The world’s biggest climate meeting, COP28, the 28th Conference of the Parties, took place in Dubai and concluded with several key outcomes.
Some of the main outcomes include:
Transition away from fossil fuels: Nearly every country in the world agreed to transition away from fossil fuels, marking the first time such an agreement has been reached in 28 years of international climate negotiations.
Loss and Damage Fund: A new agreement on the operationalization of a fund to pay for the loss and damage caused by climate change was reached. The fund is meant to support vulnerable communities and developing nations which are struggling to cope with the impact of climate disasters such as the destruction of crops caused by floods.
Global Stocktake: The final text of the Global Stocktake was improved after fierce pushback on the watered-down language on emissions and fossil fuels. It now mentions the projection of peak global emissions between 2020-2025 and aligns around emissions reductions consistent with the goals of limiting warming to 1.5 degrees.
Emphasis on adaptation: The Global Goal on Adaptation was intended to increase ambition on adaptation, but COP28 fell short of delivering the desired outcome. The final text retains calls for a doubling in adaptation finance and plans for assessments and monitoring of adaptation needs in the coming years.
Financing expectations and targets: Progress was finally made on the new collective quantified goal (NCQG), which builds on the $100 billion pledged by developed nations to finance climate mitigation and adaptation initiatives in developing nations. The agreement text needs to conclude post-COP29 with a comprehensive outcome that identifies a path toward increasing the ambition of climate finance.
Just Transition: The final COP text included some important call-outs of the importance of delivering a just transition. However, more work will be required on what the just transition means in quantitative terms from emissions trajectories to climate finance obligations.
Carbon markets: Another closely watched area in Dubai was on carbon markets. Carbon markets are systems where countries or entities can buy and sell carbon credits, representing a reduction of greenhouse gases, to meet their climate targets. The credibility of these markets was also questioned, however, no agreement was reached.
While these outcomes are significant, COP28 fell short of delivering the decisive action on climate change that science says is needed. The agreement lacks quantifiable targets or substantial financial aid for adaptation, and the timeline for transitioning away from fossil fuels is unclear.
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