COP28: Shaping the Future of Climate Action
Updated 8/29/2023 8:00:00 AM
As 2023 comes to an end, the world looks forward to the United Nations (UN) Climate Change Conference (COP28), which will be held in the UAE from November 30th to December 12th. This year’s edition of COP will be a milestone as it will feature the first Global Stocktake (GST), which will provide an assessment of progress towards the Paris Agreement objectives since their adoption. This assessment will help nations ensure they bridge the gaps and commit to climate action.
The Paris Agreement Highlights
The Paris Agreement is an international treaty that legally binds parties to climate change. The agreement had been adopted by 196 nations at COP21 in Paris on December 12th, 2015. However, the agreement came into force on November 4th, 2016, according to the United Nations Framework Convention on Climate Change’s (UNFCCC) website.
The Paris Agreement urges the involved nations to reduce global warming to 1.5°C by 2050, while greenhouse gas (GHG) emissions should peak prior to 2025 at the latest and must drop 43% by 2030.
Moreover, countries are expected, as per the Paris Agreement, to revisit their climate action pledges and develop stronger targets periodically every five years. Additionally, these countries are required to take part in a global stocktake that aims to evaluate collective efforts to achieve the Paris Agreement’s goals, according to the Natural Resources Defense Council’s (NRDC) Guide on the Paris Climate Agreement.
COP27 Features
In 2022, the COP27 cover decision has requested the participating parties to review and strengthen their 2030 targets, which are parts of the Nationally Determined Contributions (NDCs). This was to ensure that the NDCs “align with the Paris Agreement temperature goal by the end of 2023, taking into account different national circumstances,” as mentioned by the UNFCCC.
During COP27, the parties agreed that meeting the 1.5°C global warming target needs deep, rapid, and sustained GHG emissions reduction. They also agreed to create a new fund to aid the developing countries vulnerable to climate change.
Moreover, COP27 featured Decarbonization Day for the first time at a COP, giving the energy sector a seat in climate talks.
COP28 GST
“At COP21 in 2015, the world agreed to limit global warming to 1.5°C compared to pre-industrial levels by 2050. To remain on target, science tells us that emissions must be halved by 2030. We only have another seven years to meet that goal,” Sultan Ahmed Al Jaber, President-Designate for COP28 UAE, said in his welcome message on the COP28 website.
The GST is set to assess the collective progress towards achieving the goals of the Paris Agreement. This includes cutting GHG emissions to limit global temperature rise as well as building resilience to climate impacts.
During the GST, countries and stakeholders have the opportunity to provide vital input and contribute to the understanding of global efforts and priority actions. The GST is highly participatory, allowing stakeholders to see what progress has been made on meeting the goals of the Paris Agreement and identify any remaining gaps and opportunities for increased action. The information gathered during the GST will help spur countries to step up climate action to avoid the worst impacts of climate change. “National governments are expected to use the outcomes of the global stocktake when developing and updating their climate plans,” Joanna Post, Program Officer with UN Climate Change’s Intergovernmental Support and Collective Progress Division, said, according to the UNFCCC. “The ultimate aim of the global stocktake is to become a driver of climate ambition,” Post added.
COP28: Promoting a Decarbonized Future
COP28 is expected to bring nations together and help them move one step closer to their decarbonization goals. “On the sidelines of COP28, various types of agreements can be reached to support the decarbonization of economies. These agreements often involve collaborations between governments, businesses, organizations, and other stakeholders,” Aya Zoheir, Research Section Head at Zilla Capital, tells Arab Finance. “The agreements may include clean technology transfer agreements, which can be made for the transfer of clean and sustainable technologies from developed to developing countries. This can aid in leapfrogging traditional, carbon-intensive development pathways,” Zoheir adds.
Moreover, COP28 participants may seal deals across several fields. Zoheir explains that “the agreements may also include investment and financing commitments, carbon market collaborations, corporate pledges and partnerships, renewable energy partnerships, green trade agreements, capacity building and education initiatives, and sustainable tourism partnerships, in which countries can collaborate to promote sustainable tourism practices that minimize the carbon footprint of the industry.”
COP28 is addressing climate action by enabling innovation. According to Zoheir, the event would promote an “innovative climate action approach by fostering collaboration, knowledge sharing, and the promotion of new and creative solutions.”
Overall, the GST is a crucial process for measuring collective progress under the Paris Agreement and identifying areas for enhanced action and support. It provides a platform for countries and stakeholders to come together, evaluate their efforts in addressing climate change, and work on decarbonization through various innovative approaches.
By Sarah Samir
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