LOGIC Consulting

February 26, 2024


Breaking Boundaries: COP28's Remarkable Strides Beyond COP27

Climate change stands as the defining challenge of our era. The COP28 UN Climate Change Conference held in Dubai was the largest of its kind and it marked the conclusion of the first ‘global stock-take’ of the world’s efforts to address climate change under the Paris Agreement.

Notably, COP28 stands out by incorporating assertive statements regarding the energy transition and fossil fuels in its final text—a noteworthy accomplishment that eluded the previous 27 COPs. The outcomes from both the Action Agenda and the final negotiated statement, known as the "UAE Consensus," have not only surpassed initial expectations but have also laid a robust foundation for accelerated progress in the coming years. These achievements signal a significant stride towards addressing climate change and striving to limit temperature increases to 1.5°C.

Key highlights from COP 28:

• Signaling the ‘beginning of the end’ for the fossil fuel era
• New funding for loss and damage
• Enhancing global efforts to strengthen resilience
• Linking climate action with nature conservation

COP27 vs COP28 Key Themes: Achievements & Discourse

1) Keeping the Goal of 1.5°C Within Reach
At COP27, some countries resisted the recognition of this target.

Fortunately, agreements have been made at COP28 to directly address the 1.5°C target as follows:

• Negotiated Agenda: “UAE Consensus” agreed by 198 parties
• Emissions Reduction: Transition from fossil fuels to achieve net zero emissions by 2050
• Renewable Energy & Energy Efficiency: Scale up by 3x renewable energy capacity and 2x energy efficiency improvements by 2030. To increase the use f renewable sources and enhance energy consumption patterns to reduce reliance on fossil fuels.

2) Funding for “loss and damage”

• Cop 27: The fund was established to address climate change impacts, focusing on loss and damage. It’s a milestone in rectifying geographical disparities in climate change.

• During 2023: The fund has already secured over $600M in commitments.

• Cop 28: $792M has been committed for capitalization and adminstration.

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