COP28: Global stocktake reveals world is not on track to Climate goal  

The 28^th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC) or United Nations Climate Change Conference is being held at Expo City, Dubai in the United Arab Emirates. It began on 30^th November 2023 and will continue till 12^th December 2023.  

The Conference of the Parties (COP) is an international climate summit held annually where world leaders meet to work together to tackle climate change. Presently, 197 countries and the European Union are parties to the convention. As world’s highest decision-making body on climate issues, these conferences serve as the formal meeting of the parties to negotiate and agree actions to check emissions of greenhouse gases, to halt global warming and to tackle climate change.  

At the 21^st Conference of the Parties (COP21) held in Paris in 2015, the world leaders representing 196 Parties adopted landmark legally binding international treaty (popularly known as Paris agreement) which provides for limiting global warming to 1.5°C compared to pre-industrial levels by 2050. To limit global warming to 1.5°C, greenhouse gas emissions must peak before 2025 and be halved by 2030. This means there are only seven years left to meet the goal.  

COP28 UAE is an opportunity to rethink and refocus the climate agenda. It has delivered first ever comprehensive assessment (global stocktake) of the collective progress in implementing climate goals of 2015 Paris Agreement.  

Global stocktake 

The evaluation of the progress against climate goals has revealed that the world is not on track to limiting temperature rise to 1.5°C by the end of this century. The transition is not fast enough to achieve 43% reduction in greenhouse gas emission by 2030 that could limit global warming within the current ambitions. This reality forms the background of COP28 UAE.  

The UAE Declaration 

To keep 1.5°C target within reach and to meet the goals of the Paris Agreement, COP28 led by UAE has launched a Global Climate Finance Framework for financing a new climate economy. The idea is to ensure that climate finance is available, affordable, and accessible.  

COP28 UAE Declaration on a Global Climate Finance Framework will help to bridge the trust gap between the Global North and Global South and will build on the momentum created by existing initiatives. UAE has established the largest private climate vehicle ALTÉRRA and announced a $30 billion commitment to the vehicle with the aim of mobilizing $250 billions of private-sector investment by 2030. ALTÉRRA will combine private and public capital to channel large-scale investment into climate solutions globally. 

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Sources: 

1. COP28 UAE. https://www.cop28.com/en/ Accessed on 01 December 2023.  
2. IPCC. Special Report – Global Warming of 1.5 ºC. Available at https://www.ipcc.ch/sr15/ Accessed on 01 December 2023. 
3. UNFCCC 2015. The Paris Agreement. Available at https://unfccc.int/process-and-meetings/the-paris-agreement. Accessed on 01 December 2023.  
4. UNFCCC 2023. News – COP28 Opens in Dubai with Calls for Accelerated Action, Higher Ambition Against the Escalating Climate Crisis. Available at  https://unfccc.int/news/cop28-opens-in-dubai-with-calls-for-accelerated-action-higher-ambition-against-the-escalating Accessed on 01 December 2023. 

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