COP28 Concludes With An Agreement On Climate Change

At the latest COP 28 held this year at United Arab Emirates (UAE), for the first time countries reached a climate agreement, to include the term calling for the phase-out of fossil fuels. COP represents over 80% of the world’s population now covered by climate commitments. The conference was attended by numerous participants, including over 25,000 delegates from 197 countries. After two weeks of intensive negotiations, COP28, the UN Climate Change Conference, concluded today with a landmark agreement to tackle climate change. The “UAE Consensus,” named after the host country, was hailed as a major breakthrough by many delegates and observers.

Key Highlights of the Agreement: Global Stocktake:

Countries agreed on a robust action plan to keep global warming within 1.5 degrees Celsius. This plan includes ambitious emissions reduction targets, increased investments in renewable energy, and measures to adapt to the impacts of climate change.

Loss and Damage: For the first time ever, a dedicated fund was established to address the losses and damages experienced by vulnerable countries due to climate change.

Finance: Over $83 billion in new financial commitments were mobilized to support climate action in developing countries. This includes the launch of Altera, a new public-private investment platform dedicated to climate solutions.

Sectoral Commitments: Significant progress was made on a number of key sectors, including agriculture, food, health, and energy.

Private Sector Engagement: Oil and gas companies made ambitious commitments to reduce methane emissions and invest in renewable energy.

Fossil Fuels: For the first time, the final agreement included language calling for the transitioning out of fossil fuels.

Inclusivity: The “UAE Consensus” was built on a foundation of inclusivity, with all stakeholders, including indigenous peoples, youth, and the Global South, having a voice in the negotiations. President Al Jaber expressed his satisfaction with the outcome of the conference, stating, “This is a historic agreement that will help shape a better, cleaner world with greater and more equitable prosperity.” He emphasized the need to move from words to action, saying, “An agreement is only as good as its implementation. We are what we do, not what we say. We must take the steps necessary to turn this agreement into tangible actions.” On the contrary, one of the major setback of COP arise from countries rejecting Article 6 of the Paris Agreement that lays emphaisis on capacity-building work programme launch at COP 27.

Looking Ahead: While the “UAE Consensus” represents a significant step forward, much work remains to be done. Countries must now implement the agreement and translate its ambitious goals into concrete actions. The success of COP28 will ultimately be measured by its impact on the planet, and the world will be watching to see if the promises made in Dubai are kept.

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