The curtains have drawn on COP28, marking the culmination of a historic agreement by 198 Parties to usher in a new era of climate action. The landmark text known as The UAE Consensus, adopted today, charts an ambitious course to maintain the 1.5°C target. This consensus calls for a transition away from fossil fuels towards achieving net-zero emissions, urges the submission of comprehensive Nationally Determined Contributions (NDCs), sets a new specific goal to triple renewables and double energy efficiency by 2030, and lays the groundwork for a revamped climate finance framework.
The UAE Consensus, the result of a year-long inclusive diplomatic process and two weeks of intense negotiations, encapsulates the COP28 Presidency’s commitment to providing the most resolute response to the Global Stocktake while advancing the core objectives of the Paris Agreement.
In his closing remarks, Dr. Sultan Al Jaber, the President of COP28, declared, “The world needed to find a new way. By following our North Star, we have found that path. We have worked fiercely to secure a better future for our people and our planet. We should be proud of our historic achievement.”
“I promised a different sort of COP. A COP that brought everyone together – private and public…civil society and faith leaders, youth and indigenous peoples. Everyone came together from day one. Everyone united, acted and delivered,” he added.
Throughout the COP28 proceedings, Dr. Al Jaber and the COP28 Presidency team consistently emphasized their determination to craft a plan grounded in scientific findings, and to pave the way for this and future COPs by championing the inclusion of diverse stakeholders while prioritizing the needs of the Global South.
“This balanced plan addresses emissions, bridges the gap on adaptation, reimagines global finance, and delivers on loss and damage,” affirmed Dr. Al Jaber. “It is built on common ground, strengthened by inclusivity, and reinforced by collaboration. It is an enhanced, balanced, but make no mistake, historic package to accelerate climate action.”
The final negotiated text contains major commitments, including an unprecedented commitment to phase out all fossil fuels to enable the world to achieve net-zero emissions by 2050, a significant advancement in the expectations for the next round of Nationally Determined Contributions (NDCs) by promoting “economy-wide emission reduction targets,” and a push for the reformation of the financial architecture while acknowledging the role of credit rating agencies for the first time.
Additionally, a new specific target to triple renewables and double energy efficiency by 2030, and the recognition of the imperative to significantly escalate adaptation finance beyond the doubling to meet urgent and evolving needs, are encapsulated in the historic negotiated outcomes.
In addition to the Global Stocktake, COP28 made historic strides in operationalizing Loss and Damage, securing $792 million of early pledges, outlining a framework for the Global Goal on Adaptation (GGA), and formalizing the role of the Youth Climate Champion to mainstream youth involvement in upcoming COPs.
Throughout 2023, the COP28 Presidency took bold and decisive steps to transcend the negotiated text through its ‘Action Agenda,’ focusing on fast-tracking a just and orderly energy transition, improving climate finance accessibility and affordability, prioritizing people, nature, lives, and livelihoods, and ensuring full inclusivity in climate action.
Under the total Action Agenda at COP28, over $85 billion in funding was mobilized, and 11 pledges and declarations received historic support, exemplifying the unprecedented scale of achievements delivered.
Noteworthy achievements within the Action Agenda, separate from the negotiated text, include the launch of ALTÉRRA, the UAE’s $30 billion catalytic private finance vehicle aimed at mobilizing a total of $250 billion for global climate action. Moreover, the ‘COP28 UAE Declaration on Agriculture, Food, & Climate’ and the ‘COP28 UAE Declaration on Climate and Health’ received endorsements from a substantial number of countries, solidifying their significance in embedding sustainable solutions in the response to climate change.
The Global Decarbonization Accelerator (GDA) also emerged as a pivotal initiative with a series of groundbreaking energy projects across the public and private sectors, garnering support from a multitude of countries.
The COP28 Presidency’s resolute intention to ensure the fulfillment of the agreements made at COP28, extending to COP29 and COP30, with mechanisms to monitor the progress of implementation, has underscored its commitment to accountable and sustainable climate action.
In conclusion, the groundbreaking consensus forged at COP28 not only reflects a significant leap towards combatting climate change but also sets the stage for a promising trajectory towards a sustainable future, embodying the collective will and determination to safeguard the planet for generations to come.
