Why is it in the news?

• The 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change concluded with agreement named The UAE Consensus.

About the UAE Consensus

• Reflects COP28 Presidency’s goal for an ambitious response to the Global Stocktake and aligns with Paris Agreement aims.
• Ambitious climate agenda to keep 1.5°C within reach.
• Calls for transitioning away from fossil fuels, aiming for net-zero by 2050.
• Encourages economy-wide Nationally Determined Contributions (NDCs).
• Sets a specific target to triple renewables and double energy efficiency by 2030.
• Focus on a new architecture for climate finance.

Other Outcomes of COP28

• Operationalized Loss and Damage fund with $792 million in early pledges.
• Framework for the Global Goal on Adaptation (GGA).
• Institutionalized the role of Youth Climate Champion for youth inclusion at future COPs.
• Powering Past Coal Alliance gained over 10 new members, including the US and the UAE.
• More than 20 countries, led by the US, called for tripling the world’s nuclear energy capacity by 2050.
• COP28 Action Agenda:

• Over $85 billion mobilized under the total Action Agenda at COP28.
• Launch of ALTÉRRA, a $30 billion catalytic private finance vehicle by the UAE, aiming to mobilize $250 billion for global climate action.
• COP28 UAE Declaration on Agriculture, Food, & Climate, emphasizing sustainable agriculture and food systems in response to climate change.
• COP28 UAE Declaration on Climate and Health, focusing on accelerating the development of climate-resilient, sustainable, and equitable health systems.
• Global Decarbonization Accelerator (GDA), featuring landmark energy initiatives across public and private sectors to expedite the energy transition.
• Oil and Gas Decarbonization Charter (OGDC), committing signatories to zero methane emissions, ending routine flaring by 2030, and achieving net-zero operations by 2050 at the latest.
• Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge, dedicated to advancing the integration of sub-national leaders in climate-related decision-making.

Significance

• A Balanced plan addressing emissions, adaptation, global finance, and loss and damage.
• Built on common ground, strengthened by inclusivity, and a historic package for climate action.
• Unprecedented achievements under the Action Agenda.

Criticisms

• Seen as an underachiever, unable to meet expectations for more immediate and ambitious climate action.
• Lack of clarity on how global targets, such as tripling renewable energy, will be ensured.
• Issues regarding measuring the phase-down of coal and financial provisions for adaptation.

India’s Position

• India welcomed the agreement but may face new opposition in future climate negotiations.
• Supports the COP decision document, adhering to Paris Agreement principles.
• India’s historical emissions compared to the US and EU, with per capita emissions below the world average.
• Commits to expanding solar and wind energy capacity, aiming for net-zero by 2070.

Future Outlook

• COP28 Presidency intends to ensure agreements are delivered and continued through COP29 and COP30.
• Agreement with Brazil, host of COP30, to deepen collaboration and increase climate ambitions.
• Collaboration with Azerbaijan, host of COP29, for ambitious updated climate plans.