The 28th Conference of the Parties (COP28) of the United Nations Framework Convention on Climate Change took place in the United Arab Emirates (UAE). For the first time in its three-decade history, the conference adopted the idea of “transitioning away from fossil fuels.” This decision came amidst intense debates during the UN climate summit in Dubai, held during the hottest year on record.
Sultan al-Jaber, the president of COP28 and CEO of Abu Dhabi National Oil Company, highlighted the collective effort to reach consensus. The agreement emphasized the need for a global stocktake of climate action under the 2015 Paris Agreement and set principles for energy transition, urging nations to accelerate climate action in this critical decade.
While the focus was on transitioning from fossil fuels, especially coal, the fine print appeared to favor the growth of brown fuels, providing oil-rich nations with business opportunities and giving developing nations some flexibility in their green transition. Bharat advocated for equity and justice in global climate action, emphasizing the principles of the Paris Agreement.
Minister Bhupender Yadav of Bharat supported the COP decision document, emphasizing the importance of implementing the determined actions based on principles of equity and climate justice. The COP28 Stocktake text acknowledged the need for significant and rapid reductions in greenhouse gas emissions, suggesting measures such as tripling renewable energy and phasing down unabated coal power.
Despite Bharat’s push, the focus on rapidly phasing down unabated coal raised concerns, as other fossil fuels, like natural gas, were treated differently. The COP28 was criticized for not doing enough to raise climate ambition, hold historical polluters accountable, or establish effective mechanisms for financing climate resilience and a just low-carbon transition for the Global South.
While the tripling of renewable energy received praise, the absence of a landmark outcome on finance was noted, especially considering the expectations for COP28 to be a finance-centric conference. Additionally, the operationalization of the loss and damage fund on the first day of the conference had voluntary contributions, with only $700 million raised against a much higher estimated need. The lack of identified beneficiaries and benefactors added to the challenges faced by the Loss and Damage Fund.
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