Fossil fuel reaches 'beginning of the end': COP28

COP28 urged governments to implement the transition without delay.

Dignitaries for the United Nations Climate Change Conference (COP28) have forged an agreement that marks “the beginning of the end” of the fossil fuel era with a robust plan for transition through deep emission cuts and high priority on investing.

As a mark of solidarity, negotiators from over 200 parties have sounded their decision on the first “global stocktake," aiming to prioritise climate action and limit global temperature of 1.5°C.

The global stocktake is one of the most crucial outcomes set during COP28, enabling the development of stronger climate action plans by 2025. The stocktake has heavy consideration on the urgency to cut global greenhouse gas emissions by 43% in 2030.

As a measure to assist several parties off-track in meeting Paris Agreement goals, the stocktake calls for the tripling of renewable energy capacity and doubling of energy efficiency improvements by 2030. The list includes the acceleration of the coal power phase-out, the termination of inefficient fossil fuel subsidies, and other equitable transition efforts.

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Also succeeded is a historic agreement on the operationalisation of the loss and funding arrangements for climate resilience. Commitments to the fund totalled over $700m. Another agreement has also been reached to support its loss and damage agenda under the UN Office for Disaster Risk Reduction and the UN Office for Project Services.

In addition, climate finance was also given full notice through the Green Climate Fund (GCF), with pledges currently at a groundbreaking US$12.8b from 31 countries (and more to come). The Least Developed Countries Fund and Special Climate Change Fund have also seen US$174m to date. The Adaptation Fund at COP28 has accumulated US$188m.

Through the initiatives of transition, negotiators have established an “enhanced transparency framework” for world leaders to produce new nationally determined contributions that are aligned with the COP28 climate transition goals.