After the first six days of COP28, major headlines are already emerging that have captured the attention of millions and could mark significant turning points in the fight against climate change. This summit is shaping up to be a crucial opportunity to make a difference compared to its predecessors.
The main focus of COP28 revolves around the urgent need to turn off the tap of fossil fuels, according to experts, as the main key to containing global warming within the limits set by the 2015 Paris Agreement.
Limiting global warming to 1.5ºC compared to the pre-industrial period remains an inescapable reality that must continue to be the focus of climate action.
Climate Finance on the Rise, but Enough?
During the first four days of COP28, an impressive financial commitment has been evident, with close to $57 billion earmarked for the climate agenda. Governments, companies, investors and philanthropic organisations have contributed significantly, with the contribution of the most developed countries, the main culprits of climate change, standing out.
COP28 announces the allocation of $3.5 billion to replenish the Green Climate Fund for ambitious mitigation and adaptation goals. Other notable funds include $2.7 billion for health, $2.6 billion for food systems transformation, $2.6 billion for nature protection, $467 million for urban climate and $1.2 billion for emergencies, recovery and peace.
It highlights a $2.5 billion investment in renewable energy and $1.2 billion to reduce methane emissions.
Transforming the Global Economy and Unprecedented Commitments
Among the most prominent proposals from COP28 is a set of eight declarations aimed at transforming key systems of the global economy, such as food, health, renewable energy and energy efficiency. The idea of a “global carbon decarbonisation decelerator” is introduced, with 55 oil and gas companies committing to achieve net zero methane emissions by 2030 and net zero emissions by 2050.
The European Union as a Role Model for Energy Transition
The EU is leading global best practice for energy transition, proposing to triple global renewable energy capacity and double energy efficiency by 2030. It supports the phase-out of fossil fuels, with the aim of reducing gas consumption by at least 15% by 2030.
Crucial Upcoming Agreements on the COP28 Agenda
COP28 will continue to address critical issues in the coming days, including the future of hydrogen, refrigeration and gender equality. Support is being sought for the expansion of green hydrogen, with the potential to reduce between 60 and 80 gigatonnes of carbon dioxide by 2050. More than 60 countries commit to reduce the impact of climate change on refrigeration, and 60 countries consider a gender-sensitive energy transition.
COP28 is positioned as a crucial milestone in the history of climate conferences, with concrete commitments and actions that could pave the way for a sustainable future.