COP28 agreement shaping climate action future

The global stocktake is considered the central outcome of COP28 – as it contains every element under negotiation and can now be used by countries to develop stronger climate action plans by 2025. The overarching aim is to keep the global temperature limit of 1.5°C within reach.

The curtains have closed on the United Nations Climate Change Conference (COP28) with a groundbreaking agreement that heralds the beginning of the end of the fossil fuel era. The pact lays the ground for a rapid, equitable transition, emphasising substantial cuts in emissions and increased financial support. Showcasing global solidarity, negotiators from nearly 200 Parties came together in Dubai with a decision on the world’s first ‘global stocktake’ to ratchet up climate action before the decade’s end. The primary goal is to maintain the possibility of meeting the 1.5°C global temperature limit.

Global stocktake

The global stocktake is considered the central outcome of COP28. Countries can now use it to develop stronger climate action plans due by 2025. The stocktake recognises the science that indicates global greenhouse gas emissions need to be cut 43 percent by 2030, compared to 2019, to limit global warming to 1.5°C. The stocktake calls on Parties to take action towards achieving a global tripling of renewable energy capacity and doubling energy efficiency improvements by 2030. The list also includes accelerating efforts towards phase-down coal power, phasing out inefficient fossil fuel subsidies, and measures to drive the transition away from fossil fuels in energy systems.

In the short-term, Parties are encouraged to come forward with ambitious, economy-wide emission reduction targets, covering all greenhouse gases, sectors and categories and aligned with the 1.5°C limit in their next round of climate action plans (nationally determined contributions) by 2025.

World climate action summit

The World Climate Action Summit began the two-week conference, which brought together 154 Heads of State and Government. Parties agreed on the operationalisation of the loss and damage fund and funding arrangements – the first time a substantive decision was adopted on the first day of the conference. Commitments to the fund started coming in moments after the decision, totalling more than USD 700 million. Climate finance took centre stage at the conference, with Simon Stiell, UN Climate Change Executive Secretary, repeatedly calling it the “great enabler of climate action.”

At COP28, discussions continued on setting a ‘new collective quantified goal on climate finance’ in 2024, considering developing countries’ needs and priorities. Starting from a baseline of USD 100 billion per year, the new goal will be a building block for the design and subsequent implementation of national climate plans that need to be delivered by 2025.

Innovative climate solutions and post-COP28

Some 85,000 participants attended COP28 to share ideas and solutions and build partnerships and coalitions. The decisions taken also re-emphasise the importance of empowering all stakeholders to engage in climate action. The conference also saw several announcements to boost the resilience of food and public health systems and reduce emissions related to agriculture and methane. UN Climate Change is developing transparency reporting and review tools for use by Parties, which were showcased and tested at COP28.

UN Climate Change Executive Secretary Simon Stiell said, “In early 2025, countries must deliver new nationally determined contributions. Every commitment – on finance, adaptation, and mitigation – must align us with a 1.5-degree world. Whilst we didn’t turn the page on the fossil fuel era in Dubai, this outcome is the beginning of the end.”

COP28 President Dr. Sultan Al Jaber remarked, “The world needed to find a new way. By following our North Star, we have found that path. We have worked hard to secure a better future for our people and planet. We should be proud of our historic achievement.”

Next COP29 and COP30 lined up

During COP28, Parties reached a consensus on Azerbaijan hosting COP29 from November 11 – 22, 2024, followed by Brazil hosting COP30 scheduled from November 10 – 21, 2025. The upcoming two years are set to be pivotal in shaping climate actions. At COP29, governments must establish a new climate finance goal, reflecting the scale and urgency of the climate challenge. At COP30, they must come prepared with new nationally determined contributions that are economy-wide, cover all greenhouse gases and are fully aligned with the 1.5°C temperature limit.

Source: https://unfccc.int