Context- The 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) concluded with the UAE Agreement.
Key Highlights
- After a year of diplomatic activity and two weeks of intense negotiations, the UAE’s agreement reflects the COP28 presidency’s aim to provide the most ambitious response to the global situation and achieve the main goals of the Paris Agreement.
- It presents an ambitious climate plan aiming to reach 1.5°C.
- It calls on parties to phase out fossil fuels and reach zero by 2050.
- It encourages the provision of Globally Determined Contributions (NDCs), includes a new specific target to triple renewables and double energy efficiency by 2030, and accelerates a new climate finance architecture.
Other results of COP28
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- COP28 delivered historic negotiations on the implementation of the Loss and Damage Fund (securing early pledges of $792 million), established the framework for the Global Adaptation Goal (GGA), and established the role of a Youth Climate Champion to lead youth participation at future COPs.
- The Powering Past Coal Alliance (PPCA) gained more than 10 new members during the negotiations, including the United States and the United Arab Emirates. More than 80 percent of OECD and EU countries are now committed to the alliance.
- Nuclear energy:
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- More than 20 countries, led by the United States, have called for tripling the world’s nuclear energy capacity by 2050.
- The COP28 presidency has taken decisive steps to achieve its agenda, which goes beyond the negotiated text and includes four pillars:
- rapid monitoring of a fair and orderly energy transition;
- strengthen climate finance to make it available, affordable and accessible;
- focus on people, nature, life and coping; and
- promote full participation in climate action.
- More than US$85 billion has been allocated for the entire COP28 program of action
Key Agenda Achievements
- Launched ALTÉRRA, the UAE’s $30 billion catalytic private finance facility. It aims to raise a total of $250 billion for global climate action.
- United Arab Emirates COP28 Declaration on Agriculture, Food and Climate, including Sustainable Agriculture and Food Systems in Response to Climate Change.
- The United Arab Emirates COP28 Declaration on Climate and Health aims to accelerate the development of climate-resilient, sustainable and equitable health systems.
- Global Decarbonization Accelerator (GDA) – A set of key energy initiatives in the public and private sectors to accelerate the energy transition.
- The Oil and Gas Decarbonization Charter (OGDC), which commits signatories to zero methane emissions and end routine flaring by 2030 and cease operations by 2050 at the latest.
- “The Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge” promotes the integration of regional leaders in climate-related decision-making process
Importance
- It is a balanced plan to address emissions, close the adjustment gap, transform global finance and deal with damage and loss.
- It is built on a common foundation. It is strengthened by inclusion and strengthened by cooperation. It is an improved, balanced, but make no mistake, historic package to accelerate climate action.
- The scale of the Action Plan’s achievements was unprecedented at any COP and is a testament to the willingness of many sectors and industries to take positive action.
Criticism
- However, like all previous COPs, it fell short of expectations, especially in launching more ambitious climate action in the near future.
- The tripling of renewable energy is a global goal, and it is not the responsibility of each country to triple the current installed capacity. So it is not clear how this tripling is ensured.
- Decarbonization: There is no information on how to measure this decarbonization or from which baseline. Reducing methane emissions may involve adapting agricultural models.
- There are currently no financial provisions in the Adjustment Agreement.
Position of India
- Amid a global consensus in Dubai to divest from fossil fuels, India welcomed the deal, although it may have opened new avenues of opposition that it will have to deal with in future climate negotiations.
- India supports the President’s proposal for a COP decision document and reiterates the basic principles of the Paris Agreement to act for the global good in accordance with national circumstances.
Future prospects
- The COP28 Presidency made clear its intention to ensure that the agreements reached at COP28 are implemented and taken after COP29 and COP30, and that there are mechanisms to monitor the progress of their implementation.
- The Presidency has already signed an agreement with COP30 host Brazil to deepen cooperation and raise climate goals to COP30.
- The agreement with Brazil will focus on working with COP29 host Azerbaijan to ensure that parties come to COP30 with ambitious updated climate action for this critical decade, as well as national development centers across the economy, building on the momentum of the conference.
Source: The Hindu
Practice question:
Q. What are the key highlights of the UAE consensus?
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