The United Nations Climate Change Conference (COP28) closed this week with an agreement that signals the “beginning of the end” of the fossil fuel era.
In a demonstration of global solidarity, negotiators from nearly 200 Parties came together in Dubai with a decision 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.
“Whilst we didn’t turn the page on the fossil fuel era in Dubai, this outcome is the beginning of the end,” Simon Stiell, UN Climate Change executive secretary, said in his closing speech.
“Now all governments and businesses need to turn these pledges into real-economy outcomes, without delay,” he said.
The global stocktake is considered the central outcome of COP28 – as it contains every element that was under negotiation and can now be used by countries to develop stronger climate action plans due by 2025.
The stocktake recognizes the science that indicates global greenhouse gas emissions need to be cut 43 per cent by 2030, compared to 2019 levels, to limit global warming to 1.5°C. But it notes Parties are off track when it comes to meeting their Paris Agreement goals.
The stocktake calls on Parties to take actions towards achieving, at a global scale, a tripling of renewable energy capacity and doubling energy efficiency improvements by 2030.
The list also includes accelerating efforts towards the phase-down of unabated coal power, phasing out inefficient fossil fuel subsidies, and other measures that drive the transition away from fossil fuels in energy systems, in a just, orderly and equitable manner, with developed countries continuing to take the lead.
The negotiations on the ‘enhanced transparency framework’ at COP28 laid the ground for a new era of implementing the Paris Agreement. UN Climate Change is developing the transparency reporting and review tools for use by Parties, which were showcased and tested at COP28. The final versions of the reporting tools should be made available to Parties by June 2024.
COP28 also saw Parties agree to Azerbaijan as host of COP29 from 11-22 November 2024, and Brazil as COP30 host from 10-21 November 2025.
“We must get on with the job of putting the Paris Agreement fully to work,” Stiell said.
“In early 2025, countries must deliver new nationally determined contributions. Every single commitment – on finance, adaptation, and mitigation – must bring us in line with a 1.5-degree world.”
The Climate Council welcomed the agreement to rapidly shift away from fossil fuels.
Climate Council CEO Amanda McKenzie said this is a huge moment and is the death knell for fossil fuels.
“For the first time, nations have collectively agreed to tackle the pollution - from burning coal, oil and gas - that is overheating our planet and harming people all over the world,” she said.
“This agreement sets us on a clear path to embrace clean energy technologies like wind, solar and batteries, and move beyond fossil fuels.”