Major Milestones Achieved: COP28
The United Nations Climate Change Conference, often known as COP 28, was held in from November 30, 2023, to December 12.
The term “Conference of the Parties,” or “COP,” refers to a committee that is established following the signing of an international treaty and is charged with making decisions regarding the treaty’s implementation.
The responsibility for planning and directing the conference falls on a different nation every year when it comes to the COP presidency. This typically implies that the host city also relocates annually.
The 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, or COP28, was held in Dubai from November 30, 2023, to December 13, 2023. The Middle East, a region that is extremely susceptible to the effects of the climate catastrophe, hosted its first-ever COP.
Taking stock of the parties’ progress toward implementing the historic climate treaty, the Paris Agreement, which was ratified in 2015, and devising a plan of action to drastically cut greenhouse gas emissions while safeguarding lives and livelihoods were the primary goals of the COP28.
At the COP28 climate summit on Wednesday, representatives from almost 200 nations decided to start cutting back on fossil fuel consumption worldwide in order to prevent the worst effects of climate change and eventually bring an end to the oil age.
After two weeks of intense discussions, a deal was reached in Dubai that was intended to send a strong statement to investors and decision-makers alike about the global community’s intention to move away from fossil fuels, which scientists believe to be our best chance to prevent a global warming disaster.
Governments are urged under the agreement to quicken this process, particularly by tripling the world’s capacity for renewable energy by 2030, stepping up efforts to cut back on coal use, and boosting the development of technology like carbon capture and storage that can help clean up industries that are difficult to decarbonize.
A number of historic results from the COP28 include:
A primary result of COP28 was the creation of a fund for losses and damages. It will give underdeveloped nations who are already feeling the effects of climate change financial support. additional pledges totaling over USD 188 million were made to the Adaptation Fund during COP28, while eight donor states announced additional commitments to the Least Developed Countries Fund and Special Climate Change Fund totaling more than USD 174 million to date.
In order to attain net-zero emissions by 2050, agreements on mitigation measures increasingly include a phase-out of fossil fuels, rather than just a phase-down.
The introduction of $30 billion in private market climate capital will benefit the private sector.
After a brief discussion Azerbaijan was chosen by the Parties at COP28 to host COP29 from November 11–22, 2024, and Brazil to host COP30 from November 10–21, 2025.
