Day13
Dr. Sultan Al Jaber
COP28 President-Designate,
UAE Special Envoy for Climate Change, and
Minister of Industry and Advanced Technology
Key Announcements (12th December 2023)
As COP28 reaches a pivotal juncture, anticipation surrounds the release of a potential game-changer – the "Global Stocktake". Here are some key highlights from the text[2]:
o A need for deep, rapid, and sustained reductions in GHG emissions in line with 1.5 °C pathways
• Tripling renewable energy capacity and doubling the rate of energy efficiency improvements by 2030
• Accelerating efforts towards the phase-down of unabated coal power
• Goal for Net Zero emissions by mid-century
• Transition away from fossil fuels in a just, orderly, and equitable manner[3]
• Accelerating zero- and low-emission technologies (renewable, nuclear, Carbon Capture and Use or Sequestration (CCUS), low-carbon hydrogen)
• Substantially reduce methane emissions by 2030
• Phase out inefficient fossil-fuel subsidies
• Rapid deployment of zero-and low-carbon emission vehicles
o Finance
• Developing countries’ needs are currently estimated at USD 5.8–5.9 trillion for the pre-2030 period.
• Developed countries to make progress in at least doubling adaptation finance from 2019 levels by 2025.
• Developed countries to fully deliver, with urgency, on the USD 100 billion per year goal through to 2025 for mitigation actions.
o Way Forward
• Encourages countries to communicate in 2025 their nationally determined contributions (NDCs) with an end date of 2035
• Other key announcements include:
o Food has been another top topic of conversation at this year’s talks. According to the UN, available climate funding for food is very low.[4] During this years COP28 summit, funding for global food systems has topped USD 7 billion to support the food systems’ climate transition.[5] Funding will go towards farmers, helping them minimize their impact by adapting and making necessary changes. Although funding for Food & Agriculture remains low compared to climate, this year the talks held the first Food, Agriculture, and Water Day, primarily dedicated to food systems.[6]
o COP28 has seen notable financial milestones, with over USD 83.9 billion being mobilized during the first few days itself[7]. New pledges will boost the Green Climate Fund's replenishment to USD 12.8 billion and swiftly capitalize a UN climate fund for loss and damages reaching USD 655.9 million.[8] Despite these achievements, concerns linger regarding the neglect of adaptation finance and overall, less-promising commitments. Analysts emphasize the necessity for wealthier nations to elevate contributions to dismiss perceptions that climate finance commitments are merely redistributing existing funds. While acknowledging the positive initiation of the loss and damage fund, observers stress the urgency for accelerated progress, given that extreme weather events have cost small island states USD 105 billion in the past 22 years, with only around USD 700 million currently pledged.[9]