The 28th Conference of the Parties (COP28) is facing challenges as the COP President aims to conclude the conference by 11 AM on December 12, raising doubts about meeting the ambitious deadline due to numerous unresolved issues in the text, David Carlin, Head of Climate Risk- UNEP FI posts the summary on his LinkedIn page.
Loss and Damage: Additional guidance on support and implementation supplements the day 1 agreement, with these elements almost finalized.
Global Stocktake and Fossil Fuel Phaseout: The latest text sees some language dilution but still emphasizes a phaseout of all fossil fuels. The debate continues on whether this aligns with the 1.5°C goal or is limited to unabated fossil fuels.
Global Goal on Adaptation: The draft proposes doubling adaptation finance and outlines plans for assessments and monitoring in the coming years. However, specifics on financing expectations, targets, and nature restoration for adaptation support remain under-addressed.
Scaling Climate Finance: Several climate finance commitments have been made, including a $30 billion climate fund by the UAE, replenishment of the Green Climate Fund by the US and others, commitments to the Adaptation Fund, and the Loss and Damage Fund. However, the official text lacks specific numbers, especially regarding post-2025 finance goals and long-term finance.
Carbon Markets: Progress is reported on the supervisory body and accounting for different credit types, but questions persist about the permanence of claimed reductions/removals.
Hosting of COP 29: Baku, Azerbaijan, secures the hosting of COP 29, avoiding an extension of the UAE presidency and changing the conference location from Bonn, Germany. This decision follows the withdrawal of objections from Armenia and Russia.
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