork for increased accountability, particularly for the private sector. The initiative includes the development of a high-integrity Net Zero accountability and recognition system.
Day 6
COP28 has initiated new coalitions aimed at accelerating climate solutions by addressing both energy demand and energy supply. 18 countries engaged in a Carbon Management Challenge to store CO2 at a gigaton scale by 2030, 39 countries endorsed a Hydrogen Declaration of Intent, expressing their commitment to piloting renewables-based hydrogen projects as part of efforts to scale clean energy solutions. Climate finance mobilised at COP28 amounted to $83 billion, aiming to advance an inclusive climate action agenda.
Day 7
The COP28 Presidency organised the second-ever ministerial on urban and climate issues, addressing the dual challenges of the climate crisis and rapid urbanisation. The Local Climate Action Summit secured $467 million in funding for urban climate initiatives and saw the participation of over 250 mayors. The Buildings Breakthrough and the Road Transport Breakthrough aimed to achieve net-zero resilient buildings and net-zero emission vehicles respectively by 2030.
Day 8 - Day of Rest
Day 9
On youth, children, education and skills day, COP 28 prioritised young people by placing them at the centre of the climate conversation. 38 countries made commitments to include climate education in their Nationally Determined Contributions (NDCs), as part of the 'UNESCO Greening Education Partnership Declaration.' Additionally, The inaugural Youth Stocktake highlighted youth climate diplomacy, offering a blueprint to amplify the voices of young people in United Nations climate discussions.
Day 10 - Nature, Land Use and Oceans
Additional nations have given their support to a Mangrove Breakthrough, aiming to safeguard 15 million hectares worldwide by the year 2030. In addition, 21 new nations have pledged to formulate Sustainable Ocean Plans with the goal of placing half of the Earth's oceans under sustainable management by 2030. To demonstrate their dedication to nature preservation, UAE revealed $100 million in new funding for nature and climate projects, as well as partnering with Indonesia to launch the International Mangrove Research Center. Ministers released a collective statement addressing the utilisation of sustainable timber, emphasising forest protection, and expressing their commitment to expanding high-quality forest carbon finance by 2025.
Day 11 - Food, Agriculture & Water
Significant announcements were made regarding global water scarcity and food security. Countries rallied in support of the COP28 UAE Declaration on Agriculture, Food Systems, and Climate Action (the Declaration), which has now gained endorsement from 152 nations, and the Water Action Agenda. In total, more than USD $7.1 billion has been raised during COP28 to support climate-positive initiatives within the food system sector. During the first-ever COP ministerial dialogue on building water-resilient food systems, a two-year work partnership to COP30 by UAE and Brazil was announced. The COP28 UAE Presidency, along with its partners, revealed the addition of over 30 new country members to the Freshwater Challenge. This commitment entails collaborative efforts by the members to safeguard and restore 30 percent of the Earth's degraded freshwater ecosystems by the year 2030. The Sharm-El Sheikh Support Programme was announced, a three-year support package to help countries to unlock finance and support for farmers, food producers, small agribusinesses and local communities.
Day 12&13 - Final Negotiations
Following two days of rigorous negotiations, global leaders endorsed a preliminary decision outlining international climate priorities in light of the initial Global Stocktake findings under the Paris Agreement. The decision encompasses various thematic areas, addressing issues such as the reduction of greenhouse gas emissions, adaptation and resilience strategies in the context of climate change, financial support and mechanisms for project implementation, as well as funding for addressing loss and damage in nations vulnerable to climate impacts.
Impact of cop28 conference
While the priorities outlined in the draft decision provide a clear direction for Parties and global businesses to shape their energy transition strategies, it's crucial to note that the implementation of these priorities is voluntary. The approach will vary depending on each country's resources and specific circumstances.
With the conclusion of COP28, the responsibility now returns to national policymakers to enact laws and regulations that put these climate priorities into action. Businesses, especially those operating across multiple jurisdictions, should closely monitor this process to evaluate its impact on their industries. They should also identify opportunities to actively engage with and influence national and international climate change policies while seeking to implement efficient and cost-effective decarbonisation strategies.
The key takeaways from the COP28 conference:
Countries pledged to invest in carbon-reduction technologies, some solutions to negate the need for fossil fuels include, tripling the global renewable energy capacity, increasing energy efficiency and investing in carbon capture. According to analysis, the world is on track to achieve this renewable energy expansion goal if it continues its growth at 17% per annum. However, countries have also agreed to rely on ‘transitional fuels’ to reduce dependence on oil. According to a CNN report this term is generally interpreted to encompass natural gas, which is a fossil fuel. As per an evaluation conducted by the International Energy Agency, even if all the commitments to reduce carbon emissions made at COP28 were put into effect without gradually eliminating fossil fuels, the resulting reduction in emissions would only reach 30 percent of the necessary level to restrict global temperature increase to 1.5 degrees Celsius.
During the initial day of the summit, affluent nations, which bear the greatest responsibility for climate change, pledged a collective fund of $700 million for loss and damage assistance to developing nations. The biggest pledges came from Italy and France, who promised around $108 million each. The US, who is the largest greenhouse gas emitter and fossil fuel producer, committed $17.5 million. The amount pledged falls below the actual harm experienced by developing countries due to global warming. The present annual cost of the consequences is approximated to be around $400 billion, surpassing the pledged amount by over 500 times.
Alongside the climate conference, U.S. authorities disclosed that the federal government would mandate fossil fuel companies to identify and rectify methane leaks emanating from their production facilities. This regulation is set to be enforced in 2024 and has the potential to avert 58 million tons of methane emissions by 2038. The Global Decarbonization Accelerator, a coalition of 50 oil and gas companies, committed to diminishing methane emissions from oil and drilling operations by 80 percent by the year 2030. Bloomberg Philanthropies also introduced a $40 million initiative aimed at researching and monitoring methane leaks within the fossil fuel industry, emphasising increased transparency and precision in the process.
Future conferences and trends
COP29 is scheduled to take place in Azerbaijan from November 11 to 22, 2024. The conference will not only focus on implementing the climate financing and means of implementation commitments from COP28, but will also emphasise the outcomes of the first biennial transparency reports. These reports will include countries' inventories of greenhouse gas emissions. Similar to the Global Stocktake, the findings from these reports are expected to influence discussions and negotiations at COP29, guiding the ongoing efforts to accelerate the transition away from fossil fuels in energy systems.
Conclusion
Across the 2 week COP28 programme where over 85,000 delegates have attended (making it the largest conference in UNFCCC COP history), over 170 declarations, pledges and commitments were made. The most notable being the Global Renewables and Energy Efficiency Pledge, which commits countries to triple the world’s renewable energy capacity by 2030; the Global Methane Pledge which obligates countries to reduce the global methane production by at least 30% by 2030; and the Energy Transition Accelerator, introducing a robust carbon market for the acquisition of carbon credits in developing and emerging economies. On top of this, governments, businesses, and philanthropic entities pledged a total of more than $85 billion for climate action, allocating $792 million to the loss and damage fund and $3.5 billion to the Green Climate Fund.
Author: Soo Wai Kin and Ayan Sivaram
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