COP28: Progress Report as the World Waits

Today is the final day of the 28th Conference of Parties of the United Nations Framework Convention on Climate Change (COP28) taking place at the Expo City, Dubai, United Arab Emirates.

As we wait for the final decisions from the conference, we bring you important updates on what has happened so far.

To accelerate the energy transition, the COP 28 Presidency took a leading role in launching the Global Renewables and Energy Efficiency Pledge. With the endorsement of 130 national governments (as of 11 December, including the European Union (EU), the Pledge stipulates that signatories commit to work together to triple the world’s installed renewable energy generation capacity to at least 11,000 GW by 2030 and to collectively double the global average annual rate of energy efficiency improvements from around two percent to over four percent every year until 2030.

Several initiatives that are focused on reducing sectoral emissions were launched. They include: the Global Cooling Pledge for COP 28 which is committed to reducing cooling-related emissions by at least 68 percent globally relative to 2022 levels by 2050 the Oil and Gas Decarbonization Charter which commits to net zero operations by 2050 and ending routine flaring by 2030; the Industrial Transition Accelerator committed to by 35 companies and which aims to decarbonise heavy emitting sectors; the Powering Past Coal Alliance which announced new national members; etc.

On finance, there were a number of commitments by governments to Green Climate Fund, Adaptation Fund, Least Developed Countries Fund, and Special Climate Change Fund.The UAE also launched the Declaration on a Global Climate Finance Framework to make finance easily accessible for greening the world, 13 countries have signed up to this.

The UAE also launched the $30 billion climate-focused investment fund called Alterra. Alterra is expected to help drive investments that will help tackle the climate crises.

In terms of full financial commitments at COP28, here is the breakdown:

1. Energy — $6.7bn

2. Finance — $61.8bn

3. Lives & Livelihood — $8.9bn

4. Inclusion — $1.7bn

5. Green Climate Fund — $3.5bn

6. Loss & Damage — $792m

7. Adaptation Fund — $134m

8. Least Developed Countries Fund — $129m

9. Special Climate Change Fund— $31m

Over $83.9bn committed so far

Interestingly, this is the first COP to focus on food systems. There were lots of events around this. The highpoint was the release of the FAO Roadmap and the Alliance of Champions for Food Systems Transformation.

There was also focus on Climate and Health with the UAE Declaration on Climate and Health being endorsed by 135 countries.

Sticking points:

87 percent of the global economy in terms of share of GDP, is covered by climate neutrality, carbon neutrality, GHG neutrality or net zero emissions targets, which provides the possibility of reaching below 2 °C when taking into account their full implementation. The problem however is commitment has not translated into action.

The IPCC report makes it clear that nothing short of a phase out of fossil fuels will help us reach 1.5 degrees. Yet the draft text is silent on this key issue. Important to point out that the draft document is from the Presidency. It is now up to Parties to adjust as necessary.

Report by climate tracker shows that the world is on track for 2.7 degrees. If this happens, Nigeria is one of the countries projected to be the hottest in the world with an exacerbation of deadly heat-caused diseases rampaging the country.

Emissions reductions actions are still not in line to meet 1.5 degrees

Negotiations are still on to ensure that the language of the GST outcome document is changed to reflect scientific diagnosis that fossil fuels phase out is critical.