The culmination of COP28 in Dubai stands as a historic milestone, propelling the world into a new era of climate action.The culmination of COP28 resulted in a landmark text known as The UAE Consensus, agreed upon by 198 Parties. This comprehensive agreement outlines an ambitious climate agenda designed to keep the global temperature rise within the critical threshold of 1.5°C.
Key Highlights of The UAE Consensus:
COP28 concluded with a final consensus that goes beyond rhetoric, laying out an ambitious response to the Global Stocktake. The agreement puts forward a comprehensive plan to close gaps by 2030. The key elements of this agreement include:
– A call on Parties to transition away from fossil fuels to achieve net-zero emissions by 2050
– Encouragement for Parties to submit economy-wide Nationally Determined Contributions (NDCs).
– A specific target to triple renewables and double energy efficiency by 2030.
– Momentum-building behind a new architecture for climate finance.
The Action Agenda:
The COP28 Presidency, under its ‘Action Agenda,’ took bold and decisive steps, spanning the four pillars of the Paris Agreement. These pillars include:
– Fast-tracking a just and orderly energy transition.
– Fixing climate finance to make it more available, affordable, and accessible.
– Focusing on people, nature, lives, and livelihoods.
– Fostering full inclusivity in climate action.
– The launch of ALTÉRRA, a $30 billion catalytic private finance vehicle.
– Declarations on Agriculture, Food, & Climate, Climate and Health, and more, garnering endorsements from numerous countries.
– The Global Decarbonization Accelerator (GDA) witnessed landmark energy initiatives, including pledges to triple worldwide renewable energy capacity and decarbonize the oil and gas sector.
Financial Mobilization and Agreements:
COP28 showcased an unparalleled commitment to funding climate action. Over $85 billion was mobilized, underlining the global determination to address climate challenges. Key achievements include:
– A historic agreement on Loss and Damage, acknowledging the frontline impact of climate change.
– Advancements in the Global Goal on Adaptation (GGA).
– Breakthrough agreements on the energy transition.
Inclusivity and Participation:
This edition of COP was hailed as the most inclusive to date, ensuring that all voices, including civil society, youth, and indigenous peoples, could actively participate in the decision-making process.
Historic Outcomes Beyond Negotiated Text:
COP28 delivered historic negotiated outcomes beyond the Global Stocktake:
– Operationalizing Loss and Damage, with $792 million in early pledges.
– Providing a framework for the Global Goal on Adaptation (GGA).
– Institutionalizing the role of the Youth Climate Champion for mainstream youth inclusion in future COPs.
Total Funding Mobilized:
COP28 has successfully mobilized over $83 billion in funding, heralding a new era of financial commitment to address climate challenges.
Pledges and Declarations:
A total of 11 pledges and declarations were launched, receiving unprecedented support from the international community.
Loss and Damage Operationalization:
On the inaugural day of COP28, the Presidency facilitated a historic agreement to operationalize and capitalize funding for Loss and Damage. An impressive $792 million has already been pledged to support those most affected by the climate crisis.
The UAE demonstrated a commitment to addressing water scarcity by pledging $150 million. Additionally, $200 million in Special Drawing Rights (SDRs) were allocated to assist vulnerable countries. The World Bank announced a substantial annual increase of $9 billion for 2024 and 2025 to finance climate-related projects. Furthermore, MDBs collectively pledged over $22.6 billion towards climate action.
Endorsements and Declarations Breakdown:
Key endorsements and declarations include:
– Global Renewables and Energy Efficiency Pledge: Endorsed by 130 countries.
– COP28 UAE Declaration on Agriculture, Food, & Climate: Received endorsements from 153 countries.
– COP28 UAE Declaration on Climate and Health: Endorsed by 141 countries.
– COP28 UAE Declaration on Climate Finance: Endorsed by 13 countries.
– Global Cooling Pledge: Endorsed by 66 countries.
– COP28 UAE Declaration on Climate Relief, Recovery & Peace: Endorsed by 78 countries and 40 organizations.
– COP28 UAE Declaration on Hydrogen and Derivatives: Endorsed by 37 countries.
– COP28 UAE Declaration on Gender-Responsive Just Transitions: Endorsed by 78 countries.
– Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge: Endorsed by 67 countries.
– Oil and Gas Decarbonization Charter: Endorsed by 52 companies, representing 40% of global oil production.
– Industrial Transition Accelerator: Endorsed by 35 companies and six industry associations.
Breakdown of Financial Pledges and Contributions:
– Loss and Damage: $792 million.
– Green Climate Fund: $3.5 billion (increasing second replenishment to $12.8 billion).
– Adaptation Fund: $134 million.
– Least Developed Countries Fund: $129.3 million.
– Special Climate Change Fund (SCCF): $31 million.
– Renewable Energy: $5 billion.
– Cooling: $57 million.
– Clean Cooking: $30 million.
– Technology: $568 million.
– Methane: $1.2 billion.
– Climate Finance: $30 billion from the UAE, $200 million in SDRs, and $31.6 billion from MDBs.
– Food: $3.1 billion.
– Nature: $2.6 billion.
– Health: $2.9 billion.
– Water: $150 million
– Gender: $2.8 million
– Relief, Recovery and Peace: $1.2 billion
-Local Climate Action: $467 million