About our COP28 news
Stay updated with the latest from COP28, the 28th session of the UN's Climate Change Conference, underway from 30 November to 12 December 2023 in Dubai, UAE. This crucial conference is centered on accelerating action to maintain the 1.5°C temperature limit, critically assessing progress towards the Paris Agreement goals.
The UAE President Mohammed bin Zayed Al Nahyan announced a groundbreaking $30 billion climate solutions fund, aiming to attract $250 billion investment by 2030. Alongside this, a collective pledge of $700 million will support lower-income countries in coping with climate impacts. Over 130 countries have committed to including agricultural emissions in their climate action plans, while a group of leading organizations focuses on expanding regenerative agriculture.
Significant progress includes 118 countries targeting a threefold increase in renewable power generation capacity to 11,000 GW and doubling energy efficiency this decade. Additionally, 50 oil and gas companies have pledged to achieve near zero-methane emissions by 2030 and net zero greenhouse gas emissions by 2050.
Key discussions at COP28 encompass:
- A first-time global stocktake of progress towards Paris Agreement goals, with countries updating their national emissions-cutting targets by 2025.
- Debates on the future of fossil fuels, focusing on phasing out CO2-emitting sources.
- Exploration of nascent CO2 capture and storage technologies, balancing their potential against costs and continued fossil fuel use.
- Proposals to triple renewable energy capacity and double energy savings by 2030.
- Addressing the financial needs for climate change adaptation, with developing countries requiring at least $200 billion annually by 2030, and establishing a "loss and damage" fund.
These discussions reflect the urgent priorities and contentious issues in addressing climate change, emphasizing the role of fossil fuels, significant financial investments, and innovative technological solutions. Additionally, 'side deals' outside official negotiations, like the UAE's pledge from oil and gas companies to cut emissions, showcase diverse efforts to combat climate change.
Follow our continuous coverage for more updates and insights from COP28.