On 13 December, COP28 concluded with an agreement by 198 Parties to deliver a new era of climate action. The Parties agreed on a text named The UAE Consensus, that sets out a climate agenda to keep 1.5°C within reach. The UAE Consensus calls on Parties to transition away from fossil fuels to reach net zero, encourages them to submit economy-wide Nationally Determined Contributions (NDCs), includes a new specific target to triple renewables and double energy efficiency by 2030, and builds momentum towards a new architecture for climate finance. COP28 president, Dr. Sultan Al Jaber and the COP28 presidency team have expressed determination to deliver “a plan that is led by the science”. “It is a balanced plan that tackles emissions, bridges the gap on adaptation, reimagines global finance and delivers on loss and damage,” says Al Jaber. “It is built on common ground. It is strengthened by inclusivity, and it is reinforced by collaboration. It is an enhanced, balanced, but make no mistake, historic package to accelerate climate action.” Major commitments contained in the final negotiated text include:
- Transitioning away from all fossil fuels to enable the world to reach net zero by 2050.
- An increase in expectations for the next round of Nationally Determined Contributions (NDCs) by encouraging “economy-wide emission reduction targets.”
- Building momentum behind the financial architecture reform agenda, recognising the role of credit rating agencies for the first time, and calling for a scale-up of concessional and grant finance.
- A new, specific target to triple renewables and double energy efficiency by 2030.
- Recognising the need to significantly scale up adaptation finance beyond the doubling to meet urgent and evolving needs.
Under the total Action Agenda at COP28, over $85b in funding has been mobilised and 11 pledges and declarations have been launched. Major Action Agenda achievements, which sit apart from the negotiated text, include:
- The launch of ALTÉRRA, the UAE’s $30b catalytic private finance vehicle, which seeks to mobilise a total of $250b for global climate action.
- The ‘COP28 UAE Declaration on Agriculture, Food, and Climate,’ embedding sustainable agriculture and food systems in the response to climate change. It has received endorsements from 158 countries.
- The ‘COP28 UAE Declaration on Climate and Health,’ to accelerate the development of climate-resilient, sustainable and equitable health systems. 144 countries have endorsed it.
- The Global Decarbonization Accelerator (GDA) – a series of landmark energy initiatives across the public and private sectors to speed up the energy transition.
- The ‘Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge’ to advance the integration of sub-national leaders in climate-related decision-making, which 67 countries have endorsed.
- The COP28 presidency’s receipt of the Global Youth Statement: the collective climate policy demands of children and youth from over 160 countries worldwide.
The COP28 presidency has additionally signed an agreement with Brazil, the host country of COP30, to deepen collaboration and increase climate ambitions by COP30.
