Friday, December 22, 2023
COP28 has concluded with a historic agreement, named The UAE Consensus, involving 198 Parties committing to a new era of climate action.
The landmark text outlines an ambitious climate agenda, emphasizing the transition away from fossil fuels to achieve net-zero emissions by 2050. The UAE Consensus urges countries to submit comprehensive Nationally Determined Contributions (NDCs) and includes specific targets to triple renewables and double energy efficiency by 2030. The agreement also addresses climate finance reform, recognizing the role of credit rating agencies and calling for increased concessional and grant finance.
Under the leadership of COP28 President, Dr. Sultan Al Jaber, the conference aimed to redefine guest experiences and provide an ambitious response to the Global Stocktake, aligning with the central objectives of the Paris Agreement. Dr. Al Jaber emphasized a balanced plan that addresses emissions, adaptation, global finance, and loss and damage. Major outcomes include an unprecedented reference to transitioning away from all fossil fuels, steps forward in economy-wide emission reduction targets, and progress in financial architecture reform.
Beyond the negotiated text, COP28 delivered historic outcomes in operationalizing Loss and Damage, securing early pledges of $792 million, establishing the Global Goal on Adaptation (GGA), and institutionalizing the role of the Youth Climate Champion. The COP28 Presidency’s Action Agenda mobilized over $85 billion and launched initiatives like ALTÉRRA, a $30 billion private finance vehicle, and the Global Decarbonization Accelerator (GDA), featuring pledges on renewables, energy efficiency, and oil and gas decarbonization.
The COP28 Presidency’s commitment extends to ensuring agreements are implemented through COP29 and COP30, with collaboration agreements signed with Brazil, the host of COP30. The presidency emphasizes the critical decade ahead and aims to build on the momentum generated at COP28. The achievements highlight a significant step forward in global climate action and sustainability.
Monday, January 1, 2024
