In the time-honored tradition of climate summits, COP28 wrapped up in overtime in Dubai Dec. 13, after frantic late-night horse-trading secured a deal that divided opinion [8]. For some, the so-called "UAE Consensus" that agrees to "transition away from fossil fuels" is a historic first commitment (albeit vague and non-binding) to eliminate the main cause of climate change. For many climate activists and other sceptics, however, it represents a baby step on a marathon that requires a flat-out sprint. Arguably of greater import was the agreement to launch a loss and damage fund [9], after a hard year of talks. COP28 also agreed on a first Global Stocktake: an assessment of climate progress to date, and a roadmap for what still needs to be done—it calls, for example, for a tripling of renewable energy capacity.
But significant holes remain. One of the biggest shortcomings of COP28 was its lack of finance commitments, reinforcing a long-running sore that has greatly contributed to global mistrust in climate talks. The money lower-income countries need to adapt is way behind what's needed. Rich countries promised in 2009 to deliver $100 billion per year by 2020—an annual target that may be met for the first time this year. A New Collective Quantified Goal for Climate Finance—a larger one—is set to be decided at COP29, to be held in Azerbaijan.
From The New Humanitarian [10], Dec. 15
See our last report on the UN climate process [11].
