“Beginning of the End of the Fossil Fuel Era” – COP 28 in Dubai: Summary & Outcome

The 28th meeting of the Conference of the Parties (COP28) took place from November 30 to December 12, 2023, in Expo City, Dubai. As the world’s largest annual climate meeting, COP28 convened 198 official Parties, including 197 countries and the European Union, under the auspices of the United Nations Framework Convention on Climate Change (UNFCCC). The conference aimed to collectively address climate challenges, discuss new opportunities, and advance global initiatives. Established in 1992, the UNFCCC created COP to stabilize greenhouse gas concentrations in the atmosphere. The Paris Agreement, formed at the 21st COP meeting, committed nations to limit global temperature increases to pre-industrial levels.

COP28 addressed a range of critical issues, including the risk of surpassing the 1.5°C climate benchmark  (preindustrial times world average temperature not to be exceeded to prevent worsening and potentially irreversible effects of climate change), renewable energy availability, energy security concerns, geopolitical tensions, public support for climate action, worsening climate disasters, and insufficient support for disadvantaged communities. The conference resulted in a global commitment to transition away from fossil fuels. This historic breakthrough agreement is calling for a decisive shift away from fossil fuels, symbolizing the “beginning of the end” for such energy sources. This agreement, achieved swiftly and without objection, underscored the importance of achieving net-zero emissions by 2050.

To meet the 2015 Paris Agreement goal, COP28 emphasized a global stock take with a focus on tripling renewable energy capacity and doubling energy efficiency improvements by 2030. Additionally, the Green Climate Fund (GCF) was established to support developing countries in this transition to energy efficient power sources.

Key Updates:

1. Progress on Article 6 of the 2015 Paris Agreement, establishing a global carbon market, faced challenges, and ended in disagreement over the Paris Agreement not being ambitious enough to stay below the 1.5°C climate benchmark.
   1. Article 6 allows for a country to voluntarily cooperate, and transfer carbon credits earned from greenhouse gas emissions earned from the reduction of greenhouse gas emissions, passing on those credits to help one or more countries meet their climate goals.
2. COP28 witnessed unexpected twists, with a significant focus on Nature-Based Solutions (NBS) as a climate remediation strategy.
   1. NBS gained traction after being criticized in previous COPs, emerging as an actionable and cost-effective green strategy. While NBS was once criticized, it is now supported as part of an “all of the above” green strategy. NBS’s advantages include its immediate impact on proximate climate-related issues, such as aiding farmers and addressing local food-insecurity markets. Notably, the Genesee Valley Conservancy achieved environmental protection strides with a comparatively low-cost NBS approach.

In a bold initiative, Andrey Melnichenko proposed the restoration of woolly mammoths in Siberia as an NBS project to combat climate change. Melnichenko advocated for increased investments in NBS projects, arguing that they could be more cost-effective and profitable within 5-10 years, reducing reliance on aid and emergency environmental expenditures. Melnichenko’s proposal led to discussions at COP28 regarding the creation of a permanent UN body to evaluate and implement NBS projects. NBS’s tangible impact, emotional appeal, and political advantage were recognized, fostering a wider environmental constituency and greater green consciousness.

COP28 marked a pivotal moment in global climate action, with a breakthrough agreement signaling a transition away from fossil fuels. The conference highlighted the importance of NBS as a viable and immediate climate remediation strategy, gaining international support and paving the way for a sustainable future. The renewed focus on NBS underscores its potential to address climate challenges while engaging the public in tangible environmental conservation efforts.

If your company aims to enhance its ESG strategy and program by developing comprehensive GHG accounting and verification processes and setting carbon reduction targets and goals, ALL4 is ready to support you. To learn more about how ALL4 can address your specific needs or to discuss any ESG-related queries, please contact James Giannantonio, Managing Consultant of ESG & Sustainability, at jgiannantonio@all4inc.com.