COP28 Agreement Signals “Beginning of the End” of the Fossil Fuel Era

The recent conclusion of the United Nations Climate Change Conference (COP28) marks a milestone in our efforts to address climate change. The agreement reached at the conference signifies a turning point, towards reducing our reliance on fossil fuels and establishing a fair and speedy transition. With 200 participating Parties coming together in Dubai this event truly exemplifies solidarity.

One of the outcomes of COP28 is the establishment of a ‘global stocktake’ mechanism, aimed at intensifying climate action over the decade. The primary objective is to ensure that we remain on track to limit global temperature rise to 1.5°C. Although an immediate departure from the fossil fuel era was not achieved during the conference this development is widely regarded as a stride

The global stocktake recognizes the urgency of our situation and highlights that worldwide greenhouse gas emissions must be reduced by 43% by 2030 in order to achieve the desired goal of limiting warming to 1.5°C. Parties are strongly encouraged to take actions on a scale, including tripling renewable energy capacity and doubling energy efficiency improvements by 2030. Moreover there is an emphasis on phasing out coal power discontinuing fossil fuel subsidies and implementing other measures that facilitate an orderly and equitable transition away, from fossil fuels.
In the future it is encouraged for Parties to set emission reduction targets that cover their entire economy. These targets should align with the limit of 1.5°C, in their climate action plans by 2025.

During the conference an important topic discussed was climate finance. The Green Climate Fund received pledges from 31 countries amounting to an USD 12.8 billion. However these pledges are not sufficient to meet the needs of developing countries for their transition towards energy and adaptation efforts. The global stocktake highlighted the significance of reforming the system and creating innovative sources of funding.

COP28 emphasized inclusivity by involving world leaders, civil society, businesses, Indigenous Peoples, youth, philanthropy and international organizations in climate action. The decisions made reaffirm the importance of empowering all stakeholders through action plans and initiatives with a focus on gender equality.

Looking ahead to COP29 in 2024 there will be a focus on establishing a goal for climate finance. In addition COP30 in 2025 will witness countries presenting updated determined contributions that align with the target temperature limit of 1.5°C. The call to action is clear; transform promises into results. Accelerate efforts to secure a sustainable and resilient future, for our planet.