COP28 Forges Unprecedented UAE Consensus In Dubai, Igniting Global Momentum For Rapid Climate Action

In a groundbreaking development, COP28 concluded with 198 Parties reaching a historic agreement named The UAE Consensus, ushering in a transformative era of climate action. The consensus, a result of two weeks of intense negotiations and a year of diplomatic engagements, sets an ambitious climate agenda to maintain the 1.5°C target. COP28 President, Dr. Sultan Al Jaber, described it as a balanced, inclusive, and historic package to accelerate climate action.

Key Achievements of The UAE Consensus:

1. Transition from Fossil Fuels: The consensus includes an unprecedented reference, calling for a complete transition away from fossil fuels to achieve net-zero emissions by 2050.
2. Economy-Wide Emission Reduction Targets: Parties are encouraged to submit economy-wide Nationally Determined Contributions (NDCs), taking a significant step forward in expectations for the next round of NDCs.
3. Renewables and Energy Efficiency Targets: The agreement introduces a new specific target to triple renewables and double energy efficiency by 2030, setting the stage for a sustainable energy transition.
4. Climate Finance Reforms: The text builds momentum behind the financial architecture reform agenda, recognizing the role of credit rating agencies and calling for a scale-up of concessional and grant finance.
5. Loss and Damage Operationalization: COP28 delivers historic outcomes to operationalize Loss and Damage, securing $792 million in early pledges.

Action Agenda Unveils Unprecedented Achievements:

Under the COP28 Action Agenda, an array of historic achievements beyond the negotiated text were realized:

1. ALTÉRRA Launch: The UAE introduced ALTÉRRA, a $30 billion catalytic private finance vehicle aiming to mobilize $250 billion for global climate action.
2. COP28 Declarations: Declarations on Agriculture, Food, & Climate and Climate and Health received endorsements from 158 and 144 countries, respectively.
3. Global Decarbonization Accelerator (GDA): GDA initiatives include the Global Renewables and Energy Efficiency Pledge, the Oil and Gas Decarbonization Charter (OGDC), and the Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge.
4. Youth Engagement: The Global Youth Statement, representing youth demands from over 160 countries, was received by the COP28 Presidency, emphasizing the importance of youth voices in climate policy.

Looking Ahead:

The COP28 Presidency aims to ensure the implementation of agreements, signing an agreement with Brazil, the host of COP30, to deepen collaboration and increase climate ambitions. The focus is on working with Azerbaijan, the hosts of COP29, to ensure ambitious updated climate plans and whole-of-economy NDCs for COP30, building on the momentum generated at COP28.*