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December, 20, 2023

COP 28 marks the end of the fossil fuel era ?

After days of discussion and intense debate on the wording related to phasing out fossil fuels, the final document of the two-week-long 28th session of the Conference of the Parties to the UN Framework Convention on Climate Change ( COP28) was adopted in the early hours of Wednesday, December 13^th. This year the Conference was in Dubai.

Many have commented that this deal represents significant progress for the countries that want to tackle the climate crisis. The document, “ Global Stocktake” mentions the transition away from fossil fuels, instead of “phasing out” fossil fuels as many countries and non-state actors have demanded. However, this is a strong signal for the end of the fossil fuel era – now, giving more hope to addressing global issues for human survival.

The lead negotiator for the Alliance of Small Island States, Anne Rasmussen, was among those critical of the deal. Ramussen said, "We have made an incremental advancement over business as usual, when what we need is an exponential step change in our actions," she said.

On the other hand, many have also praised the deal. "It is the first time that the world unites around such a clear text on the need to transition away from fossil fuels," said Norway Minister of Foreign Affairs Espen Barth Eide.

A representative for the Marshall Islands has been quoted as saying about the deal, «We need to phase out fossil fuels. Our job was clear, to keep 1.5C alive and to keep the world liveable as temperatures arrive. It’s a small step in the right direction. In the context of the real world, it is not enough. This year, I hope the islands are heard.”

Several experts and organizations have also mentioned the need for increased access to finance for developing nations. Lord Nicholas Stern, the author of the influential Stern report on climate finance, welcomed the outcome of COP28, but also commented that “countries must now respond to the outcome of COP28 through a huge increase in investment in zero-emissions and climate-resilient economic development and growth, particularly in developing countries. The text of the Global Stocktake decision rightly stresses the need to mobilize trillions of dollars in investment to accelerate cuts in greenhouse gases, strengthen adaptation and resilience, and respond to loss and damage.”

While the Loss and Damage Fund has been set up on the very first day of COP28, a critical test is whether enough finance is mobilized for developing countries to help make the energy transition possible. For this fund, USD 700 million has been pledged, along with additional pledges to the GCF totalling USD 12.5 billion

Throughout COP28, several national governments and organizations announced commitments to climate finance to areas including but not limited to the Green Climate Fund (GCF), Adaptation Fund (AF), Least Developed Countries Fund, and Special Climate Change Fund. These funds adopted a declaration emphasizing their commitment to developing an ambitious and concrete action plan to enhance access to climate finance through joint programming and country-led investment planning while also increasing its impacts through collaboration, mobilizing private sector finance, and increasing funding for climate adaptation. The US government, which is also the world’s biggest oil and gas producer, pledged just over $20m in new finance for the developing world, with its position as the. The final Dubai Consensus document will not restrict nations such as  China to continue to expand its coal production as well as renewable energy, and India’s coal industry will also have little to fear. Of course, these countries have increased their share of renewable energy sources as well.

Simon Stiell, Executive Secretary, UNFCCC, noted challenges facing the AF and the perceived or real risks that make the cost of capital too high in developing countries to invest at the scale and speed needed.

The corporate sector and private foundations have so far pledged at least $2.1 billion in new funds at COP28, as foundations focus on health and agriculture. Bezos Earth Foundation, Gates Foundation, and Sequoia Climate Foundation are among them.

The COP28 presidency also made food and agriculture a priority issue at this year’s climate talks. Women’s groups have pointed out that the sustainable transformation of food systems undeniably goes hand in hand with climate action, but the reality is that neither will be achieved without first addressing gender inequality.

To combat the disproportionate impacts of climate change on women, advocates at COP28 on have pointed out that decision-makers must not only enact more policies that meet their specific needs but recognize the unique knowledge and expertise women can offer that can be used to support effective climate action.

UN-Habitat and the president of COP28 organized a Ministerial Meeting on Urbanization and Climate Change representing the second time Ministers responsible for Housing, Urban Development, and Environment have convened during the COP process. The statement from the meeting sets out a ten-point plan to boost the inclusion of cities in the decision-making process on climate change, drive multilevel climate action, and accelerate the deployment of urban climate finance so that cities are prepared and supported to respond to the climate crisis.

Leah Namugerwa, a member of the UN-Habitat Youth Advisory Board in one of the meetings at COP28 emphasized that young people represent the future and will be most affected by climate change. But they also bring in innovative ideas.

Leah in her appeal called for urgent action against climate change, treating it as an emergency.

key outcomes of global climate action across the four pillars set by the COP28 Presidency:

i)             fast-tracking a just, orderly, and equitable energy transition;

ii)           fixing climate finance;

iii)         focusing on people, lives, and livelihoods; and

iv)         underpinning everything with full inclusivity.

COP 29, next year will be is held in Baku, Azerbaijan.