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DEC ‘23 VOLUME 4
COP28: KEY OUTCOMES FROM THE DUBAI CLIMATE TALKS,

AND WHAT COMES NEXT
COP28, held in Dubai, addressed climate losses and established a fund for impacts. A landmark decision emerged, shifting focus away
from fossil fuels, signalling a transformative era. The Global Stocktake resulted in the UAE Consensus, guiding emissions reduction in
energy, transport, and nature. Concerns persist, highlighting the need for clearer adaptation targets, robust financial plans, and
breakthroughs in COP29 next year.
A Rapid Shift from Fossil Fuels to Clean Energy

COP28 UAE Consensus: Urges global net-zero by 2050, triples renewables, doubles energy efficiency by 2030. Challenges include
road transport cuts, financial barriers in developing nations, and unclear transitional fuels. UAE and Saudi Arabia's net-zero excludes
fuel sales emissions. Success needs strong national targets, 2025 NDC integration, and substantial finance for developing nations.
Loss and Damage Fund Operationalized

The Loss and Damage Fund is now operational, aiding climate-vulnerable nations facing impacts beyond adaptation capacities.
Despite a $700 million pledge, it falls significantly short of the anticipated $580 billion in damages by 2030. Urgent calls for increased
pledges, innovative funding, and detailed loss and damage sections in Nationally Determined Contributions aim to ensure effective
policies and resource mobilization for COP29.
Framework for the Global Goal on Adaptation Established, but Finance Lacking
The 2015 Paris Agreement aimed to enhance adaptive capacity and reduce vulnerability to climate change, but lacked a defined
framework for the Global Goal on Adaptation. After two years of discussions, COP28 established time-bound targets without
quantification and financial support for developing nations, creating challenges for accountability at COP29.
Finance Challenges Deferred to Next Year As New Finance Goal Emerges

COP28 deferred finance issues to COP29, prioritizing the New Collective Qualitative Goal (NCQG) over the $100 billion annual
commitment for climate finance. Despite a 2021 shortfall, COP28 secured $3.5 billion in new pledges for the Green Climate Fund.
Preparing for COP29, expert dialogues address NCQG elements, while high-level engagements set the stage for negotiations.
Strengthening National Climate Commitments

COP28 calls for updated NDC submissions before COP30 in 2025, emphasizing ambitious targets for 2030 and 2035 to achieve a 60%
reduction in global greenhouse gas emissions from 2019 levels. The "Road map to Mission 1.5" collaboration seeks enhanced
international cooperation and funding for NDCs.
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Cities Elevated as Partners in Climate Action

COP28 showcased unprecedented city and subnational engagement in climate action. WRI's "Local Climate Action Summit"
gathered 500+ mayors and governors, underscoring their role in NDCs and financing. CHAMP gained 71 countries, committing to
robust urban climate actions. The COP28 agreement recognized cities as vital battlegrounds, addressing key issues. With $500
million in new financing, the focus shifts to implementing commitments for improved urban living by 2025.
Food Finally Gets on the Menu

At COP28, 159 nations, covering 80% of global land, signed the UAE Declaration on Sustainable Agriculture. Major emitters like
Argentina, Brazil, China, EU, Russia, Turkey, Ukraine, and the US pledged to integrate food into NDCs by 2025. The Alliance of
Champions for Food Systems Transformation (ACF) emerged, emphasizing a comprehensive approach. The UN's FAO released a
roadmap, highlighting the pivotal role of food in climate efforts and emphasizing the need for substantive actions.
Carbon Markets Negotiations in Limbo Over Integrity Concerns

COP28 left Paris Agreement Article 6 issues unresolved, hindering international carbon trading rules. Disagreements persist on
emissions transfers, data review, and cooperative approaches. Recommendations deferred to COP29 in Azerbaijan. Interim risk
assessment tools and a UN crediting registry in development.
Pledges and Finance to Curb Methane Emissions

COP28 saw a $1 billion pledge to combat methane pollution. Five nations joined the Global Methane Pledge, totaling 155
signatories aiming for a 30% reduction in global methane emissions by 2030. The U.S. introduced new methane regulations, and
China committed to including methane in its next NDC. The Global Stocktake emphasized accelerating non-CO2 emission cuts,
urging ambitious methane action in 2025 NDCs.
Small Steps Forward on Forests and Land Use

COP28 solidified global commitment to the 2021 Glasgow Leaders' Declaration on Forests, with 140+ leaders pledging to reverse
forest loss. Initiatives included increased finance, Indigenous Peoples' involvement, and funding for specific countries. Crucial
monitoring and grassroots funding through the Glasgow Leaders' Declaration Dashboard and platforms like Indigenous Peoples'
and Local Communities.
Turning COP28 Commitments into Action

Nations globally pledge to ditch fossil fuels and promote renewable energy at COP28. The crucial task is translating these
commitments into tangible national actions, securing funds, and surpassing goals in the battle against climate change.
Implementing the UAE Consensus, enacting transformative laws, prioritizing renewables, and minimizing fossil fuel dependence
are essential. Individual countries must fulfill their roles to address the climate crisis, emphasizing the significance of global
agreements.
https://www.wri.org/insights/cop28-outcomes-next-
steps#:~:text=Complementing%20revised%202030%20emissions%20targets,efforts%2C%20and%20loss%20and%20damage.
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DEC ‘23 VOLUME 4

COP28: KEY OUTCOMES FROM THE DUBAI CLIMATE TALKS,

A Rapid Shift from Fossil Fuels to Clean Energy

Loss and Damage Fund Operationalized

Finance Challenges Deferred to Next Year As New Finance Goal Emerges

Strengthening National Climate Commitments

Cities Elevated as Partners in Climate Action

Food Finally Gets on the Menu

Carbon Markets Negotiations in Limbo Over Integrity Concerns

Pledges and Finance to Curb Methane Emissions

Small Steps Forward on Forests and Land Use

Turning COP28 Commitments into Action

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