 "UN Climate Chief Simon Stiell with COP28 President Sultan al-Jaber")
The 28th Conference of the Parties of the United Nations (UN) Framework Convention on Climate Change (COP28), hosted by oil exporter United Arab Emirates (UAE), adopted the idea of “transitioning away from fossil fuel” in the final decision text, marking the first instance of such a decision in the three decades of COP’s existence.
This agreement, reached during the hottest year in recorded history, was finalised on Wednesday after two weeks of intense debate at the UN climate summit in Dubai.
“Through the night and the early hours of morning, we worked collectively for consensus,” said Sultan al-Jaber, president of COP28 and chief executive officer of Abu Dhabi National Oil Company.
“Together we have confronted the realities and set the world in the right direction,” said al-Jaber.
Accepting the first Global Stocktake of climate action under the 2015 Paris Agreement, COP28 laid down principles for energy transition by calling upon nations to accelerate climate action in this “critical decade”.
However, the fine print remained tilted towards the growth of brown fuels, providing oil-rich nations a business window and developing nations some leeway in their green transition. India, which supported the phasedown of all fossil fuels and not just coal, called for equity and justice in global climate action to the Paris Agreement in its concluding remarks at COP28.
Minister for Environment, Forest and Climate Change Bhupender Yadav said, “We support the proposal of the presidency on the COP decision document while reiterating the fundamental principles enshrined in the Paris Agreement to take action for the global good in accordance with national circumstances.”
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“India urges that the determination shown at COP is also substantiated with means to bring it to fruition. This must be based on the principles of equity and climate justice, which are respectful of national circumstances, and where the developed countries take the lead based on their historical contributions,” he said.
The COP28 Stocktake text ‘recognised’ the need for deep, rapid, and sustained reductions in greenhouse gas emissions in line with 1.5°C pathways and called on parties to contribute to global efforts in a nationally determined manner.
In the eight-point approach, the text suggested tripling renewable energy, “accelerating efforts towards the phasedown of unabated coal power, and transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, to achieve net-zero by 2050 in keeping with the science”.
“An agreement is only as good as its implementation. We are what we do, not what we say,’ al-Jaber said. “We must take the steps necessary to turn this agreement into tangible actions.”
“Humankind has finally done what is long, long, long overdue,” said Wopke Hoekstra, the European commissioner for climate action. “Thirty years — 30 years! — we spent to arrive at the beginning of the end of fossil fuels.”
Despite India’s push, coal was singled out for phasedown and not all fossil fuels. Natural gas has been placed under the ‘transitional fuel’ category, which is condemned by the Global South.
“This COP has largely disappointed on all fronts. It hasn’t sufficiently raised climate ambition, held historical polluters accountable, or established effective mechanisms to finance climate resilience and a just low-carbon transition for the Global South. The exclusive focus on rapidly phasing down unabated coal heightens the risk of exacerbating the North-South global divide,” said Arunabha Ghosh, CEO, Council on Energy, Environment and Water.
The tripling of renewable energy provides an impetus to India’s effort to green its energy economy.
Ajay Mathur, director-general of the India-led International Solar Alliance, said, “Accelerating the transition to renewables is imperative, which requires at least tripling the investments. For this, we need accelerated actions in providing access, enabling financial mechanisms and business models, and agile institutions that can support these.”
Being hosted by an oil-rich nation, this was expected to be a finance COP, said Aarti Khosla, director, Climate Trends, but there isn’t any landmark outcome on finance, she said.
This COP also was the first to operationalise the loss and damage fund on the very first day of the conference on November 30. It was expected to garner support from historic polluters, but the final text made the contribution voluntary.
LDF managed to raise barely $700 million, as against the need being multifold of this amount. The beneficiaries and benefactors have also not been identified for LDF, and World Bank has been made an ad-hoc custodian.
