COP28 in Dubai is focusing on the global energy transition, a crucial pivotal factor in limiting global warming to 1.5°C. This ambition, anchored in the Paris Agreement, requires a shift from fossil fuels to renewable energies. At COP26 in Glasgow, a consensus emerged on reducing the use of coal. However, the inclusion of oil and gas in reduction targets remains an open debate. Expectations are high regarding countries’ commitments to significantly increase their renewable energy capacity by 2030, a goal recently endorsed by the G20 and reaffirmed in a joint statement by the USA and China.
The Fundamental “Loss and Damage” Fund
One of the major achievements of COP27 in Egypt was the creation of a “loss and damage” fund to support the countries most vulnerable to climate-related disasters. Nevertheless, the implementation of this fund is proving complex, with persistent questions about contributors, beneficiaries and fund management. A preliminary agreement on its operation has been reached, and COP28 President Sultan Al Jaber expresses his hope that the fund will be up and running by the start of the summit.
The challenges of climate finance
The investment required to meet climate targets is colossal, estimated at over 3,000 billion dollars annually by 2030. Developed countries have pledged to mobilize $100 billion a year for developing nations, but have yet to live up to this commitment. COP28 is expected to define a new climate financing target, replacing the $100 billion annual target.
Focus on Methane and Food Systems
Methane, a powerful greenhouse gas, will be a major concern at COP28. A summit on methane and other greenhouse gases is planned, co-organized by China, the United States and the United Arab Emirates. This event could reinforce the commitment made in 2021 to reduce methane emissions by at least 30% by 2030. In addition, this COP will place unprecedented emphasis on the world’s food systems, which are responsible for around a third of greenhouse gas emissions and are vulnerable to climate disasters such as drought.
COP28 in Dubai represents a crucial moment in the fight against climate change. With discussions ranging from energy transition to financial and environmental issues, the decisions taken will have a profound impact on the future of our planet.
