COP 28: Decoding Success or Missed Opportunities on the Global Stage?

Suchismita Pattanaik
PhD, Post-Doctoral Fellow of ICAR-National Rice Research Institute, Member of WFM

In December 2023, COP 28 took place in the petrostate of Dubai, bringing together nearly 200 representative parties and governments from 154 nations. Over two intense weeks of climate negotiations, the global community grappled with the pressing issue of environmental sustainability. In a significant breakthrough, a consensus emerged, and an agreement was reached on a pivotal commitment: the transition away from fossil fuels. The accord represents the commencement of the end of the fossil fuel era, coupled with a threefold increase in renewable energy and a twofold improvement in energy efficiency. The incorporation of language explicitly calling for the “end of fossil fuel” usage is a groundbreaking and commendable aspect of this agreement.

In order to address the intricate problems related to climate change, international cooperation has long been fostered through the UNFCCC. As governments came together to create workable plans that align with the objectives stated in the Paris Agreement, COP 28 represented a turning point in history. The results of COP 28 Dubai serve as a ray of light in the midst of unprecedented challenges because they demonstrate our shared commitment to protecting the environment for coming generations.

The results of COP 28 signal the beginning of the end of fossil fuel use and urge all companies and governments to quickly translate these promises into real-economy results. Many of the components that were the subject of negotiations are included in the main conclusion of COP28 and can be utilised by nations to create more robust climate action plans by 2025. The stocktake acknowledges the scientific evidence that, in order to keep global warming to 1.5°C, greenhouse gas emissions must be reduced by 43% by 2030 as compared to 2019 levels. However, it acknowledges that the Parties are falling short of their targets under the Paris Agreement. The stocktake urges Parties to move in the direction of tripling global renewable energy capacity and double gains in energy efficiency by 2030. Along with phasing out inefficient fossil fuel subsidies and other measures that promote the just, orderly, and equitable transition away from fossil fuels in energy systems, developed countries continue to lead the way in accelerating efforts towards the phase-down of unabated coal power. By 2025, parties are urged to present comprehensive, economy-wide emission reduction plans that address all greenhouse gases, industries, and categories while staying below the 1.5°C maximum in their upcoming round of nationally determined contributions, or climate action plans.

More advancements were made in the area of loss and damage, which sparked the provision of technical support to poor nations that are especially susceptible to the negative consequences of climate change. Six nations pledged additional funds for the Green Climate Fund (GCF) during COP28, bringing the overall number of commitments from 31 countries to a record USD 12.8 billion. More contributions are anticipated. This boosts the GCF's second replenishment. The Global Climate Action area at COP28 offered a forum for governments, corporations, and civil society to work together and present their practical climate solutions in addition to the official negotiations.

The next two years are going to be crucial. Governments are required to set a new climate financing target at COP29 that takes into account the gravity and urgency of the climate crisis. Additionally, in order to completely comply with the 1.5°C temperature limit, they must bring new nationally determined contributions to COP30 that encompass all greenhouse gas emissions and are economy-wide to meet the target.