Many are seeing COP28 as a defining moment in the fight against climate change. Many have also been worried about the prospect of the United Arab Emirates, a large oil nation in the Middle East, hosting the event. To make matters worse, the president of COP28 is the CEO of a major oil company as well. With hopes high and fears for inaction equally so, it is worth asking the question, what has COP28 really achieved?
180 billion dollars! 180 billion has been pledged in climate financing, meaning investment in green economic development. This money is an immense amount that will accelerate the green transition and help developing countries avoid harmful emissions in the pursuit of economic growth. The money has been pledged largely by the Multilateral Development Banks (MDBs) and an array of other institutions.
The “Cooling Pledge'' is a joint initiative by over 60 countries to reduce cooling emissions significantly, around 3.8 billion tons of CO2 equivalent. Furthermore, it is predicted to save an immense amount of money: 17 trillion dollars cumulatively between 2022 and 2050 for consumers. It would avoid investments of up to 5 trillion dollars in new energy sources to meet the unenvironmentally friendly cooling systems. This could perhaps be seen as one of the biggest achievements of COP28.
The “climate fund” is another landmark decision made by nations to support those most vulnerable to climate change, specifically countries with particularly high susceptibility to the effects of global warming and without the resources to rebuild after these effects hit. The fund will encompass 100 million dollars from the United Arab Emirates (UAE). Germany matched the UAEs funding, the United Kingdom is to pay out £40 million directly and yet another £20 million in other arrangements. The United States is to give 17.5 million dollars and Japan 10 million dollars. This pivotal decision was agreed upon at COP27 in Egypt, however, was implemented in the very first hour of COP28 in Dubai. This climate fund is likely to play a vital role for developing countries struck by the effects of our warming planet and is without a doubt a major development. UAE pledged yet another 200 million dollars. to help vulnerable countries fight climate change.
The food and action declaration signed by over 130 world leaders assembles more than 2.5 billion dollars to fight food insecurity whilst simultaneously combating climate change.
A major commitment by the UAE: 30 billion dollars into a climate investment fund aimed at progressing the green transition of the private sector, the money is specifically aimed at the Global South. This money could be incredibly important for developing countries to avoid economic progression at the cost of the planet, creating a green economy which does not harm the planet.
5 billion dollars in commitments to fight climate change head on by the business and philanthropy climate forum. Its main goals will be coral reef restoration, industry alongside energy transitioning, climate financing, developing green technologies and more.
186 million dollars has been pledged by nations to drive restoration of nature including forests, mangroves and other vital plants for ecosystems. This pledge is a continuation of many other COPs and will hopefully help decarbonization or at least capture carbon.
Despite progress, there has been some worrisome news for fossil fuels. A coalition of at least 80 countries have been demanding the end of fossil fuels, yet, such an agreement may not be reached at this COP.
by Edward DP23
edited by Naomi DP23