Erick Burgueño Salas
Research expert covering climate change and the water industry
COP 28 - statistics & facts
COP 28 was the source of much criticism and skepticism before it even began. The 2023 edition of the annual UN Climate Change Conference was held in Dubai, United Arab Emirates (UAE), from November 30 to December 12. Ramping up renewables deployment, the phasing down of fossil fuels, and climate finance were some of the main points of discussion during the conference.
Nevertheless, controversy clouded the fossil fuels dilemma even before discussions started. The COP 28 president , Sultan Al Jaber, is the CEO of one of the most valuable oil and gas companies in the world, Abu Dhabi National Oil Company (Adnoc). This brought on calls for him to step down from his presidency due to a possible conflict of interest. To rub more salt into the wound, a series of leaked documents revealed that Al Jaber was planning to discuss boosting fossil fuel businesses during the climate summit, potentially hampering any advancement in climate targets and damaging the reputation of the conference.
Advanced action in adaptation, together with preparing for the consequences of climate change that go beyond what populations can adapt to – commonly known as loss and damage – were also widely discussed at COP 28. During COP 27, it was agreed that a loss and damage fund was to be established, a major step forward on this matter. In Dubai, the operationalization of the funding for loss and damage was on the table. Nations agreed for the first time on a new fund under the United Nations Framework Convention on Climate Change (UNFCCC) of more than 600 million U.S. dollars. Such funding is aimed at providing assistance to countries most vulnerable to the effects of climate change, which have also historically made little contribution to global emissions.
COP 29 is scheduled to take place in Baku, Azerbaijan, from November 11 to November 22, 2024.
The first global stocktake
One of the main takeaways of the conference was the conclusion of the first global stocktake, an assessment of the progress toward limiting global temperature rise to well below two degrees Celsius. According to the results of the report, the Paris Agreement is falling short across all areas, with a significant mitigation gap inconsistent with the agreement of limiting the global temperature rise to 1.5 degrees Celsius. Based on current pledges and targets, the planet's temperature is expected to at least reach 2.1 degrees Celsius by 2100. Nonetheless, the stocktake also provides a glimpse of hope, giving actions and commitments to be undertaken urgently to bring the world back on the right path.The fossil fuel paradox
One of the tasks that parties had to address was the difficult debate on the future of fossil fuels, which are the largest drivers of climate change and still play a key role as an energy source in the global economy. Electricity generation from fossil fuels worldwide has grown by more than 75 percent in the past two decades. The phase down or phase out of fossil fuels has been a backbone discussion in past climate conferences, and at COP 28 governments agreed on a "swift, just, and equitable" transition supported by emissions cuts and scaled-up finance. Such outcome recognizes that the energy industry needs to reach net zero emissions by 2050, using zero- and low-carbon fuels.Nevertheless, controversy clouded the fossil fuels dilemma even before discussions started. The COP 28 president , Sultan Al Jaber, is the CEO of one of the most valuable oil and gas companies in the world, Abu Dhabi National Oil Company (Adnoc). This brought on calls for him to step down from his presidency due to a possible conflict of interest. To rub more salt into the wound, a series of leaked documents revealed that Al Jaber was planning to discuss boosting fossil fuel businesses during the climate summit, potentially hampering any advancement in climate targets and damaging the reputation of the conference.
Renewables development and loss and damage
Two other pressing topics on the agenda at COP 28 were the boosting of clean energy capacity and financing the cost of climate change. New investments in renewables around the world have skyrocketed from 32 billion U.S. dollars in 2004 to almost 500 billion dollars in 2022. At COP 28, governments set a goal to triple renewable energy capacity to 1,500 GW by 2030, together with a pledge to double the efficiency of existing energy sources, and to phase out inefficient fossil fuel subsidies that do not address energy poverty.Advanced action in adaptation, together with preparing for the consequences of climate change that go beyond what populations can adapt to – commonly known as loss and damage – were also widely discussed at COP 28. During COP 27, it was agreed that a loss and damage fund was to be established, a major step forward on this matter. In Dubai, the operationalization of the funding for loss and damage was on the table. Nations agreed for the first time on a new fund under the United Nations Framework Convention on Climate Change (UNFCCC) of more than 600 million U.S. dollars. Such funding is aimed at providing assistance to countries most vulnerable to the effects of climate change, which have also historically made little contribution to global emissions.
COP 29 is scheduled to take place in Baku, Azerbaijan, from November 11 to November 22, 2024.
