The recently-concluded COP28 Summit delivered a series of important outcomes, including operationalisation of the Loss and Damage Fund, acknowledgement of the need to move away from fossil fuels, and an agreement on a framework for the global goal of adaptation.
The climate conference at Expo City Dubai in the UAE came at a time when global temperatures were breaking new records. The year 2023 is already confirmed to emerge as the hottest year ever. Several days happened to be at least 1.5C hotter than pre-industrial levels.
COP28 Dubai was being seen as possible the last opportunity to ensure global temperatures remain within the 1.5C threshold. The main agenda was to carry out a Global Stocktake (GST), an assessment of where the world was in its fight against the climate crisis.
Most Important Outcomes At COP28 Climate Conference
Fossil Fuel Phase-out
For the first time, dozens of countries convened by the Summit in the emirate approved a milestone plan that explicitly calls for “transitioning away from fossil fuels” such as coal, oil and gas that have long been heating the planet and putting millions of lives at risk.
Tripling Of Renewable Energy
The agreement calls upon countries to contribute to tripling of global installed capacity of renewable energy and doubling of annual improvements in energy efficiency. These measures can avoid emissions of 7 billion tonnes of CO2 equivalent between now and 2030.
Methane Emission Cuts
Methane remains the most prevalent greenhouse gas apart from CO2. It is also about 80 times more potent than CO2 in causing global warming. Methane emission cuts, therefore, can bring substantial benefits. The COP28 agreement calls for substantial reductions globally.
Read More: Your Comprehensive Guide To COP28’s Nature, Land Use and Ocean Day
Loss And Damage Fund
In its first day itself, the Summit recorded an achievement as participants reached a historic agreement to operationalise the Loss and Damage Fund. By the end of the conference, commitments worth about $800 million had already been made.
