The final negotiations of the COP28 conference commenced in Expo City Dubai on Monday, with the participation of all relevant parties. The talks aim to reach a fair and equitable agreement to mitigate the impacts of climate change and preserve planet Earth. These negotiations, involving representatives of participating countries, are being closely watched globally for practical solutions and the announcement of final decisions and results, which will be made after the approval of all parties.
The United Arab Emirates has made significant efforts to facilitate the negotiation process, which has now reached its final and decisive stage. The world awaits crucial results that will balance sustainable development needs with climate action. COP28 presents an exceptional opportunity to achieve a result based on scientific findings, emphasizing the necessity to prevent global temperatures from exceeding a 1.5 degrees Celsius rise in response to global outcomes and the Paris Agreement. It aims to foster ideas that address the gap between financing, adaptation, and action, as well as significantly accelerating mitigation processes. It also focuses on addressing issues related to organized, responsible, logical, gradual, and fair transitions in the energy sector.
The COP28 presidency works with all party negotiators in a spirit of responsibility, partnership, and unity to provide a tangible and effective response to global outcomes, further protecting humanity and planet Earth.
Since its inception, the COP28 presidency has worked on formulating a strong work agenda coupled with the utmost ambition regarding the negotiated outcomes.
The COP28 presidency called for an unconventional meeting of delegation heads in a “Council” format, named the Council of Change Makers, urging delegates to think beyond pre-prepared texts and focus on achieving the common good of people worldwide.
The presidency emphasized to party representatives the necessity of consensus on fossil fuels, including coal, with the participation of all parties to constructively achieve this goal with flexibility and determination.
COP28 worked transparently and inclusively with all parties and observers to build on the momentum and direction set by leaders to achieve practical and tangible results in the UAE, reflecting the required multilateral unity to prevent further temperature rise on Earth.
Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and COP28 President, stated that the UAE had made all necessary efforts to facilitate the negotiations for a fair and equitable agreement to address climate change impacts.
He confirmed during his meeting with party representatives that “we have reached the final and crucial stage, and the world awaits decisive results that achieve a balance between sustainable development and climate action.”
COP28 targets include:
- Addressing the gap between financing, adaptation, and action, and significantly accelerating mitigation processes in the energy sector transition.
- Ensuring consensus on fossil fuels, including coal, with the participation of all parties.
- Hosting an unconventional meeting of negotiation delegation heads in the Council of Change Makers.
- Requiring the approval of all parties for the final negotiations of COP28.
As the final negotiations of the conference begin, COP28 continues to achieve a series of exceptional accomplishments, summarized as follows:
COP28 climate conference mobilized over 83 billion dollars in financial commitments towards climate action, marking a historic achievement representing a new era of global cooperation on climate change. These announcements include first-of-their-kind pledges involving food system and health transformations, renewable energy and efficiency, and initiatives for decarbonizing heavy emission industries. Eleven pledges and declarations received historic support.
- On the first day of the conference, COP28 facilitated a historic agreement to activate the Loss and Damage Fund for climate impacts, with 792 million dollars pledged to date (as of December 11, 2023).
- Announcements of funding worth 3.5 billion dollars for replenishing the Green Climate Fund (GCF) resources.
- Funding of 134 million dollars for the Adaptation Fund.
- Funding of 129.3 million dollars for the Least Developed Countries Fund (LDC).
- Funding of 31 million dollars for a Special Climate Change Fund (SCCF).
- The United Arab Emirates launched a 30 billion dollars ALTÉRRA Climate Finance Accelerator to mobilize an additional 250 billion dollars globally.
- The UAE committed 200 million dollars to assist the most vulnerable countries affected by climate change through its Special Drawing Rights at the International Monetary Fund.
- The UAE pledged 150 million dollars to address water resource scarcity and water security solutions in fragile and vulnerable communities worldwide.
- The World Bank announced an increase of 9 billion dollars annually in climate-related project financing for 2024 and 2025. Other multilateral development banks announced a cumulative increase of over 22.6 billion dollars for climate action.
Complete Details of Announcements and Pledges to Date:
- Global Renewable Energy and Energy Efficiency Pledge endorsed by 130 countries.
- UAE COP28 Declaration on Agriculture, Food, and Climate endorsed by 153 countries.
- UAE COP28 Declaration on Climate and Health endorsed by 141 countries.
- UAE COP28 Declaration on Climate Burdens, Recovery, and Peace endorsed by 78 countries and 40 organizations.
- UAE COP28 Declaration on Climate Finance endorsed by 13 countries.
- UAE COP28 Declaration on Hydrogen and its Derivatives endorsed by 37 countries.
- UAE COP28 Declaration on Gender-Considerate Just Transitions endorsed by 78 countries.
- High-Ambition Multi-Level Partnerships Alliance pledge supported by 67 countries.
- Global Cooling pledge approved and endorsed by 66 countries.
- Oil and Gas Sector Carbon Removal Charter endorsed by 52 companies, representing 40% of global oil production.
- Industrial Transition Accelerator launched by 35 companies and 6 industrial associations, including the World Steel Association, International Aluminium Institute, Renewable Energy Global Alliance, World Cement and Concrete Association, Oil and Gas Climate Initiative, and International Air Transport Association.
Financial Details of the Pledges and Contributions to Date:
- Loss and Damage Fund: 792 million dollars
- Green Climate Fund: 3.5 billion dollars (second resource replenishment increased to 12.8 billion dollars).
- Adaptation Fund: 134 million dollars
- Least Developed Countries Fund: 129.3 million dollars
- Special Climate Change Fund (SCCF): approximately 31 million dollars
- Renewable Energy: 5 billion dollars
- Cooling Pledges: 57 million dollars
- Clean Cooking: 30 million dollars
- Technology: 568 million dollars
- Methane: 1.2 billion dollars
- The climate economy received a 30 billion dollars contribution from the UAE, 200 million dollars from its
- Special Drawing Rights, and 31.6 billion dollars from Multilateral Development Banks (MDBs).
- Food Pledges: 3.1 billion dollars
- Nature Pledges: 2.6 billion dollars
- Health: 2.9 billion dollars
- Water Pledges: 150 million dollars and Gender Pledges: 2.8 million dollars.
- Relief, Recovery, and Peace Pledge received funding of 1.2 billion dollars
- Local Climate Action Pledge: 467 million dollars.
