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COP28: A positive outcome…in part

15th December 2023

COP28 has come to a close, with some stating that the decision text is a significant step forward in the fight against climate change, as it includes several new commitments. Whereas others, such as the Alliance of Small Island States (AOSIS), have called it a ‘litany of loopholes’.

Key agreements made in COP28:

  • Transition away from fossil fuels: The final text has been deemed ‘historic’ as, for the first time, it explicitly calls on countries to “transition away from fossil fuels in a just, orderly and equitable manner.” Meaning that the pressure is on the most developed nations to transition from the use of fossil fuels the quickest.
  • Increased finance for climate action: There is a commitment to increase climate finance to $100 billion per year by 2025. This is a crucial step, as developed countries have failed to meet their commitments to provide financial assistance to developing countries for climate action. It is also a notable $20 million increase on the prior commitment.
  • Enhanced ambition for Nationally Determined Contributions (NDCs): Countries are called on to submit new, more ambitious NDCs in early 2025. These NDCs will be crucial in determining whether the world is on track to achieve the 1.5°C target.
  • Strengthened global stocktake: The final text also includes a commitment to strengthen the global stocktake, which is a periodic review of the collective efforts of countries to address climate change.

 

Other notable outcomes of COP28:

  • Declaration on Climate, Relief, Recovery and Peace: A declaration was adopted on climate, relief, recovery, and peace, which recognizes the links between climate change, disasters, and conflict.
  • Launch of the Resilience Initiative for Small Island Developing States (SIDS): The conference also launched the Resilience Initiative for Small Island Developing States (SIDS), which aims to provide SIDS with the resources they need to adapt to climate change.
  • Launch of the Global Adaptation Fund’s new window for Least Developed Countries: This launched a new window for Least Developed Countries, which will provide additional funding for adaptation projects.

 

Overall, the final text of COP28 is a positive step forward in the fight against climate change. However, there is still much more work to be done to ensure that the world is on track to achieve the crucial 1.5°C target.

World leaders’ decisions at COPs significantly influence business operations, environmental adaptation, and innovation opportunities. But as we have said before, many organisations are already taking action, driven by the priorities of their customers, investors, employees and broader stakeholders.

To find out how the experts at Inenco can help you develop and implement your net zero transition plan, putting you in the best position for the future in light of COP28, please contact us at 08451 46 36 26.

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