As the world collectively addresses climate change and its associated impact, nations gather to discuss how to best tackle sustainability challenges and how to facilitate the transition towards renewable energy. One of the world’s biggest climate action conferences recently brought together representatives of 198 nations to discuss the goals set by the Paris Climate Change Agreement. COP28, the 28th meeting of the Conference of the Parties, was held in Dubai from the 30th of November to the 6th of December. During the conference, attendees discussed the urgency of actionable climate change. Notably, COP28 highlighted that there is insufficient progress in various areas of climate action. The world is currently not on track to meet the 1.5°C target set by the Paris Agreement. The conference was the largest of its kind, attracting 85,000 participants, including over 150 Heads of State and Government. In response, participating countries decided to accelerate efforts by 2030, urging governments to accelerate the transition from fossil fuels to renewables, such as wind and solar power, in their future climate commitments.

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Main subjects

The conference discussion topics revolved around five key topics that are at the forefront of recent climate discussions: 1) Loss and damage, 2) Climate finance target, 3) Global goal on adaptation, 4) Global stocktake and fossil fuels, and 5) Carbon markets. These subjects are crucial in shaping the global response to climate change and determining which actions need to be taken to achieve targets and tackle ongoing challenges that participating nations face. 

Loss and damage

One of the main subjects during COP28 was addressing loss and damage caused by climate change. This discussion led to an agreement to assist in arising challenges. Action needs to be taken on:

1. Agreement to help climate-vulnerable nations 
2. Development of national response plans 
3. Addressing climate data insufficiency 
4. Continued development of a global fund to help vulnerable nations deal with climate change which has already received over USD 650 million in pledges from high-income nations, namely France, Italy, Germany and the UAE. 

Climate finance target

Another key subject of focus was the focus on climate finance targets, particularly in the sense of meeting the set target of USD 100 billion. COP28 reported that this target has yet to be fully met, despite pledges by developed countries. To help bridge the gap, an agreement was made to draft a target for 2025, ahead of COP29. During the conference, the importance of sustained financial commitments from nations was underlined, to help drive climate action and adopt more initiatives in developing countries. 

Global goal on adaptation

COP28 underscored the importance of supporting strategies for adapting to the impacts of climate change. The need for more funding, especially for water security, ecosystem restoration, and health, with clear targets for 2030 was emphasised. It was stressed that an increased commitment to bridging the adaptation finance gap is necessary for feasible sustainability results. 

Global stocktake and fossil fuels

COP28 put a lot of attention on the global stocktake, especially regarding fossil fuels. The final draft of the text explicitly stated the goal of achieving net-zero emissions by 2050 and limiting global warming to 1.5 degrees Celsius. However, concerns were expressed regarding the softened language on coal and fossil fuels, with the original intention of "rapidly phasing down unabated coal" replaced with "efforts towards the phase down of unabated coal." Similarly, the call to "phase out" fossil fuels was replaced with the milder "transition away from," specifically meaning fossil fuel use in the energy system. 

Carbon markets

Expectations for the future are high, with an urgent need for more concrete action to effectively address climate challenges. Looking ahead to COP29, it is expected that involved countries will strengthen their commitments to the Paris Agreement targets. To bridge the gap between these goals and the current reality, it is crucial to have a discussion, where subjects such as climate finance, adaptation, fossil fuels, and carbon markets take the central stage. 

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COP29

COP28 brought the world together to address the pressing challenges of climate change, showcasing progress and areas requiring more commitment and concrete action. The transition towards renewable energy and sources continues, with a gradual phase-out of fossil fuels as a driving action of impact. The world awaits more collective commitments to mitigate negative climate impacts, which are now stronger than ever, thanks to the productive and unique COP28 conference. 

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What’s next?

The much-awaited COP28 represents an important – yet incremental – step forward in transitioning towards more sustainable energy sources and increased climate adaptability. The two-week-long negotiation resulted in a historic agreement to gradually transition away from fossil fuels, which represents the first time that fossil fuels are explicitly mentioned and put on centre stage since the start of the COP global climate conferences in 1995. 

The conclusion of the global stocktake in addition to the pledge to triple renewable energy generation by 2030 provides a wide-ranging template for governments and corporations to follow. The impact of these pledges needs to become visible when countries publish their updated Nationally Determined Contributions (NDCs) in 2025. This will more than likely result in updated emission reduction targets, which are also aligned with the European Union’s update of the Renewable Energy Directive (REDIII).

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