iNDICA NEWS BUREAU-
The United Nations Climate Change Conference held in UAE concluded with 198 nations urging the world to “transition away” from fossil fuels. The UAE Consensus calls on all parties concerned to transition away from fossil fuels to reach net zero, encourages them to submit economy-wide Nationally Determined Contributions (NDCs), includes a new specific target to triple renewables and double energy efficiency by 2030, and builds momentum towards a new architecture for climate finance.
The 198 countries that attended the 28th meeting of the Conference of the Parties (COP28) in Dubai adopted the first-ever United Nations climate deal that calls for the world to transition away from fossil fuels. Representatives from the nations agreed to begin reducing global consumption of fossil fuels to avert the worst impacts of climate change, which is the first step towards the end of the oil age. The nations are expected to deliver on the agreements through national policies and investments.
This is the first time that the participating nations at the COP climate summit have arrived at a consensus to move away from oil, gas, and coal, which account for 80 percent of global energy. Fossil fuels are by far the largest source of greenhouse gas emissions driving climate change.
The UAE Consensus, which follows a year of inclusive diplomatic engagements and two weeks of intense negotiations, reflects the COP28 Presidency’s goal to provide the most ambitious response possible to the Global Stocktake and deliver on the central aims of the Paris Agreement. Under the total Action Agenda at COP28, over $85 billion in funding has been mobilized and 11 pledges and declarations have been launched.
“The world needed to find a new way. By following our North Star, we have found that path,” said COP28 President, Dr. Sultan Al Jaber during his closing speech. “We have worked very hard to secure a better future for our people and our planet. It is a balanced plan that tackles emissions, bridges the gap on adaptation, reimagines global finance, and delivers on loss and damage. It is an enhanced, balanced, and historic package to accelerate climate action.”
Action Agenda achievements at COP28:
- The launch of ALTÉRRA, the UAE’s $30 billion catalytic private finance vehicle, seeks to mobilize a total of $250 billion for global climate action.
- The ‘COP28 UAE Declaration on Agriculture, Food, & Climate,’ embedding sustainable agriculture and food systems in the response to climate change. It has received endorsements from 158 countries.
- The ‘COP28 UAE Declaration on Climate and Health,’ to accelerate the development of climate-resilient, sustainable, and equitable health systems. It has been endorsed by 144 countries.
- The Global Decarbonization Accelerator (GDA) – a series of landmark energy initiatives across the public and private sectors to speed up the energy transition including:
- The Global Renewables and Energy Efficiency Pledge to triple worldwide installed renewable energy generation capacity to at least 11,000 gigawatts and to double the global average annual rate of energy efficiency improvements to more than 4 percent by 2030. It has been endorsed by 132 countries.
- The Oil and Gas Decarbonization Charter (OGDC) commits signatories to zero methane emissions and ending routine flaring by 2030, and to net-zero operations by 2050 at the latest. To date, 52 companies, representing over 40 percent of global oil production have signed up for it.
- The ‘Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge’ to advance the integration of sub-national leaders in climate-related decision-making, which has been endorsed by 67 countries.
- The COP28 Presidency’s receipt of the Global Youth Statement: the collective climate policy demands of children and youth from over 160 countries across the world. Its delivery follows a year of youth engagements championed by H.E. Shamma Al Mazrui, the first official Youth Climate Champion.
- The COP28 Presidency has been clear in its intention to ensure that the agreements made at COP28 are delivered and followed through to COP29 and COP30, with mechanisms to track progress against implementation. Already, the Presidency has signed an agreement with Brazil, the host country of COP30, to deepen collaboration and increase climate ambitions by COP30.
Commitments made at COP28:
- An unprecedented reference to transitioning away from all fossil fuels to enable the world to reach net zero by 2050.
- A significant step forward in the expectations for the next round of Nationally Determined Contributions (NDCs) by encouraging “economy-wide emission reduction targets.”
- Building momentum behind the financial architecture reform agenda, recognizing the role of credit rating agencies for the first time, and calling for a scale-up of concessional and grant finance.
- A new, specific target to triple renewables and double energy efficiency by 2030.
- Recognizing the need to significantly scale up adaptation finance beyond the doubling to meet urgent and evolving needs.
- COP28 delivered negotiated outcomes to operationalize Loss and Damage, securing $792 million of early pledges, providing a framework for the Global Goal on Adaptation (GGA), and institutionalizing the role of the Youth Climate Champion to mainstream youth inclusion at future COPs.