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COP28 agreement marks ‘beginning of the end’ of fossil fuel usage
The UAE Consensus adopted by almost 200 parties calls for transition away from fossil fuels in an effort to reach net zero and to intensify climate action
The UAE Consensus was adopted on the final day of the event / Credit: Kiara Worth | UN Climate Change
The United Nations Climate Change Conference (COP28) concluded on December 13 with an agreement that marks the "beginning of the end" of the fossil fuel era.
According to the UN, the agreement sets the foundation for a rapid, fair, and equitable transition, emphasizing substantial emissions reductions and increased financial support.
Almost 200 Parties arrived at a consensus, called the UAE consensus, to transition away from fossil fuels in an effort to reach net zero and to intensify climate action before the end of the decade. The overarching goal of the consensus was to set out an agenda to maintain the global temperature limit of 1.5°C within achievable reach.
“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,” an official statement noted.
“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.”
The UAE Consensus. For People and Planet.#COP28 #UniteActDeliver #UAEConsensus pic.twitter.com/uI7uJtaFdT
— COP28 UAE (@COP28_UAE) December 13, 2023
The global stocktake is regarded as the key outcome of COP28, encompassing all negotiated elements. It acknowledges the scientific imperative to reduce global greenhouse gas emissions by 43 percent by 2030, relative to 2019 levels, in order to constrain global warming to 1.5°C. However, it emphasizes that Parties are currently deviating from the trajectory required to achieve their goals under the Paris Agreement.
The stocktake urges Parties to undertake measures globally, aiming for a threefold increase in renewable energy capacity and a twofold enhancement in energy efficiency by 2030. This also involves expediting initiatives for the reduction of unabated coal power, discontinuation of inefficient fossil fuel subsidies, and implementing other measures that facilitate the transition from fossil fuels to energy systems.
In the short term, Parties are urged to present ambitious, economy-wide emission reduction targets encompassing all greenhouse gases, sectors, and categories. These targets should be in alignment with the 1.5°C limit and included in their next round of climate action plans, known as nationally determined contributions, by 2025.
COP28 highlights
The two-week-long conference commenced with the World Climate Action Summit, uniting 154 Heads of States and Government. A historic agreement on the operationalization of the loss and damage fund and funding arrangements was reached, marking the first time a substantive decision was adopted on the conference's opening day. Shortly after the decision, commitments to the fund began, and the total surpassed US$ 700 million to date.
Further advancements were made on the loss and damage agenda, securing an agreement that designates the UN Office for Disaster Risk Reduction and the UN Office for Project Services as the hosts for the secretariat of the Santiago Network for Loss and Damage. This platform is envisioned to facilitate technical assistance to developing countries especially susceptible to the detrimental impacts of climate change.
In addition, the Green Climate Fund (GCF) received increased support for its second replenishment, as six countries pledged new funding at COP28. The total pledges now reach a record US$ 12.8 billion from 31 countries, with additional contributions anticipated.
During COP28, eight donor governments declared new commitments to the Least Developed Countries Fund and Special Climate Change Fund, surpassing US$ 174 million to date. Additionally, new pledges, amounting to nearly US$ 188 million, were made to the Adaptation Fund.
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