COP28: Major takeaways and decisions to set climate action plans

New Delhi: As the world biggest Climate Conference COP 28 concluded in Dubai, UAE, with an agreements which demonstrates urgent steps that will shape the future course of action in a fight against the climate change.

Let’s have a look what are the major steps that have been taken by the 200 countries in a hard-fought debates UNFCCC Climate Summit in Dubai.

The Parties agreed a landmark text named “The UAE Consensus” which called 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 renewables and double energy efficiency by 2030, and builds momentum towards a new architecture for climate finance.

The draft has also asked to sets out an ambitious climate agenda to keep 1.5°C within reach.

The 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.

It contains every element that was under negotiation and can now be used by countries to develop stronger climate action plans due by 2025.

The stocktake recognizes the science that indicates global greenhouse gas emissions need to be cut 43% by 2030, compared to 2019 levels, to limit global warming to 1.5°C. But it notes Parties are off track when it comes to meeting their Paris Agreement goals.

COP28 also delivered historic negotiated outcomes to operationalize Loss and Damage, securing $792 million of early pledges, providing a framework for the Global Goal on Adaptation (GGA).

Under the total “Action Agenda” at COP28, over $85 billion in funding has been mobilized and 11 pledges and declarations have been launched and received historic support.

The other major decisions at Climate Summit

The launch of ALTÉRRA, the UAE’s $30 billion catalytic private finance vehicle, which seeks to mobilize a total of $250 billion for global climate action.

Declaration on Agriculture, Food, & Climate,’ embedding sustainable agriculture and food systems in the response to climate change. It has received endorsements from 158 countries.

Declaration on Climate and Health,’ to accelerate the development of climate-resilient, sustainable and equitable health systems. It has been endorsed by 144 countries.

The Global Decarbonization Accelerator (GDA) a series of landmark energy initiatives across the public and private sectors to speed up the energy transition including:

The Global Renewables and Energy Efficiency Pledge to triple worldwide installed renewable energy generation capacity to at least 11,000 gigawatts and to double the global average annual rate of energy efficiency improvements to more than 4 percent by 2030. It has been endorsed by 132 countries.

The Oil and Gas Decarbonization Charter (OGDC), which commits signatories to zero methane emissions and ending routine flaring by 2030, and to net-zero operations by 2050 at the latest. To date, 52 companies, representing over 40 percent of global oil production have signed up to it.

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.”

“We must get on with the job of putting the Paris Agreement fully to work,” said Stiell.

COP28 President, Dr. Sultan Al Jaber during his closing speech said that, “The moment history was made. Everyone came together from day one. Everyone united, everyone acted and everyone delivered”.

“The world needed to find a new way. By following our North Star, we have found that path. We have worked very hard to secure a better future for our people and our planet. We should be proud of our historic achievement” he said.

The negotiations on the ‘enhanced transparency framework’ at COP28 laid the ground for a new era of implementing the Paris Agreement. UN Climate Change is developing the transparency reporting and review tools for use by Parties, which were showcased and tested at COP28. The final versions of the reporting tools should be made available to Parties by June 2024.

COP28 also saw Parties agree to Azerbaijan as host of COP29 from 11-22 November 2024, and Brazil as COP30 host from 10-21 November 2025.

The next two years will be critical. At COP29, governments must establish a new climate finance goal, reflecting the scale and urgency of the climate challenge.

And at COP30, they must come prepared with new nationally determined contributions that are economy-wide, cover all greenhouse gases and are fully aligned with the 1.5°C temperature limit.