COP28 Reaches Breakthrough on Fossil Fuels: Global Commitments to Transition Away

Dubai, INTI - Following a year of record-breaking temperatures, COP28 closed out 2023 with a groundbreaking and unprecedented set of outcomes across the climate agenda.

At the Dubai summit, world leaders and policymakers came together and committed to transition away from fossil fuels "in an orderly and equitable manner." While this represented a historic breakthrough, it was only the beginning of the progress made at COP28.

Global leaders also agreed to an ambitious goal to triple renewable energy capacity and double energy efficiency by 2030. Additionally, they committed to rapidly reduce methane and other non-CO2 climate-altering gases during the coming decade. These landmark agreements set out the ambitious actions needed to keep within reach the target of restricting the rise in global temperatures to 1.5°C above pre-industrial levels.

In a significant breakthrough, COP28 enshrined the goal of halting and reversing deforestation by 2030 in the conference's final text. This was a transformative step in formally recognizing the role of nature and climate.

During the summit, parties also created, operationalized, and began to capitalize a fund to address loss and damage, which will help countries vulnerable to climate change adapt to its impacts.

These politically negotiated outcomes were matched with an equally impactful action agenda. This engaged global leaders, business leaders, civil society, youth, and indigenous peoples, making COP28 more inclusive than any previous summit. Additionally, it was agreed that all future COPs will have a Youth Climate Champion, as part of a commitment to ensure a contribution from all sectors of the global community.

A key part of this agenda was the Oil and Gas Decarbonization Charter, which was endorsed by more than 50 of the world's largest oil and gas companies and saw them develop a comprehensive decarbonization approach to energy supply and demand.

The agenda also saw $85 billion in new financial commitments mobilized, including the launch of the UAE's ALTÉRRA Fund, the world's largest catalytic private investor, which is 100%-focused on climate change solutions.

Of this $85 billion, $1.2 billion will go towards cutting emissions of non-CO2 greenhouse gases such as methane, which has 80 times the warming power of carbon dioxide for 20 years after its release. In addition, the World Bank pledged to support 15 countries to reduce emissions from rice production, livestock, and waste by 10 million tons over the next five to seven years.

The summit also delivered significant outcomes on adaptation, including pledges from 159 countries on food and agriculture, a pledge on renewables and energy efficiency endorsed by 133 countries, and a declaration on climate and health endorsed by 144 countries. These will provide practical adaptive responses to climate change and protect the most vulnerable.

As the dust settles on COP28, its most remarked-upon feature – that its president was also the head of Abu Dhabi's national oil company – may have turned out to be its most valuable asset. Sultan Al Jaber's ability to communicate with industry peers and global leaders appears to have been instrumental in delivering a groundbreaking outcome.

The onus will now fall on governments to act on the pledges made in Dubai.

“We are what we do, not what we say,” Dr. Al Jaber told delegates at the end of the conference. “We must take the steps necessary to turn this agreement into tangible action.” *Hans