December 2023
COP28 UAE Insights
After almost two weeks of meetings, events, panels, and celebrations, COP28 ended early in the morning on Wednesday, December 13th. As a crucial platform for addressing global climate issues, setting emissions reduction targets, and discussing strategies for mitigating and adapting to the impacts of climate change, COP28 is one of the most important events in the future of the planet it resides on. A first for the UAE, the event drew over 97,000 delegates from over 197 countries. According to the UNFFCC (United Nations Framework Convention on Climate Change) Summary of Climate Action report, published on the UNFCC website, over 170 announcements were made at COP28, which is double the number of those made at COP27. In addition, over 85 billion USD were committed by countries and organisations present.
THE UAE AND CLIMATE ACTION
The global consensus surrounding COP28 has largely been positive, especially when the conference made history on December 13 by becoming the first to call on nations to transition away from fossil fuels and to reach net zero by 2050. The deal, titled the UAE Consensus, was a response to the global stocktake that found that countries were not on track to achieve the goals set out by the Paris Agreement, where countries committed to keeping global warming below 1.5 degrees Celsius.
WHAT ELSE HAPPENED AT THE CONFERENCE
COP28 announcements vary broadly and span across the four pillars set by the COP28 Presidency:
- Fast-tracking a just, orderly, and equitable energy transition
- Fixing climate finance
- Focusing on people, lives, and livelihoods
- Underpinning everything with full inclusivity
HERE ARE SOME OF THE HIGHLIGHTED PLEDGES AND ANNOUNCEMENTS:
RENEWABLE ENERGY
Over 100 countries supported a call for global renewable energy to be trebled and energy efficiency improvement rates to double by 2023 in a bid to cut down on global dependency on fossil fuels.
CLIMATE FINANCING
UAE Launches 30 billion USD Fund, ALTÉRRA.
The UAE announced the launch of a climate-focused investment fund called ALTÉRRA, which will buy shares in green companies. Lunate, a company headquartered in Abu Dhabi, will manage the fund.
83 billion USD in climate financing mobilised.
The total amount of climate financing agreed at COP28 totals 83 billion USD; more than a third of that total is made up by the UAE’s ALTÉRRA Fund pledge mentioned above. Other significant climate financing milestones include the Asian Development Bank, which said it would allocate 10 billion USD for investment in the Philippines. Meanwhile, the Green Climate Fund, dedicated to supporting climate-related activities in the developing world, received pledges of 3.5 billion USD.
THE LOSS AND DAMAGE FUND
The Loss and Damage fund was established to help vulnerable countries most affected by climate change repair. Countries,
including the UAE, launched an initial amount of 260 million USD, while other countries continued to contribute throughout
the conference.
COP28 BUSINESS AND PHILANTHROPY CLIMATE FORUM
The COP28 Business and Philanthropy Climate Forum mobilised 5 billion USD during the conference. The fund, made up of global business leaders and philanthropists, announced climate and nature initiatives that will be undertaken with collective funding. The forum signaled the first dedicated platform for business and philanthropy during a COP event.
OIL AND GAS DECARBONISATION CHARTER LAUNCHED
Saudi Arabia and the UAE launched the Oil and Gas Decarbonisation Charter, which was signed by 50 companies and mandates that companies commit to net-zero operations by 2050 and net-zero methane emissions. The companies also committed to sustainable best practices and key actions to mitigate climate change.
COP28 AND YOUNGO
YOUNGO (the Children and Youth Constituency of the UN Framework Convention on Climate Change) and COP28 launched the first Youth Stocktake, an examination of youth engagement in climate diplomacy, offering a strategic roadmap to amplify youth involvement within the COP process.
HEALTH
The COP28 Presidency, in collaboration with the World Health Organisation and the UAE Ministry of Health and Prevention, introduced the ‘COP28 UAE Declaration on Climate and Health.’ This declaration aims to prioritise health in climate-related efforts and expedite the establishment of robust, sustainable, and fair healthcare systems resilient to climate challenges.
FOOD
The COP28 Presidency introduced the UAE Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action, which had support from 153 national governments, including the European Union. All countries agreed to reduce the vulnerability of farmers, fishermen, and other food producers to climate change impacts, as well as promote food security and nutrition by enhancing support for vulnerable populations. They have committed to reviewing their collective progress during COP29.
AGRICULTURE INNOVATION MISSION (AIM)
The Agriculture Innovation Mission (AIM), a joint initiative by the United States and the UAE, established in 2021, was doubled to 17 billion USD during COP28.
NATURE
COP28’s Nature, Land Use, and Ocean Day saw crucial pledges of almost 200 million USD brought forward to build momentum and protect nature, in addition to the 2.5 million USD pledged at the WCAS (World Climate Action Summit) on December 2nd.
DECLARATIONS AND PLEDGES MADE THROUGHOUT THE CONFERENCE:
- Coalition for High Ambition Multilevel Partnership CHAMP Pledge, Endorsed by 71 Countries
- COP28 UAE Declaration on Gender-Responsive Just Transitions, Endorsed by 76 Countries
- COP28 UAE Declaration on Climate Relief, Recovery and Peace, Endorsed by 82 Countries
- COP28 UAE Declaration on Climate, Nature, and People, Endorsed by 18 Countries
- COP28 UAE Declaration on Agriculture Food and Climate, Endorsed by 159 Countries
- Global Renewables and Energy Efficiency Pledge, Endorsed by 130 Countries
- COP28 UAE Declaration on Climate and Health, Endorsed by 143 Countries
- COP28 UAE Declaration on Climate Finance, Endorsed by 13 Countries
- COP28 UAE Declaration on Hydrogen, Endorsed by 37 Countries
- COP28 UAE Declaration on Cooling, Endorsed by 66 Countries
For more information, visit : www.cop28.com
WHERE DO WE GO NEXT
The agreements reached at COP28 are significant and a positive sign for the global community. As we head into the future, the importance of collaboration in sustainability efforts will become more and more important. Both on a corporate and personal level, our actions hold the power to shape a greener, more responsible world. Together, our combined efforts can create change, passing on a sustainable legacy for generations to come. The UAE’s journey towards sustainability is a shining example of commitment and innovation, setting an inspiring example for all world nations.
2023 is the UAE’s Year of Sustainability. As we draw closer to 2024, we take pride in the country’s sustainability achievements as a memory that will always hold a special place in our hearts—the UAE’s COP28.
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