COP28 is in full swing having kicked off last Thursday with Executive Secretary, Simon Stiell opening the conference by reminding us that “it’s been the hottest year ever for humanity with so many terrifying records being broken. We need to commit to a new energy system which signals the terminal decline of the fossil fuel era as we know it, or we welcome our own terminal decline and choose to pay with people’s lives”.
Science tells us that we have around six years before we exhaust the planet’s ability to cope with our emissions and blow through the 1.5 degree limit. A report recently published by UN Climate Change shows that national climate action plans (known as nationally determined contributions, or ‘NDCs’) would collectively lower greenhouse gas emissions to 2% below 2019 levels by 2030, while the science is clear that a 43% reduction is needed.
There were over 160 world leaders in Dubai for the opening ceremony last week and as leaders started to leave, their message to their negotiators was clear: don’t come home without a deal that will make a real difference, only cooperation between nations can get humanity back in this race.
Climate finance took centre stage during our first full day at COP28 in Dubai with the UAE hosts pledging $270bn in green finance by 2030 through its banks. After it was announced that Governments, businesses, investors and philanthropies had pledged over $57bn in a powerful demonstration of global solidarity in just the first four days of COP28.
In addition to the financial pledges, there have been a total of eight declarations announced which will transform every major system of the global economy. These include the first ever declarations on food systems transformation and health, plus new declarations on renewable energy and efficiency, as well as initiatives to decarbonise heavy emitting industries.
It is expected that three additional declarations will be announced over the next few days including those on hydrogen, cooling and gender.
Stay tuned as Foreman Roberts brings you all of the latest information from COP28 as these declarations are announced.