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COP28 Developments: Global Goal on Adaptation, Finance, and Fossil Fuel Phaseout
The Global Goal on Adaptation (GGA) draft faced developing countries' rejection at COP28, lacking key elements. Informal consultations aim for a revised text by December 5. Finance discussions explored leveraging Special Drawing Rights, with support for SDR rechanneling.
Methane initiatives secured $1 billion, and a call for equitable fossil fuel phaseout was emphasised. Parties debated the Mitigation Work Programme, Article 6.8, and addressed hurdles in tripling the renewable energy target. Renewable energy challenges were highlighted, showcasing diverse global perspectives on deployment obstacles.
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Finance Took Center Stage on COP28's Energy and Industry Day
Delegates at COP28 in Dubai emphasised climate finance as a paramount summit-wide concern. Discussions ranged from funding global clean energy initiatives to ensuring financial institutions supported Indigenous rights. The UNFCCC's Indigenous Knowledge Holders dialogue, allowed countries to directly engage with Indigenous groups, amplifying diverse perspectives.
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COP28 Climate Summit Draft Calls for Fossil Fuel Phase-out Amid Record Emissions
A draft negotiating text at the COP28 climate conference reveals a contentious proposal for a formal global phase-out of fossil fuels. Western nations advocate for inclusion, while oil-producing countries resist. CEOs of major energy firms defend fossil fuels on the conference stage, emphasising technological advancements and a fair transition.
The draft also addresses carbon capture technology, amid rising concerns over record-high emissions from coal, oil, and gas. The debate intensifies as the world grapples with the urgency of combating climate change.
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Arab Coordination Group Commits £7.5 Billion for Renewable Transition at COP28
During the COP28 climate summit in Dubai, the Arab Coordination Group pledged £7.5 billion to facilitate the transition to renewable energy in developing nations until 2030. The commitment by the alliance, composed of regional and international development institutions, aims to drive a comprehensive and affordable shift to renewable sources.
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Global Stocktake Moves Closer to a Conclusion at COP28
High-level discussions at COP28 propelled the world's inaugural global stocktake nearer to a crucial decision, aiming to elevate climate ambition.
Leaders emphasised the urgency for substantial and swift reductions in global greenhouse gas emissions, recognising adaptation gaps and the need for increased finance and means of implementation, especially for developing nations. The outcomes are pivotal for shaping the 2025 climate action plans.
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Creating a “Fund of Funds”
Paving the Path Beyond Loss and Damage Fund
CUTS International’s Side Event on December 10th, 15:00 - 16:00 GST
(ICC Partner Stage, BlueZone, B7, Building #88 - Thematic Arena 3)
The fo rthcoming event is set to deliberate on critical aspects of climate change and biodiversity loss, recognising the urgency to bridge financial gaps for sustainable solutions.
Click here to view background note- >>
Speakers
- Mr. Sajeev Nair, Regional Director and Board Member, CUTS International, Lusaka & Nairobi
- Ms. Martha Getachew Bekele, Africa Lead for Delivery Quality and Impact, Development Initiatives
- Mr. Brian Omenyi, National Coordinator, Sustainable Energy Access Forum (SEAF - Kenya)
- Ms. Lydia Chibambo, Program Officer - Energy Gender, Zambia Climate Change Network
- Mr. Rowen Jani, Program Officer, World Wide Fund for Nature, Zambia
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Rising carbon emissions and biodiversity loss pose a grave threat, affecting all, regardless of privilege. Global environmental finance must urgently evolve, with current climate finance at $600bn needing a 600 percent increase by 2030. Despite commitments at COP 27 and COP 15 (Biodiversity), a roadmap is absent.