Introduction

COP28 was the world’s largest climate conference, and the 28th annual United Nations (UN) meeting. With over 85,000 in attendance, it served as a forum for governments and delegates to discuss mitigation, adaptation, and responses to climate change.

The conference facilitated collaboration among a diverse range of stakeholders, including national leaders, youth representatives, investors, business figures, and scientists. This resulted in the exchange of partnerships, ideas, and solutions to address the issue of climate change.

Key takeaways from COP28 include:

Loss and Damage Fund operationalised COP28 resulted in a historic agreement to operationalise the Loss and Damage Fund, the development of the Santiago Network, and consensus on the GGA framework. This represents a step forward in tackling the climate crises, while also ensuring promotion of climate justice.

Nations pledged approximately $700million towards the Loss and Damage Fund, with the World Bank being made responsible for the management of the fund. Although financial commitments represent a starting point, the international community must work collectively to safeguard the resilience and sustainability of vulnerable countries.

The decisions reached at COP28 highlighted the urgency and magnitude of the challenges ahead, emphasising a global commitment to building a more resilient and sustainable world.

Climate Finance Target

COP28 witnessed a pivotal moment in the battle against the climate crisis, as nations reaffirmed their commitment to climate finance. The Green Climate Fund (GCF) benefitted from a significant increase in funding – around $12.8 billion – which represents a collaborative effort to fulfil the financial needs of climate mitigation and adaptation activities.

COP28 represents an advancement in the global drive to secure appropriate funding for climate-related initiatives. Although financial contributions have increased, it is widely recognised that further efforts are necessary. The path to a sustainable, resilient future involves not just meeting current targets, but setting new, more ambitious ones.

Global Stocktake And Fossil Fuels

Considerable attention was directed towards the implications of the Global Stocktake on fossil fuel usage. In particular, emissions reduction, with the goal of limiting global warming to 1.5 degrees celsius and attaining net-zero emissions by 2050.

As a result, nations were tasked with presenting a revised and enhanced climate action plan by 2025. There is a concerted effort to augment global renewable energy capacity while also increasing energy efficiency by 2030.

Additionally, nations were urged to expedite emission reductions in road transport through a variety of measures, including the adoption of zero-emission vehicles, improvements to public transport systems, and the installation of safe cycling infrastructure.

Conclusion

COP28 laid the groundwork for future collaboration and action, demonstrating a global commitment to addressing the climate crisis. As COP29 approaches, establishing a post-2025 financial goal provides an opportunity to influence the trajectory of climate finance.

This ensures that nations, particularly those most vulnerable, have the support they require to nurture a climate-resilient future. Looking further ahead, COP29 is expected to provide more thorough insights on how we can navigate the challenges of climate actions in our environment.

Tosin Adebayo

Oluwatosin Bukola Adebayo
Graduate Management Consultant

Image credit: COP28