After two weeks of intense deliberations at the 28th Conference of the Parties (COP28) of the United Nations Framework Convention on Climate Change (UNFCCC) hosted by the United Arab Emirates (UAE), the countries reached an agreement on the transition away from fossil fuels. The agreement signals the “beginning of the end” of the fossil fuel era by laying the ground for a swift, just and equitable transition, underpinned by deep emissions cuts and scaled-up finance.
“Whilst we didn’t turn the page on the fossil fuel era in Dubai, this outcome is the beginning of the end,” said UN Climate Change Executive Secretary Simon Stiell in his closing speech. “Now, all governments and businesses need to turn these pledges into real-economy outcomes, without delay.”
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Looked upon as a historic moment, 198 parties agreed to deliver a new era of climate action by agreeing to a landmark text named The UAE Consensus, which calls on Parties to transition away from fossil fuels to reach net zero, encourages them to submit economy-wide Nationally Determined Contributions (NDCs), includes a new specific target to triple renewable energy and double energy efficiency by 2030, and builds momentum towards a new architecture for climate finance.
“It is a balanced plan that tackles emissions, bridges the gap on adaptation, reimagines global finance and delivers on loss and damage,” said OP28 President, Dr. Sultan 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.”
The major commitments contained in the final negotiated text included 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 the expectations for the next round of Nationally Determined Contributions (NDCs) by encouraging “economy-wide emission reduction targets, a new, specific target to triple renewables and double energy efficiency by 2030. In addition, it also included recognising the need to significantly scale up adaptation finance beyond the doubling to meet urgent and evolving needs.
Outside the Global Stocktake, there were historic negotiated outcomes to operationalise Loss and Damage, securing $792 million of early pledges, providing a framework for the Global Goal on Adaptation (GGA), and institutionalising the role of the Youth Climate Champion to mainstream youth inclusion at future COPs.