- Strengthening global cooperation is a critical path to facing the climate crisis. COP28, from 30th November – 12th December in Dubai, UAE, will bring the world together to focus minds on the climate crisis, strengthening collaboration at a time when we need it most.
- The UN climate conference is an opportunity to escalate the ambition needed to match the urgency of the task at hand. Governments and organisations at COP28 will need to agree on bolder actions to close the emissions gap, protect the most climate vulnerable and accelerate financial system transformation.
- New agreements and commitments by governments and businesses in response to the Global Stocktake can sketch a transformational roadmap to get global climate action on track in this critical decade for keeping a climate safe 1.5-degree world within reach.
Progress since the 2015 Paris Agreement has driven significant action across countries and sectors. But this has been incremental, and we are still heading the wrong way fast. The response at COP28 is a chance to course-correct global climate action to meet the challenge head-on.
- COP28 must close the emissions gap by agreeing a phase-out of fossil fuels, including an immediate end to new coal power plants, and by accelerating the energy transition with new finance and ambition for a renewable energy revolution. A COP28 agreement on goals to triple global renewable capacity and double the rate of energy efficiency improvement by 2030, alongside accelerating fossil fuel phase-out is critical. This will stimulate clean energy investment and help countries to develop ambitious and effective policies and pathways for their just energy transition. An ambitious COP outcome based on consensus will be crucial in tilting the policy and investment landscape to renewables.
- COP28 must protect the most climate vulnerable with new funding to manage climate risks and create a UNFCCC framework for adaptation goals. Developing countries will be looking to make the loss and damage fund a reality by agreeing its set-up and bringing new money at scale to fill it. Climate vulnerable countries want to see more political attention on access to adaptation finance and a new agreed framework for the Global Goal on Adaptation – this would ensure more action on the ground and more money going to where it’s needed.
- COP28 must accelerate financial system transformation for a transition to cleaner, low-emission and more resilient economies. The $100bn climate finance promise remains unmet, but far greater scales of finance are needed to resource climate action and development properly. Since Barbadian Prime Minister Mia Mottley and Assistant Secretary-General Selwin Hart blasted reforming the financial architecture onto the COP26 stage in Glasgow in 2021, there has been strong political support for transforming the financial system, especially from the Global South. COP28 needs to mobilise the strong political will behind reforming the financial system onto a practical pathway for delivering reforms and new capital. The Global North will be under pressure to up its game and demonstrate cooperation to match the leadership of Global South countries. The COP28 World Climate Action Summit on 1st and 2nd December will be a major chance for world leaders to concretise the global financial architecture reform agenda.
Tom Evans, Policy Advisor E3G said:
“The Global Stocktake has laid bare the course correction we urgently need to safeguard our future. COP28 must make leaps and bounds in this new direction. Together, agreements on ambitious global goals for renewable energy and energy efficiency, a loss and damage fund and a rewired financial system are the basis of a transformational roadmap for global climate action coming out of Dubai, setting us on a course to meet the goals of the Paris Agreement.”
Camilla Fenning, Programme Lead at E3G said:
“The UAE COP President has been clear that the world must work towards an energy system free of unabated fossil fuels by mid-century, with action on coal being a priority. At COP, countries need to nail down fossil fuel phase-out language (including specifics on coal) in the decision text, complemented by goals to triple global renewable capacity and double the rate of energy efficiency improvements by 2030.
Clean energy expansion and a narrowing window for fossil fuel demand is the economic reality. COP is where political will is required to expedite energy transition as a global priority.”
Ana Mulio Alvarez, Researcher at E3G said:
“COP28 could deliver many historical moments for Loss and Damage. Countries must agree on and operationalize a Loss and Damage Fund and come to the table with early pledges to fill this Fund. Parties must also decide on a host for the Santiago Network on Loss and Damage and its role in the new Fund or Funding Arrangements.
However, for this new architecture to be successful, world leaders must design and develop new pathways for innovative sources of finance fit for purpose. Overall, progress must be made on the ecosystem of Loss and Damage to ensure vulnerable countries and communities that are already suffering the consequences of Climate Change are not left behind.”
Alex Scott, Programme Lead at E3G said:
“COP28 has a massive role to play in setting the political direction for a transformational shift in climate ambition. But without finance and economic confidence, countries won’t be able to act at the pace and scale needed. COP28’s World Leaders’ segment can align political will for finance system transformation, and direct negotiators to set clear expectations of the roles that finance ministries, development banks, and finance institutions must play to deliver a 1.5°C pathway.”
– ENDS –
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Nick Mabey OBE (EN), co-CEO and co-founder, (climate diplomacy, foreign policy, macroeconomics)
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Alden Meyer (EN), Senior Associate, (UNFCCC and G7/G20 dynamics, multilateral climate and clean energy diplomacy, mitigation ambition, climate finance, US policy and politics)
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Tom Evans (EN), E3G Policy Advisor, (climate ambition, the Global Stocktake, UNFCCC processes and COP28, climate diplomacy & geopolitics)
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Notes to Editors
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