What’s on the Agenda at COP28?
This year, the UAE is set to host the 28th session of the Conference of Parties (COP 28) to the United Nations Framework Convention on Climate Change (UNFCCC) from November 30 to December 12, 2023.
Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Special Envoy for Climate Change has announced that COP28 will align with the UAE national day on December 2.
The event is expected to attract over 80,000 delegates, including 140 heads of state and government, as well as more than 5,000 media professionals. Dubai Expo City has been selected as the venue for COP28, offering an ideal location that shares common objectives with Expo 2020 Dubai: promoting sustainability and fostering global collaboration to address global challenges.
What is the Agenda of COP28?
Speeding up Decarbonization
COP28 presents an opportunity to speed up decarbonization efforts through the agreement of a declaration to phase out fossil fuels. With over 80 countries supporting this objective at COP27, reaching a consensus at a conference led by an oil and gas CEO would send a strong signal of government commitment to the required transformation. Governments should adopt policies that speed up sectoral transformations and prioritize real emissions cuts by shifting investments towards renewables, implementing sectoral targets, and addressing land use, methane, and fossil emissions while curbing deforestation. Establishing clear accountability mechanisms can ensure that climate promises made by governments, businesses, and cities are upheld.
Enhancing Resilience
COP27 paved the way for the Loss and Damage Fund, and the focus now lies in its establishment. Key questions surrounding the fund's location, operation, funding sources, and beneficiaries need to be answered. Governments must secure adequate financing for loss and damage, potentially through taxes on fossil fuels, finance, aviation, and shipping, as well as increased involvement of international financial institutions such as the World Bank, IMF, and multilateral development banks (MDBs). Pilot schemes can serve as initial steps towards this goal. Closing the gap in adaptation finance remains critical, and partnerships can be forged to raise funds and improve accessibility to adaptation funding. COP28 decisions related to tracking the Global Goal of Adaptation can drive long-term funding improvements.
Transforming the Financial System
COP28 declarations and diplomatic efforts can align governments around an agenda to reshape international financial institutions to better serve climate and development objectives. As the 80th anniversary of the Bretton Woods Conference approaches, COP28 provides a crucial moment to reaffirm commitment to a finance system capable of addressing present challenges. Climate finance discussions at COP28 should assess progress and make recommendations for an effective financial framework throughout the critical decade. Aligning finance flows with the Paris Agreement, setting post-2025 climate finance goals, and securing finance ministries' and global finance rules' support are essential steps to scale up climate finance. Pre-COP28 actions, such as regional mechanisms, enhanced access to concessional financing, increased allocation of Special Drawing Rights to resilience and sustainability trusts, and boosting the financial capacity of MDBs, can bolster funding for climate action.