COP28: UAE-based global stocktake needs to deliver
In 2022, COP27 made progress in the fight against climate change – in particular, agreeing to help at-risk developing countries – but record-breaking heatwaves and terrible flooding have been a reminder that there’s still much to do.
At COP28 in Dubai, all eyes were on the world’s leaders as they faced mounting pressure to keep the goals of the Paris Agreement within reach.
Outlines what needs to happen to curb climate change.
Countries only agreed to the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies.
The final-decision text targeted the need to address deforestation and focused on ‘nature-based solutions’.
Despite mixed reactions, COP27 saw some major breakthroughs in the form of funding arrangements to compensate developing economies suffering from the devastating effects of climate change. Two initiatives dominated the headlines:
‘Loss and damage’ facility
Phase-out of fossil fuels
COP27: Climate justice came into focus
Biodiversity on the agenda
COP28: Key areas
The Paris Agreement mandated a Global stocktake to take place every five years which culminated at COP28.
Global stocktake
Loss and damage fund
Established on day 1 of the summit with over $700m in contributions but more backing needed to support developing countries.
Climate finance
Many countries pledged funding, such as the UK, which announced more than £85m to tackle global deforestation, but a large funding gap for nature-based solutions remains.
Transition
A deal was reached to transition away from fossil fuels in a just, orderly and equitable manner.
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Disclaimer
To be filled in after COP28
Key agreements
COP28: Key steps
Key agreements
To be filled in after COP28
To be filled in after COP28
The need for a just transition will not diminish with time, and we will want the consumer by our side on the long road ahead. This is very much a social issue, as much as it is a climate one.
Countries only agreed to the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies.
Phase-out of fossil fuels