COP28 Highlights: Progress and Challenges

The Conference of the Parties, known as COP, is a series of international meetings organized under the United Nations Framework Convention on Climate Change (UNFCCC). The UNFCCC is a treaty established in 1992 to address the global challenge of climate change. COP meetings bring together representatives from countries that are parties to the convention, providing a platform for collaboration, negotiation, and decision-making on matters related to climate change.

Now, let's delve into COP28:

The 28th Conference of Parties (COP-28) took place in Dubai, United Arab Emirates, from November 30th to December 12th, 2023. During this event, representatives from 197 countries gathered to showcase their efforts in limiting global warming and engaged in discussions to prepare for future climate challenges. This also marked the first formal assessment of progress under the 2015 Paris climate agreement by participating nations.

A significant milestone was achieved as the participating nations formally acknowledged the need for rapid decarbonization and the accelerated deployment of low-emission technologies, including nuclear energy. This ground-breaking shift, which is summed up in the Global Stocktake (GST), sets a new tone for global climate efforts.

Another notable achievement was the operationalization of the Loss and Damage (L& D) fund, aimed at compensating countries grappling with climate change impacts.

Global Stocktake and Transition Away from Fossil Fuels

COP28's defining moment came with the Global Stocktake (GST), where the 198 signatory countries officially called for an urgent transition away from fossil fuels. it emphasized the role of nuclear energy in a rapid reduction in carbon emissions, aligning with the aspirational goal of tripling nuclear power capacity by 2050, a declaration supported by more than 22 countries. This change from usual COP meetings signals a collective understanding of the importance of diverse and innovative solutions in the fight against climate change.

Finance Challenges and Article 6.2/6.4

While COP 28 made good progress, a lot of challenges emerged as well, especially in dealing with finance-related aspects and decisions related to Articles 6.2 and 6.4 of the Paris Agreement. Article 6.2 focuses on international carbon trading, allowing countries to buy and sell emissions reductions. On the other hand, Article 6.4 focuses on non-market measures to promote sustainable development and emissions reduction through cooperation between countries.

Finance, a crucial part of climate action, lacked clear targets. The call for developed countries to jointly provide USD 100 billion per year in climate finance persisted, falling short of the required support for developing nations to meet their Global Stocktake obligations. Moreover, COP28 faced hurdles in decisions related to Articles 6.2 and 6.4, focusing on bilateral trading and carbon markets. The absence of clear international guidance in these domains poses a risk to the effectiveness and integrity of carbon trading activities.

During COP28, more than 60 countries signed the Global Cooling Pledge, a collaborative effort led by the COP28 Presidency and the U.N. Environment Programme's Cool Coalition. This initiative aims to expand sustainable cooling to protect vulnerable communities while limiting emissions from the cooling sector. National governments committed to reducing cooling-related emissions by at least 68 percent globally relative to 2022 levels by 2050, with the goal of restricting global temperature rise to 1.5°C.

At the same time, a program called was launched called Call to Action by Mission Efficiency, urging countries, companies, and organizations to support a global target of more than double the rate of energy efficiency improvement annually. The Call to Action emphasized the need to triple investment to over USD 1.5 trillion per year from 2026 to 2030 to achieve these targets.

Additionally, the Africa Energy Transition Partnership, a collaboration between SEforALL and UNOPS, was established to support Energy Transition and Investment Plans in Global South countries. Here, UNOPS will be responsible for managing the funds and providing operational and administrative support, while SEforALL will provide access to finance and technical assistance. 

Partnerships and Future Commitments

COP28 witnessed a significant commitment as countries like Barbados, Belize, Egypt, Ghana, India, Kenya, Malawi, Mauritania, Mozambique, Nigeria, and Togo joined the Battery Energy Storage System (BESS) Consortium. This collaborative effort aims to secure 5 gigawatts (GW) of BESS commitments by the end of 2024, supported by resource partners, including SEforALL which will provide access to finance and technical assistance.

The BESS Consortium represents a pivotal step towards advancing energy storage solutions and fostering sustainable energy practices among participating nations.

India's Stand

India did not sign the Global Methane Pledge and it reflects its sensitivities around agriculture. Developing nations, India among them, emphasize the need for wealthier countries, which have already used a substantial portion of the global carbon budget, to focus on achieving negative carbon emissions. The call for shared but distinct responsibilities and respective capabilities continues to be a key aspect of the position held by developing countries.COP28 showcased the global commitment to fighting climate change. While progress was made, challenges remain, especially in finance and decisions on critical aspects. The urgent need to move away from fossil fuels was emphasized, and the inclusion of nuclear energy highlighted the changing landscape of clean energy, signalling a collective determination to build a sustainable and resilient future.