After a year marked by extreme heat and drought, the upcoming United Nations climate summit, COP28, is poised to tackle contentious issues as countries strive to find common ground in addressing climate change. Scheduled to commence on November 30 in Dubai, the two-week negotiations will focus on several critical issues shaping the global response to climate challenges.
Taking Stock of Climate Progress: The primary objective at COP28 is to conduct a comprehensive assessment of countries' progress toward the 2015 Paris Agreement's goals, aiming to limit global temperature rise to "well below" 2 degrees Celsius. A "global stocktake" will seek agreement on strategies to align global efforts with climate goals, potentially involving urgent emissions reduction measures or increased investments in green technology.
Future of Fossil Fuels: COP28 is expected to witness intense discussions on the role of fossil fuels and whether countries should commit to phasing out coal, oil, and gas. While some nations insist on a comprehensive phase-out, others, including Russia, have opposed such measures. The stance of oil-rich nations, particularly the United Arab Emirates, will play a crucial role in shaping these deliberations.
Technologies to Tackle Emissions: Some countries, dependent on fossil fuels, advocate for a focus on nascent technologies for capturing and storing CO2 emissions underground. However, concerns exist that these technologies could be used to justify continued fossil fuel use, leading to potential clashes during COP28.
Boosting Clean Energy Capacity: Proposed goals to triple renewable energy capacity and double energy savings by 2030, supported by the European Union, the United States, and the UAE's COP28 presidency, are likely to gain broad support. However, a potential clash may arise as some nations insist on pairing these renewable energy goals with a commitment to phasing out fossil fuels.
Financing for Climate Change Costs: COP28 will address the substantial financial requirements for climate change mitigation and adaptation. Developing countries seek at least $200 billion annually by 2030 for climate impacts and clean energy transitions. Additionally, discussions will revolve around setting up a "loss and damage" fund to address the costs of climate disasters, a contentious topic requiring wealthier nations to fulfill financial commitments.
Side Deals and Initiatives: Beyond official negotiations, governments and companies are anticipated to make independent announcements. The United Arab Emirates plans to launch a voluntary pledge from oil and gas companies to cut emissions, while other initiatives may focus on methane reduction, air conditioning emissions, and limitations on private finance for coal plants.
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