Thursday, November 30, 2023
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For two weeks, the United Arab Emirates will host a new summit where, among other issues, they will review how countries with more economic resources should boost the decarbonization of those with less muscle, in addition to matching contributions to climate targets.
By Jose Miguel Pascual Labrador. Photos: EFE.
The United Nations Climate Change Conference (COP28), which starts today in Dubai and runs through December 12, begins its journey with several historic issues on the table, such as the decarbonization of the energy sector or the Loss and Damage Fund, pending from past editions. It will also be the time for a Global Stocktake to analyze the progress of the Paris Agreement and to adopt the necessary measures to help achieve the climate goals.
Many believe that financing will be a cornerstone of this summit, where the transfer of funds from rich countries to developing countries for actions related to climate change, which is currently set at $100 billion per year, could be reviewed.
In this regard, they consider it essential to promote and define the details of the Loss and Damage fund, which was created at the last COP27 in Egypt (COP27). According to OECD data, in 2021, climate finance totaled $89.6 billion, of which $73.1 billion came from public sources, which doubled their contribution, while private capital contributed only $14.4 billion, 16% of the total.
Participants expect extremely tough negotiations and very difficult decisions to get back on track and meet the proposed 2030 mandate. Everyone also expects that, during the summit, the conclusions of the report commissioned by the COP27 and COP28 presidencies will be presented to take stock of the climate finance gap and determine critical actions to mobilize the necessary investment to make them happen.
This issue is a long-standing demand of the countries of the Global South, which want to finalize several aspects such as who should make the contributions. The European Union and the United States defend the inclusion of nations that 30 years ago were considered "developing" but are now economic powers, singling out China without naming it.
On the other hand, it has now been eight years, i.e. seven COP meetings, since the Paris Agreement (COP21, 2015) was signed that provided countries with a pathway for climate change mitigation and adaptation, creating a framework to serve not only as a monitoring mechanism, but also to provide transparent information on climate targets. In September, in its first technical assessment, the United Nations Framework Convention on Climate Change (UNFCCC) warned that the path to comply with the Paris Agreement and contain global warming below two degrees is off track. So, now, we will attend the political negotiation of this Global Stocktake to see where we are and what measures need to be taken.
According to scientists, limiting warming means approaching net zero emissions in 2050, which they state requires a systemic transformation of all sectors, the abandonment of fossil fuels and the promotion of renewables, among other proposals.
The list of personalities attending Dubai, including some 140 heads of state and government, with the presumed absence of U.S. President Joe Biden and confirmed cancellation of Pope Francis due to ill health, will get to know all of them first-hand. The holder of the British crown, Charles III, who has already represented his mother Queen Elizabeth II at the COP26 hosted two years ago in Scotland, will be there.
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