As the world gears up for COP28, the anticipation is palpable, echoing the urgent need for global cooperation in the face of escalating climate crises. Building on the outcomes of last year’s COP27, the international community finds itself at a critical juncture, where the decisions made in the coming conference could reshape the trajectory of our planet's environmental future.
Last year, I took part in what was my first COP experience, attending as part of a team representing a private sector infrastructure developer. Following previous climate summits from afar for so long, I was eager to finally experience it for myself. While I did not play a part in the negotiations, it was still an enriching experience.In parallel with the negotiations, the conference had a packed itinerary of side events, where panels and discussions on climate action took place. Governments and businesses also had the chance to showcase their real-world climate solutions. It was inspiring to witness the collective efforts of all sectors and seeing all the work being done on the ground.
All eyes were on Sharm El Sheikh last November with high expectations for the summit to deliver on climate action. Some areas not fully resolved at previous editions of COP were on the agenda, with the main buzzwords being Loss and Damage.
Unresolved key issues
Despite landmark achievements at COP26 the year before, most notably the Glasgow Climate Pact, which included the first explicit commitment to reduce coal use, several key issues remained unresolved. One critical point of contention was the phase-out of coal, which wasn’t agreed upon by countries and including phasing down instead.Another critical issue on the agenda was climate finance, which is the key driver of climate action implementation. Since the establishment of the Paris Climate Accords in 2015, there hasn’t been a single year where the $100 billion annual financing target has been met.
Come COP27, the topic of loss and damage took center stage with the implementation of the Loss and Damage Fund, providing financial support to the communities most impacted by climate change. The missing puzzle piece however, was deciding where these funds will be coming from, as many of the global top polluters haven’t pledged to contribute to the fund.
Among other successes was the launch of the Early Warnings for All initiative, an essential adaptation measure using integrated communication systems to help communities prepare for natural hazards.
“The era of global boiling has arrived”
The summit did not however deliver much around mitigation. While countries reaffirmed their commitment to limit global temperature rise and reduce the use of coal, consensus hasn’t been reached about eliminating or phasing down all fossil fuels. Instead, a provision for boosting “low-emissions energy” was included. This leaves room for interpretation, as this could mean anything from wind and solar to natural gas, which has lower emissions than coal. Many fear this will not help us stay below the 1.5 degree mark.“The era of global boiling has arrived”, warned Secretary-General Antonio Guterres at UN headquarters earlier this year. This is not hyperbole – 2023 recorded the highest global mean temperature historically (1.43 degrees Celsius above pre-industrial levels as per the WMO) and is expected to be the warmest year on record.
This has brought about catastrophic climate disasters. Just this past year, Libya has suffered devastating floods causing the death of thousands of people, while severe droughts plague East Africa and Cyclone Freddy wrecking Malawi and Mozambique. An already vulnerable region, The Middle East and East Mediterranean region has been warming almost twice as fast as the global average, which causes unprecedented heatwaves, and will exacerbate water stress, affecting the millions of people living there. These are some of many life-threatening disasters occurring as a result of our changing climate.
Climate change has not only caused compounded and extreme weather events, it continues to endanger every aspect of life from food systems to entire economies, underscoring the urgent need for global action on climate adaptation and mitigation.
A 2022 report by the Vulnerable Twenty Group, which includes 68 developing countries systemically vulnerable to climate change, indicated that had it not been for climate change, they would have been 20 per cent wealthier. V20 economies have lost approximately $525 billion over the past two decades as a direct result of climate change.
Climate justice is essential for effective and resilient climate action, given the evident burden on the most vulnerable nations who are bearing disproportionate consequences. The Global South is paying the price of our inaction, and while our inaction contributes to disasters, wrong actions can be equally devastating. The exploitation of indigenous people and poor countries is an infuriating reality. The surge in cobalt demand amid the energy transition has led to abuses against Congolese miners, working in deplorable conditions with little benefit to their country. In addressing climate change, it is imperative to rectify these injustices for a sustainable and equitable future.
In a few days, the UAE will resume what Egypt and every previous COP has started. But as we inch closer to our deadlines, we must act fast.
High Hopes for COP28
In the lead-up to this year’s summit, interim negotiations led by the Transitional Committee have been attempting to reach resolutions on the Loss and Damage fund, concluding with a decision to appoint the World Bank to operationalize the Fund for an interim period of 4 years. Although there is still no clear mention of the amount of funding, high hopes remain for COP28 to secure firm commitments from developed countries to supply these funds.A main focus of the upcoming COP session will be the first ever Global Stocktake (GST), a look at where we are so far from meeting our goals. It is no secret that we are woefully off-track, but the aim of the GST is to measure progress and set a plan for course-correction.
Criticisms have been voiced by many regarding the appointment Sultan Al Jaber as COP President, seeing as he is the CEO of UAE’s national oil company, which raises concerns of conflicts of interest and greenwashing. While the UAE has scaled up its renewables program, it isn’t planning on cutting down on fossil fuel extraction anytime soon. The country’s position on fossil fuels could undermine Al Jaber’s credibility in guiding an unbiased discussion. However, his experience with businesses does have the advantage of effectively leading the climate finance talks which could see the further increase of private sector mobilization towards climate action, accessing much-needed capital and technological resources.
The COP28 program focuses on four paradigm shifts: fast-tracking the energy transition; transforming climate finance; putting nature and people at the center of climate action; and mobilizing for the most inclusive COP ever. In the upcoming days, we will watch how that will be translated into action.
This task is not an easy undertaking, but the stakes are higher than ever. To pave the way towards a sustainable and resilient world, we must begin by revisiting and strengthening our 2030 Nationally Determined Contributions (NDCs), crafting a clear roadmap that leads us to "Paris-aligned" targets. Mobilizing climate finance is the key enabler in fast-tracking comprehensive climate action, essential for transitioning to sustainable energy sources, preserving ecosystems, and fostering climate-resilient agriculture and food systems. To achieve lasting change, a holistic approach is paramount—one that places people at the heart of the solution and recognizes the interconnectedness of various environmental, social, and economic factors. It's time to translate our commitment into concrete actions, working collectively to address the global climate crisis and promote sustainable development.
November 2023