The Key Points from COP 28 on Fossil Fuels
The 28th session of the Conference of the Parties (COP 28) was a pivotal moment in the ongoing dialogue about climate change and fossil fuels. Here, we’ll break down the key takeaways in simple terms, helping you understand what decisions were made and how they might affect our planet and our future.
Musindo Kahonde
1/14/20242 min read
COP28 marked a significant moment in international climate discussions, with a focus on transitioning away from fossil fuels. Here are some of the key points from the summit:
Global Stocktake and Climate Goals: The central outcome of COP28 was the world's first 'global stock take' to ramp up climate action before the end of the decade. This stock take emphasized the need to keep the global temperature rise within 1.5°C. It highlighted that current efforts are off track in meeting the Paris Agreement goals and underscored the urgency of reducing global greenhouse gas emissions by 43% by 2030, compared to 2019 levels.
Transition Away from Fossil Fuels: For the first time in nearly 30 years of UN climate summits, there was an agreement to move away from fossil fuels. Key strategies include tripling renewable energy capacity, doubling energy efficiency improvements by 2030, phasing down unabated coal power, and limiting the creation of new unabated coal power generation.
Emissions Reduction and Energy Systems: The resolution set forth actions for rapidly decreasing emissions in various sectors. This includes accelerating zero and low emissions technologies, such as renewables, nuclear, and carbon capture, and focusing on reducing non-CO2 emissions, particularly methane. There's also a push for rapid deployment of zero-emission vehicles and phasing out inefficient fossil fuel subsidies.
Financial Aspects and Support: Climate finance was a pivotal aspect of the discussions. The Green Climate Fund (GCF) saw a substantial boost with total pledges reaching USD 12.8 billion. However, there's a recognition that these funds fall short of the trillions needed for developing countries' clean energy transitions and adaptation efforts. The importance of reforming the multilateral financial architecture was underscored, with discussions on setting a new collective quantified goal on climate finance by 2024, starting from a baseline of USD 100 billion per year
Inclusivity and Participation: COP28 saw a broad spectrum of participants, including world leaders, civil society, business entities, Indigenous Peoples, youth, and international organizations. The conference aimed to embody a shared determination to close the gaps to 2030.
Adaptation and Loss & Damage: Significant progress was made in terms of adaptation and addressing loss and damage due to climate change. Agreements were reached on the Global Goal on Adaptation (GGA) and the operationalization of the loss and damage fund, with more than USD 700 million pledged to date.
In conclusion, COP28 represented a historic step in global climate efforts, especially with the agreement to transition away from fossil fuels, although there were concerns about the lack of a clear call for a complete fossil fuel phase-out. The summit underscored the urgency of enhanced and inclusive climate action, with a significant focus on renewable energy, efficiency improvements, and financial commitments to support these endeavors.
References
1. UNFCCC. (n.d.). COP28 Agreement Signals “Beginning of the End” of the Fossil Fuel Era. UNFCCC. Retrieved from [UNFCCC](https://unfccc.int/news/cop28-agreement-signals-beginning-of-the-end-of-the-fossil-fuel-era)
2. Sky News. (2023, December 13). COP28 resolution: The key points at a glance. Sky News. Retrieved from [Sky News](https://news.sky.com/story/cop28-resolution-the-key-points-at-a-glance-12766612)
3. Carbon Brief. (2023, December 13). COP28: Key outcomes agreed at the UN climate talks in Dubai. Carbon Brief. Retrieved from [Carbon Brief](https://www.carbonbrief.org/cop28-key-outcomes-agreed-at-the-un-climate-talks-in-dubai)