COP28 aspires to preserve the vital 1.5°C target to avert severe climate impacts agreed upon in the 2015 Paris Agreement.
The United Nations Climate Change Conference, known as the Conference of the Parties (COP), is an annual gathering of world leaders, politicians, experts, and stakeholders to address the global climate crisis. With the 28th COP just around the corner, set to take place in Dubai, from November 30 to December 12, 2023, it’s time to explore what to expect from this important event.
The significance of COP 28 cannot be overstated, as it brings together the signatories of the United Nations Framework Convention on Climate Change (UNFCCC), an international treaty that addresses climate change. Nearly every nation, country, or state in the world, a total of 197 signatory parties, is involved in these discussions. This diverse representation makes COP a crucial platform for addressing climate change on a global scale.
Who will be attending COP28?
Over 200 governments have been invited to COP28, with several world leaders expected to attend, including US President Biden and UK Prime Minister Sunak, although some leaders are yet to confirm their participation. Pope Francisco is also a potential attendee, demonstrating the broad support and recognition of the climate crisis.
COP28 is not just another conference; it’s a critical juncture in our fight against climate change. The world’s leaders and experts will convene to address the most pressing environmental issue of our time. Additionally, alongside COP28, ‘The Sustainable Innovation Forum’ (SIF), a prominent platform for sustainable solutions, will also be held, showcasing cutting-edge innovations and opportunities to drive sustainable development.
Companies will also be active participants in these types of side events, bringing innovations and technologies to the table to address the climate crisis from the private sector perspective.
With the focus on paradigm shifts, phasing out fossil fuels, and the role of business, this year’s event holds the promise of tangible progress in our collective efforts to combat the climate crisis. As we count down to COP28, the world watches with hope that this conference will be a turning point in our journey towards a more sustainable and secure future.
What Topics Will Take Center Stage at COP28?
The Incoming Presidency of COP28 has outlined four key areas of focus on during the conference:
-Fast-tracking the energy transition and reducing emissions before 2030.
-Transforming climate finance by delivering on old promises and establishing a new financial framework.
-Placing nature, people, lives, and livelihoods at the center of climate action.
-Mobilizing for the most inclusive COP ever.
The First Global Stocktake of the Paris Agreement
One of the most significant outcomes expected from COP28 is the conclusion of the first Global Stocktake of the implementation of the Paris Agreement. These stocktakes, which used to take place every five years, assess the collective progress of the world toward its climate goals.
Dubai’s COP in November this year has a particular significance because it is the first stocktake since Glasgow. At Glasgow, it was agreed that this stock take should take place every two years, rather than the previously agreed five years to allow the world a sense as to whether it is on track to limit global temperatures as set out in the Paris Climate Accords.
This process is crucial for holding nations accountable and ensuring that they are taking meaningful steps to combat climate change.
Why Should Businesses Pay Attention to COP28?
One crucial aspect of COP28 is the role of business in driving the transition from fossil fuels to clean energy. Despite growing awareness and discussions on this transition, clear and decisive government action remains lacking. Businesses are called upon to be catalysts for change, and they must work together with governments to achieve a sustainable and cleaner energy system.
Companies should pay close attention to COP28 not only because it’s a global stage for addressing climate change but also because new policies and legislations are expected to emerge. Keeping on top of announcements is crucial because these regulations can significantly impact business operations, and adaptation is key to avoiding potential fines and ensuring compliance with evolving environmental standards. Being proactive and aligning business strategies with the outcomes of COP28 can not only help companies reduce their environmental footprint but also maintain financial stability and legal compliance in an ever-changing regulatory landscape.
What will it take to Phase-Out Fossil Fuels?
The European Union (EU) is set to lead the charge in advocating for a global deal to phase out the use of coal, oil, and gas without carbon capture and storage, often referred to as “unabated” fossil fuels. This goal, while ambitious, faces resistance from major fossil fuel producers like Saudi Arabia and developing countries reliant on these energy sources. Government policies and infrastructure are identified as crucial accelerators for the transition away from fossil fuels.
As we approach COP28, the stakes are higher than ever. Fossil fuels still account for nearly 80% of the global energy supply, and while there are projections of a peak in fossil fuel consumption before 2030, decisive action is needed to make this a reality. The urgency is underscored by the scientific consensus that global emissions must peak by 2025 and be halved by 2030 to limit global warming to 1.5°C, as established in the Paris Agreement.
The world will look to COP28 as a pivotal moment for addressing the climate crisis and steering humanity onto a safer path.
Extreme weather events, record-breaking temperatures, and the clear and present danger of global warming demand that governments honor their previous promises and take decisive action. COP28 presents an opportunity to collectively address the greatest challenge of our time and to make significant strides toward a more sustainable and secure future. Keep following our articles and social media communications to stay up to date on the latest COP news.
Learn more about the top carbon market developments to come out of COP27
ClimateTrade CEO and Co-Founder Fran Benedito said:
“The business community has a vital role to play in driving the transition away from fossil fuels and towards a cleaner, greener future. We must all pay attention to what’s happening on the global stage. It’s not just an event; it’s a call to action.”
He continued “The decisions made here will ripple through industries and economies worldwide. As business leaders, we need to be proactive in understanding the outcomes of COP28 and subsequently aligning our strategies with the climate agenda. The transition away from fossil fuels and the acceleration toward cleaner energy sources are not only environmentally responsible but also economically wise choices. We have a unique opportunity to lead the way in building a more sustainable future while ensuring our long-term success.”
Learn more about the top carbon market developments to come out of COP27
