Dubai, As the UN Climate Summit (COP28) approaches its midpoint, navigating a complex landscape of negotiations, several key aspects demand attention and resolution for a successful conclusion by December 12.
Accomplishments to Date:
1. Loss and Damage Fund Activation: Operationalized on November 30, the Loss and Damage Fund received pledges totaling approximately $726 million. However, questions persist regarding the scalability of funds to meet the actual needs of developing countries, estimated at $400 billion annually.
2. Financial Mobilization: The conference claims to have mobilized over $83 billion in the initial five days. Noteworthy declarations on food systems, health, renewable energy, and efficiency have been made. It’s crucial to note that these declarations, while significant, lack binding force and are not part of the formal negotiation framework.
Global Stocktake (GST):
– The COP28 aims to conclude the inaugural GST, evaluating progress toward the Paris Agreement’s temperature goals. Challenges arise in framing past actions and future commitments, with developing countries resisting prescriptive language, particularly concerning the phase-out of fossil fuels.
Remaining Challenges:
1. Global Goal on Adaptation (GGA): No progress has been made on the GGA, and Rule 16 has been invoked, potentially deferring the agenda to the next COP.
2. Climate Finance Definition: Disagreements persist on defining climate finance, hindering the assessment of the delivery of the promised $100 billion. The absence of an agreed-upon definition complicates the evaluation of funds allocated.
Fossil Fuel Phase-Out Disputes:
– As fault lines emerge on fossil fuel phase-outs, the summit faces tough negotiations, especially regarding coal. Disagreements exist among countries, with Saudi Arabia, China, and India opposing strong language. Conversely, the US and the EU advocate for stringent measures, including carbon capture and storage technologies.
