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COP28: Hits and Misses

COP28 ended a day later than planned. Although the Global Stock Take fell short of expectations, the conference received the pledge of over $83 billion for climate action. Achievements include declarations on transforming food systems, improving health, and commitments to renewable energy.

We are returning to the important points of COP28 that we highlighted in our first post.

What is it?

Overall

What Happened at COP28?

Global Stock Take (GST)

Assessment of efforts on climate action, including measures that need to be put in place to bridge the gaps.

Short of expectation

The stocktake recognizes the science that indicates global greenhouse gas emissions need to be cut by 43% by 2030 (vs. 2019) to limit global warming to 1.5°C. But it notes Parties are off track when it comes to meeting their Paris Agreement goals.

Loss and Damage Fund (LDF)

Allocating support to nations most affected by climate change. Biggest winner but a long road ahead

Against the annual requirement estimated at USD 300 Bn around USD 800 Mn raised/committed so far.

Climate Finance

Funding for adaptation and transition in developing countries.

Short of expectation

Against the requirement of USD 387 billion annually just USD 100 billion has been mobilised. This includes Food, Energy and various other avenues.

Fossil Fuels

Balancing global push for phaseout.

Short of expectation

Parties agreed to transition away from fossil fuels" in energy systems in a "just, orderly and equitable manner", accelerating action in this decade, to achieve net zero (balance between greenhouse gases emitted and removed from the atmosphere) by 2050.

Important to Note:

While the LDF has been put into operation during COP28, the funding from other significant sources like the Climate Adaptation Fund and the Least Developed Countries Fund (LDCF) has decreased year over year.

USD in Millions

COP26

COP27

COP28

LDF

792

Climate Adaptation Fund

356

233

188

Least Developed Countries Fund

413

71

144

Total

769

304

1124

What Next?

  • At COP29, governments must establish a new climate finance goal, reflecting the scale and urgency of the climate challenge. 
  • At COP30, they must come prepared with new nationally determined contributions that are economy-wide, cover all greenhouse gases and are fully aligned with the 1.5°C temperature limit.

The final takeaway for us as individuals

The situation is consistent, with or without COP28. The shift lies in stakeholders, previously in denial, now agreeing to take steps, although specifics are debated. India focuses on sustainable living through LiFE initiatives. A simplified version of some of these sustainable lifestyle initiatives to choose and adopt from.

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