- Strengthening global cooperation is a critical path to facing the climate crisis. COP28, from 30th November – 12th December in Dubai, UAE, will bring the world together to focus minds on the climate crisis, strengthening collaboration at a time when we need it most.
- The UN climate conference is an opportunity to escalate the ambition needed to match the urgency of the task at hand. Governments and organisations at COP28 will need to agree on bolder actions to close the emissions gap, protect the most climate vulnerable and accelerate financial system transformation.
- New agreements and commitments by governments and businesses in response to the Global Stocktake can sketch a transformational roadmap to get global climate action on track in this critical decade for keeping a climate safe 1.5-degree world within reach.
The 28th annual Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) is set to take place from 30th November to 12th December in Dubai, UAE. The conference aims to strengthen global cooperation and escalate the ambition needed to tackle the climate crisis.
Since the 2015 Paris Agreement, significant action has been taken across countries and sectors. However, the progress has been incremental, and the world is still heading in the wrong direction. COP28 presents an opportunity to course-correct global climate action.
Closing the Emissions Gap
One of the key goals of COP28 is to close the emissions gap by phasing out fossil fuels, ending the construction of new coal power plants, and accelerating the energy transition. The conference aims to agree on goals to triple global renewable capacity and double the rate of energy efficiency improvement by 2030. This will stimulate clean energy investment and help countries develop ambitious and effective policies for their just energy transition.
COP28 also aims to protect the most climate-vulnerable countries by creating a UNFCCC framework for adaptation goals and establishing a loss and damage fund. Developing countries will be looking to make the loss and damage fund a reality by agreeing on its setup and bringing new money at scale to fill it.
Financial System Transformation
The conference will also focus on accelerating the financial system transformation for a transition to cleaner, low-emission, and more resilient economies. The $100bn climate finance promise remains unmet, but far greater scales of finance are needed to resource climate action and development properly.
The COP28 World Climate Action Summit on 1st and 2nd December will be a major chance for world leaders to concretise the global financial architecture reform agenda. The Global North will be under pressure to up its game and demonstrate cooperation to match the leadership of Global South countries.
Tom Evans, Policy Advisor E3G, said, “The Global Stocktake has laid bare the course correction we urgently need to safeguard our future. COP28 must make leaps and bounds in this new direction. Together, agreements on ambitious global goals for renewable energy and energy efficiency, a loss and damage fund, and a rewired financial system are the basis of a transformational roadmap for global climate action coming out of Dubai, setting us on a course to meet the goals of the Paris Agreement.”
Ana Mulio Alvarez, Researcher at E3G said “COP28 could deliver many historical moments for Loss and Damage. Countries must agree on and operationalize a Loss and Damage Fund and come to the table with early pledges to fill this Fund. Parties must also decide on a host for the Santiago Network on Loss and Damage and its role in the new Fund or Funding Arrangements.
She further added, “however, that for this new architecture to be successful, world leaders must design and develop new pathways for innovative sources of finance fit for purpose. Overall, progress must be made on the ecosystem of Loss and Damage to ensure vulnerable countries and communities that are already suffering the consequences of Climate Change are not left behind.”
This article was originally published by ©E3G and is republished here with E3G’s permission. The Ground Report editorial team has made some changes to the original version.
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