In Dubai, COP28 forges a historic agreement to expedite climate action

Dec 14, 2023 - 11:21
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In Dubai, COP28 forges a historic agreement to expedite climate action

Yesterday marks the conclusion of COP28 with a groundbreaking agreement among 198 Parties, ushering in a new era of climate action. The landmark text, "The UAE Consensus," has been unanimously adopted by the Parties, outlining an ambitious climate agenda to maintain the 1.5°C target. This consensus urges Parties to shift away from fossil fuels to achieve net-zero emissions, calls for the submission of economy-wide Nationally Determined Contributions (NDCs), introduces a specific goal to triple renewables and double energy efficiency by 2030, and propels progress toward a redefined framework for climate finance.

After a year of inclusive diplomatic engagements and two weeks of rigorous negotiations, the UAE Consensus encapsulates the COP28 Presidency's commitment to providing the most ambitious response to the Global Stocktake and fulfilling the core objectives of the Paris Agreement. In his closing speech, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, stated, "The world needed to find a new way. By following our North Star, we have found that path. We have worked very hard to secure a better future for our people and our planet. We should be proud of our historic achievement."

Promising a distinct kind of COP, one that unites public and private sectors, civil society, faith leaders, youth, and indigenous peoples, Dr. Al Jaber emphasized the collaborative effort that characterized the entire COP28 process. The COP28 Presidency team, led by Dr. Al Jaber, aimed to construct "a plan that is led by the science" and establish a new precedent for this and future COPs, grounded in the inclusion of diverse perspectives and addressing the needs of the Global South.

Dr. Al Jaber declared, "It is a balanced plan that tackles emissions, bridges the gap on adaptation, reimagines global finance, and delivers on loss and damage. It is built on common ground. It is strengthened by inclusivity and it is reinforced by collaboration. It is an enhanced, balanced, but make no mistake, historic package to accelerate climate action." 

An unparalleled commitment to transitioning away from all fossil fuels, aiming for global net-zero emissions by 2050. A significant advancement in the expectations for the next round of Nationally Determined Contributions (NDCs) by promoting "economy-wide emission reduction targets."Propelling financial architecture reform, recognizing credit rating agencies for the first time, and advocating for an increase in concessional and grant finance. A specific target is to triple renewables and double energy efficiency by 2030. Acknowledgment of the imperative to substantially amplify adaptation finance beyond the current doubling to address urgent and evolving needs.

Beyond the Global Stocktake, COP28 achieved historic outcomes by operationalizing Loss and Damage, securing early pledges totaling $792 million, establishing a framework for the Global Goal on Adaptation (GGA), and institutionalizing the role of the Youth Climate Champion to integrate youth participation in future COPs.