News & Analysis

/DUBAI, the United Arab Emirates (UAE), December 12, 2023, 9:00 GMT, RENEWABLE MARKET WATCH^TM/ Renewable Market Watch™ participates in the COP28 Conference in Dubai, UAE. COP28 closed today with an agreement that signals the “beginning of the end” of the fossil fuel era by laying the ground for a swift, just and equitable transition underpinned by deep emissions cuts and scaled-up finance. In a demonstration of global solidarity, negotiators from nearly 200 Parties came together in Dubai with a decision (the UEA Consensus) on the world’s first ‘global stocktake’ to ratchet up climate action before the end of the decade – with the overarching aim to keep the global temperature limit of 1.5°C within reach. The UAE Consensus calls on Parties to transition away from fossil fuels to reach net zero, encourages them to submit economy-wide Nationally Determined Contributions (NDCs), includes a new specific target to triple renewables and double energy efficiency by 2030, and builds momentum towards a new architecture for climate finance.

The UAE Consensus, which follows a year of inclusive diplomatic engagements and two weeks of intense negotiations, reflects the COP28 Presidency’s goal to provide the most ambitious response possible to the Global Stocktake and delivers on the central aims of the Paris Agreement.

“The world needed to find a new way. By following our North Star, we have found that path,” said COP28 President, Dr. Sultan Al Jaber during his closing speech. “We have worked very hard to secure a better future for our people and our planet. We should be proud of our historic achievement.”

“I promised a different sort of COP. A COP that brought everyone together – private and public…civil society and faith leaders, youth and indigenous peoples. Everyone came together from day one. Everyone united, acted and delivered.”

Throughout the COP28 process, Dr. Al Jaber and the COP28 Presidency team have expressed determination to deliver “a plan that is led by the science” and to define a new way for this and future COPs, based on the inclusion of diverse peoples and elevating the needs of the Global South.

“It is a balanced plan that tackles emissions, bridges the gap on adaptation, reimagines global finance and delivers on loss and damage,” said Dr. Al Jaber. “It is built on common ground. It is strengthened by inclusivity and it is reinforced by collaboration. It is an enhanced, balanced, but make no mistake, historic package to accelerate climate action.”.

Renewable Market Watch™ will participate on 4 and 5 December 2023 in the EU Energy Days, organised by the European Commission at the EU Pavilion of the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates. First launched in 2016, the EU Energy Day concept has proven to be one of the success stories of the EU’s engagement with international stakeholders at COP and other international venues.

Major commitments contained in the final negotiated text include:

• – An unprecedented reference to transitioning away from all fossil fuels to enable the world to reach net zero by 2050.
• – A significant step forward in the expectations for the next round of Nationally Determined Contributions (NDCs) by encouraging “economy-wide emission reduction targets.”
• – Building momentum behind the financial architecture reform agenda, recognizing the role of credit rating agencies for the first time, and calling for a scale up of concessional and grant finance.
• – A new, specific target to triple renewables and double energy efficiency by 2030.
• – Recognizing the need to significantly scale up adaptation finance beyond the doubling to meet urgent and evolving needs.

Outside the Global Stocktake, COP28 delivered historic negotiated outcomes to operationalize Loss and Damage, securing $792 million of early pledges, providing a framework for the Global Goal on Adaptation (GGA), and institutionalizing the role of the Youth Climate Champion to mainstream youth inclusion at future COPs.

Throughout 2023, the COP28 Presidency has taken bold and decisive steps to deliver beyond the negotiated text through its ‘Action Agenda’ which spans four pillars: fast tracking a just and orderly energy transition; fixing climate finance to make it more available, affordable, and accessible; focusing on people, nature, lives and livelihoods; and fostering full inclusivity in climate action.

The scale of achievements delivered under the Action Agenda has been unprecedented for any COP and testament to the willingness of representatives from a huge range of sectors and industries to take positive action.

Under the total Action Agenda at COP28, over $85 billion in funding has been mobilized and 11 pledges and declarations have been launched and received historic support.

The Renewable Market Watch™ supports the COP28 in Dubai and will employ all necessary efforts to popularise this vital initiative.

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