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COP28 – The UAE Consensus

By Amigos IAS

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:

 

·       ‘Action Agenda’ with four pillars:

·       Fast-tracking a just and orderly energy transition.

·       Fixing climate finance for availability, affordability, and accessibility.

·       Focusing on people, nature, lives, and livelihoods.

·       Fostering full inclusivity in climate action.

 

  • 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.

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