Finance
The two-week UNFCCC 28th Conference of the Parties (COP28) ended on Wednesday with a historic agreement by 198 parties (197 countries plus the European Union) to usher in a new era of climate action.
The parties reached a historic agreement known as The UAE Consensus, which lays out an ambitious climate plan aimed at keeping temperatures below 1.5 degrees Celsius.
The UAE Consensus encourages parties 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 toward a new climate finance architecture.
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 delivers on the central aims of the Paris Agreement.
“The world needed to find a new way.
By following our North Star, we have found that path,” said COP28 President, Sultan Al Jaber, during his closing speech.
“We have worked very hard to secure a better future for our people and our planet. We should be proud of our historic achievement.
“I promised a different sort of COP. A COP that brought everyone together — private and public, civil society and faith leaders, youth and indigenous peoples. Everyone came together from day one. Everyone united, acted and delivered.”
Throughout the COP28 process, Al Jaber and the COP28 Presidency team have expressed determination to deliver “a plan that is led by the science” and to define a new way for this and future COPs, based on the inclusion of diverse peoples and elevating the needs of the Global South.
“It is a balanced plan that tackles emissions, bridges the gap on adaptation, re-imagines global finance and delivers on loss and damage,” said Al Jaber.
“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.”
Major commitments contained in the final negotiated text include: 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 expectations for the next round of Nationally Determined Contributions (NDCs) by encouraging “economy-wide emission reduction targets”; and building momentum behind the financial architecture reform agenda, recognizing the role of credit rating agencies in the financial architecture reform agenda. Aside from the Global Stocktake, COP28 produced historic negotiated solutions 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.
Throughout 2023, the COP28 Presidency has taken bold and decisive steps to deliver beyond the negotiated text through its ‘Action Agenda,’ which is divided into four pillars: accelerating a just and orderly energy transition; improving climate finance to make it more available, affordable, and accessible; focusing on people, nature, lives, and livelihoods; and fostering full inclusivity in climate action.
The scope of accomplishments made under the Action Agenda is unmatched for any COP and demonstrates the willingness of delegates from a diverse range of sectors and businesses to take constructive action.
Over $85 billion in funding has been mobilized under the entire Action Agenda at COP28, and 11 pledges and declarations have been launched and gained record support.
Source:IANS
