A significant win for climate diplomacy on the back of strong technological tailwinds, daunting challenges ahead
Key takeaways
- The stakes at COP28 could not have been higher. Hosted in Dubai, UAE, from November 30th to December 12th, the outcomes of the first Global Stocktake (GST) were presented. The GST is the world’s first exhaustive check-up on progress towards meeting the objectives of the 2015 Paris Agreement, and it showed that global greenhouse gas (GHG) emissions levels have exceeded interim targets and are off-target for the near-term goals of 2030. For the first time, following the outcomes of the GST, 198 countries agreed on a landmark deal to transition away from fossil fuels.
- On the first day of COP28, the Loss and Damage fund was operationalised. 18 countries have now committed to the fund, with $725 million pledged. While the operationalisation of the Loss and Damage fund is a great success of COP28, more still needs to be done for EMDEs, such as a new collective quantified goal on climate finance to replace $100 billion per year commitment to EMDEs made at COP15 in Copenhagen.
You can now read the full whitepaper at the link below
