The United Nations Climate Conference (COP28), held in Dubai, has been widely expected to be extended as participants struggle to reach a final agreement. Initially set to conclude on Tuesday, the conference, led by UAE’s Sultan Al Jaber, faced delays due to dissatisfaction among many countries regarding the final text. These countries expressed disappointment that the draft did not include sufficient commitments to end the use of fossil fuels.
On Monday evening, Al Jaber, who is also the head of the UAE-owned oil and gas company ADNOC, presented a draft of the final agreement document. This draft was deemed disappointing and insufficient by the European Union, the German government, and dozens of other countries.
Environmental organizations have also expressed their frustration, calling for improvements to the draft. The conference, attended by around 200 countries, has been a focal point for discussions on global environmental commitments and the transition away from fossil fuels.
COP28 in Dubai has marked several significant strides in climate action and policy. The UAE President announced a substantial $30 billion climate solution fund, aimed at drawing in $250 billion in investments by the decade’s end. This fund is part of broader financial commitments totaling $700 million, designated to assist lower-income countries in coping with climate change impacts. Moreover, 118 countries agreed to a remarkable increase in renewable energy capacity, aiming to triple it to 11,000 GW and double energy efficiency within this decade, signifying a strong push towards sustainable energy sources. A notable commitment from fifty oil and gas companies to achieve near-zero methane emissions by 2030 further underscores the summit’s focus on reducing greenhouse gas emissions. This group also plans to reach net-zero greenhouse gas emissions from their operations by 2050.
Additionally, over 130 countries have signed a declaration to incorporate emissions from agriculture into their climate change strategies. This commitment is complemented by an alliance of over 25 food and agriculture organizations to expand regenerative agriculture, impacting over 160 million hectares of land. The debate on the future of fossil fuels also took center stage, with discussions centering around the language and commitments to either “phase out” or “phase down” fossil fuels, an essential step for a rapid transition away from these energy sources. These developments at COP28 represent a blend of specific financial commitments and broader targets for sustainable development and climate resilience. For more detailed information, you can refer to the original sources from BCG and the World Resources Institute.
