By: Emma Abrams
In December, 85,000 participants from across the world gathered in Dubai for the COP28 UN Climate Change Conference. It resulted in the first-ever Global Stocktake, an assessment on the progress the world has made so far, and what lies ahead to combat climate change. Here’s what you need to know about the major steps that were made at COP28:
- Transitioning away from Fossil Fuels: The Global Stocktake states the need for “transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050”. This marks the first time a final COP final decision has singled out fossil fuels as a driver of climate change, but came short of calling for phasing them out. The Stocktake also calls on the world to work towards “tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030”. Simon Stiell, the UN Climate Change Executive, says that this “outcome is the beginning of the end” for the fossil fuel era.
- Climate Change and Nature Conservation: In another first, the stocktake includes a pledge to halt and reverse deforestation and forest degradation by 2030. This is the first time a pledge like this has been formally recognized under the UN Framework Convention on Climate Change. An end to deforestation would reduce global emissions by about 14%. There were also calls that “emphasizes the importance of conserving, protecting and restoring nature and ecosystems” and “invites Parties to preserve and restore oceans and coastal ecosystems”. This is especially timely for those of us in the Southeast: an abnormal marine heatwave this summer “decimated” corals that are vital for marine ecosystems around Florida. Essential preservation efforts are working to ensure the survival of endangered corals.
- “Loss and Damages” fund: A dedicated fund for developing nations already experiencing the impacts of climate change was created on the first day of the conference, with nations jointly committing more than $600 million. The creation of such a fund “acknowledges that climate change has already caused and will increasingly cause losses and damages”. The fund is being housed temporarily at the World Bank. Once finalized, money from the fund will be allocated to developing countries that are the most climate-vulnerable, like the Dominican Republic, Vanuatu or Senegal. The average yearly economic loss due to hurricanes in the Dominican Republic is $345 million, and expected to more than triple by 2030.
- The need for more funding: While the mere creation of the Loss and Damage fund is significant, current commitments seem tiny compared to the estimated $400 billion worth of losses developing countries are facing every year due to increasing temperatures and worsening weather events. It is not just the Loss and Damage fund that will need a significant increase in funding. It is estimated that about 4.3 trillion USD needs to be invested in clean energy every year until 2030 (and even more beyond that) in order to achieve net zero emissions by 2050. COP28 highlights the need for a significant increase in climate finance from both public and private sources.
- Looking forward: At COP29 in 2024, nations will set new climate finance goals, known as the new collective quantified goal. Ahead of COP30, new nationally determined contributions are due by early 2025. Nationally determined contributions are goals for emissions reductions and climate adaptations nations pledge to work towards. Nations must begin working on these plans immediately to meet global 2030 goals for climate change. While the conference yielded many significant firsts, the biggest message is that the world still has a long way to go to meet the goals of the Paris Agreement and limit global warming to 1.5 degrees.
While these numbers may seem daunting, Emerger Strategies’ Sustainability Services can help your business be part of the solution! We’ve helped companies like Z-man Fishing replace fossil fuels with more renewable energy and reduced waste. Contact us today and your business can help in the transition to a greener economy.