Monday, November 13, 2023
The upcoming COP28, scheduled from November 30 to December 12 in Dubai, UAE, marks a critical juncture in the global fight against the climate crisis. Strengthening global cooperation is imperative to confront this challenge. The conference serves as an opportunity to escalate ambition and agree on transformative actions to close the emissions gap, protect the climate-vulnerable, and accelerate financial system transformation.
Since the 2015 Paris Agreement, incremental progress has been made, but the world is still veering off course rapidly. COP28 provides a chance to course-correct global climate action, emphasizing the urgent need for bolder measures. The conference must address the emissions gap by committing to a phased-out approach to fossil fuels, including an immediate halt to new coal power plants. Simultaneously, COP28 should accelerate the energy transition by fostering a renewable energy revolution.
A pivotal focus of COP28 should be on protecting the most climate-vulnerable regions through new funding for climate risk management. Establishing a UNFCCC framework for adaptation goals is crucial, and developing countries seek tangible commitments to the loss and damage fund. Political attention must be directed towards access to adaptation finance and a new framework for the Global Goal on Adaptation, ensuring effective action and adequate funding.
Additionally, COP28 needs to expedite the transformation of the financial system, recognizing the unmet $100 billion climate finance promise and the need for greater financial resources. The conference should translate strong political support for financial system reform, especially from the Global South, into practical pathways for implementing reforms and attracting new capital. The COP28 World Climate Action Summit on December 1-2 will be a significant opportunity for world leaders to solidify the global financial architecture reform agenda.
E3G, a leading environmental think tank, emphasizes the importance of COP28 in setting a transformative roadmap for global climate action. Key agreements on ambitious global goals for renewable energy, energy efficiency, loss and damage funding, and financial system reform are essential to align efforts with the goals of the Paris Agreement. The conference must serve as a turning point, steering the world toward a sustainable and resilient future while meeting the urgent demands of the climate crisis. Quotes from E3G experts underscore the necessity for ambitious outcomes in these critical areas, emphasizing the need for practical pathways and aligned political will.