This year’s COP28 Summit concluded with a ‘historic’ consensus to accelerate climate action around the globe, with new ambitious targets laid out by COP28 President Sultan Ahemd Al Jaber.
The final consensus focuses on a global response to the Global Stocktake — a comprehensive evaluation of progress against climate goals — to expedite the transition from fossil fuels to renewable energy.
At the conference, held at Expo City Dubai with more than 84,000 participants in attendance, the 198 parties agreed on a landmark text named ‘The UAE Consensus’.
The consensus sets out an agenda to close the energy efficiency gaps to 2030 and calls on parties to commit to reaching net-zero carbon emissions by 2050.
The majority of miners around the globe have now committed to this target, contrasting their uncertain decarbonisation strategies when the world signed the Paris Accord in 2015.
In parallel to reaching net zero by 2050, the new UAE Consensus outlines a specific target to triple renewables and double energy efficiency by 2030.
During his closing speech, Dr Sultan Al Jaber said the world needed to find a new way, and by following the summit’s ‘North Star’, it had found that path.
“We have worked very hard to secure a better future for our people and our planet. We should be proud of our historic achievement.”
Outside the Global Stocktake, under its ‘Action Agenda’, COP28 delivered historic negotiated outcomes to operationalise Loss and Damage, securing $792 million of early pledges that provide a framework for the Global Goal on Adaptation (GGA) and institutionalising the role of the Youth Climate Champion to mainstream youth inclusion at future COPs.
Under the total Action Agenda at COP28, over $85 billion in funding has been mobilised for climate change, and 11 pledges and declarations have been launched and received historic support.
COP28 took place from November 30 – December 12 2023. The conference was attended by heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.
Write to Aaliyah Rogan at Mining.com.au