The two-week 28th Conference of the Parties of the UNFCCC (COP28) concluded on December 13 with a historic agreement by 198 parties (197 countries plus the European Union) to deliver a new era of climate action. The parties agreed on a landmark text named The UAE Consensus, which sets out an ambitious climate agenda to keep 1.5 degrees Celsius within reach. The UAE Consensus calls on parties to transition away from fossil fuels to reach net zero, encourages them to submit economy-wide Nationally Determined Contributions (NDCs), includes a new specific target to triple renewables and double energy efficiency by 2030, and builds momentum towards a new architecture for climate finance.
The UAE Consensus, which follows a year of inclusive diplomatic engagements and two weeks of intense negotiations, reflects the COP28 Presidency’s goal to provide the most ambitious response possible to the Global Stocktake and delivers on the central aims of the Paris Agreement. Throughout the conference, COP28 President, Sultan Al Jaber and the COP28 Presidency team have expressed determination to deliver “a plan that is led by the science” and to define a new way for this and future COPs, based on the inclusion of diverse peoples and elevating the needs of the Global South.
The final negotiated text include transitioning away from all fossil fuels to enable the world to reach net zero by 2050; a significant step forward in the expectations for the next round of Nationally Determined Contributions (NDCs) by encouraging “economy-wide emission reduction targets”; building momentum behind the financial architecture reform agenda, recognising the role of credit rating agencies for the first time, and calling for a scale up of concessional and grant finance; a new, specific target to triple renewables and double energy efficiency by 2030; and recognising the need to significantly scale up adaptation finance.
Outside the Global Stocktake, COP28 delivered historic negotiated outcomes to operationalise Loss and Damage, securing $792 million of early pledges, providing a framework for the Global Goal on Adaptation (GGA), and institutionalising the role of the Youth Climate Champion to mainstream youth inclusion at future COPs. Under the total Action Agenda at COP28, over $85 billion in funding has been mobilised and 11 pledges and declarations have been launched and received historic support.
Throughout 2023, the COP28 Presidency has taken bold and decisive steps to deliver beyond the negotiated text through its ‘Action Agenda’ which spans four pillars: fast tracking a just and orderly energy transition; fixing climate finance to make it more available, affordable, and accessible; focusing on people, nature, lives and livelihoods; and fostering full inclusivity in climate action. The scale of achievements delivered under the Action Agenda has been unprecedented for any COP and testament to the willingness of representatives from a huge range of sectors and industries to take positive action.
