COP28 begins today in Dubai and is expected to include a global stocktake of Paris Agreement progress, plans to bolster renewables and mitigate the role of fossil fuels, and discussions over financing developing countries most impacted by climate change.
According to a recent statement from COP28 President Sultan al-Jaber and EU Commissioner Wopke Hostra, the conference will feature the first stocktake of global progress on Paris Agreement goals, established in 2016. Climate-related plans going forward may be made based on findings of how countries have succeeded in meeting emissions reductions targets and where they may be falling short.
According to predictions from the United Nations and other sources, none of the 195 countries that signed the agreement are currently on track toward the goal of limiting global warming to 1.5 degrees Celcius, indicating the need for accelerated climate action.
A major factor in making progress towards net zero goals, according to the UN, G20, and other global organizations, includes tripling renewable energy capacity. This will reportedly require at least $4 trillion in investment each year, as well as addressing infrastructure, policy, and institutional barriers to growth.
IRENA and the Global Renewables Alliance, along with the COP28 president, released a roadmap in October outlining steps needed for the clean energy transition. Some measures include 90% of energy capacity additions coming from wind and solar power, as well as North-South dialogue towards a just energy transition.
At the end of last year's COP27, countries agreed to the establishment of a loss and damage fund that would support developing countries as they face rising costs of climate change-related weather events and require investment for the adoption of clean energy technologies. Many countries, especially those in the global south, are particularly vulnerable to the effects of climate change, while higher-income countries are said to be largely responsible for emissions, pollution, and other climate change-related costs.
Earlier this month, the UN Transitional Committee recommended implementation of a loss and damage fund, and the EU has since committed to “substantial financial contributions” to the fund, hoping others will follow suit.
The UN is also expected to establish its own carbon market, attaching a price tag to carbon emissions in order to encourage reductions and create demand for clean energy. Through the market, countries could purchase carbon credits to offset emissions and support climate-positive projects, but some are wary of how projects and accompanying emissions reductions would be assessed for legitimacy.
One of the most contested topics anticipated for the conference is the role of fossil fuels in the coming years.
Countries are expected to bring a wide range of proposals on how to address fossil fuels, especially as so many countries’ economies rely on the energy source. Meanwhile, some countries plan to emphasize the need to expediently phase out fossil fuels -- the EU has called for a world largely free of fossil fuels well before 2050, with a phase-out of government subsidies guiding this effort.
Fossil fuel production is expected to continue in the near future, so in the mean time attention is being geared toward the reduction of methane emissions. Methane, found to be 25 times more potent than carbon emissions, must be cut by 75% by 2030 according to the IEA.
