This year’s UN climate conference COP28 had made several headlines even before it began – from the host country being the UAE, one of the largest exporters of oil and gas, to the appointment of Sultan Ahmed Al-Jaber, head of Abu Dhabi National Oil Company (ADNOC), as COP28 president. Yet more controversies followed once the conference had begun: A shocking analysis about a record number of 2,456 fossil fuel lobbyists participating in the climate conference, President Al Jaber’s “no science” outburst during an online live event, and the hasty press conference the next day claiming his words were misinterpreted made COP28 eventful. Apart from the controversies, some notable decisions were also made at this year’s COP.
Global Stocktake and Fossil Fuels:
The long-awaited decision on fossil fuel usage was one of the biggest challenges of COP28. While the European Union and island countries were hell-bent on a deal to phase out fossil fuels, the members of OPEC as well as China and India had different opinions. After days of discussions and rewriting texts on the final day of the conference, the parties agreed on the first-of-its-kind deal of “transitioning away from fossil fuels.” The first global stocktake text also highlights the need for tripling renewable energy capacity and reducing methane emissions by 2030.
What is the Global Stocktake?
The Global Stocktake analyses countries’ progress towards meeting the goals of the Paris Climate Agreement that had concluded COP21 in 2015. It helps identify gaps and understand where improvement is needed in the global climate action process. The first-ever global stocktake took place at COP28.
COP28 President Sultan Ahmed Al-Jaber and others after adopting the deal on fossil fuels. Source: COP28uaeofficial Instagram page.
Although hailed as a historic decision, it did not take much time for criticism to follow. Lack of commitment to phase out fossil fuels, absence of a financial roadmap on how developing countries should transition away from fossil fuels, and insufficient information on who will lead the way are only a few of the concerns raised by developing countries and climate scientists regarding the deal. Indigenous communities and climate activists claimed that the deal was unfair and disappointing. They hope that upcoming COP conferences in the next two years will focus on these issues to reach a unanimous decision on the phaseout of fossil fuels.
UN Secretary-General António Guterres’s response after the deal was announced. Source: X.
Climate Finance:
One of the core themes of COP28 was fixing climate finance. From the Loss and Damage Fund to the Climate Health Fund, there has been a lot of buzz around the money raised to fight the climate crisis. COP28 made history by operationalising the Loss and Damage Fund on the first day of the conference, a whole 32 years after Vanuatu, a Pacific Island nation, first suggested its implementation. It aims at providing financial assistance to the world’s poorest and most vulnerable countries affected by climate disasters. The World Bank will serve as the temporary host of the fund for a four-year term. It will have an independent secretariat with representatives from developed and developing countries. However, according to an article by the Guardian, the funds that have been raised for the fund so far cover less than 0.2% of the amount required to combat the climate crisis in developing countries. This huge difference has been a cause for concern among developing countries. Moreover, since the Loss and Damage Fund is a voluntary initiative, the wealthy countries that are responsible for most of global emissions are not legally obligated to donate to the fund. The United States, which is one of the largest polluters in the world, has been criticised for pledging the meagre amount of just $17.5 million to the fund. Similarly, the UK has been receiving backlash for declaring money from its existing climate pledge. The lack of clarity on the utilisation of the fund has also raised concerns since its announcement. Apart from the Loss and Damage Fund, the Adaptation Fund, Green Climate Fund, Least Developed Countries Fund, and Special Climate Change Fund received funding at COP28.
A list of climate funds at COP28:
NAME
FUNDS PLEDGED SO FAR
Loss and Damage
$792 million
Adaptation fund
$134 million
Green Climate Fund
$3.5 billion
Least Developed Countries Fund
$129 million
Special Climate Change Fund
$31 million
12-year-old climate activist from India, Licypriya Kangujam, protesting at COP28. Source: Licypriya’s Facebook page.
As with other COPs before this one, its organisers present its outcomes as successes. COP28 is no exception and claims to be successful with the landmark outcomes on fossil fuel usage and the loss and damage fund. That cannot obscure the fact that there is still a long way to go, and many different actors and groups agree that much bolder, binding agreements should have been made in Dubai. Similarly, to any COP’s aftermath, it is now up to the parties to include the decisions made at the conference in their national plans and implement the necessary actions. To put it cautiously, they have not always excelled at this. The struggle of progressive forces that seek to effectively combat the climate crisis continues and it is not looking to get easier. As if to illustrate this, next year’s climate conference COP29 will be hosted by Azerbaijan which is also an oil and gas producing country.
Interested to learn more about sustainability-related topics? Follow MorrowX on our social media pages.
