This year’s COP marks the conclusion of the “global stocktake”, the first assessment of global progress in implementing the 2015 Paris Agreement. The findings are stark: the world is not on track to limiting temperature rise to 1.5°C by the end of this century. It does recognize that countries are developing plans for a net-zero future, and the shift to clean energy is gathering speed, but it makes clear that the transition is nowhere near fast enough yet to limit warming within the current ambitions.

A report recently published by UN Climate Change shows that national climate action plans (known as nationally determined contributions, or ‘NDCs’) would collectively lower greenhouse gas emissions to 2% below 2019 levels by 2030, while the science is clear that a 43% reduction is needed.

The global stocktake must be a catalyst for greater ambition in meeting the Paris Agreement’s goals as nations prepare to submit revised national climate action plans by 2025. It lays out actions on how to accelerate emissions cuts, strengthen resilience to climate impacts, and provide the support and finance needed for the transformation.

Climate finance stands at the heart of this transformation. Replenishing the Green Climate Fund, doubling financial resources for adaptation and operationalizing the loss and damage fund are key to keeping 1.5°C within reach while leaving no one behind.

“The reality is that without much more finance flowing to developing countries, a renewables revolution will remain a mirage in the desert. COP28 must turn it into a reality” Stiell added.

Progress on climate finance at COP28 will be crucial to build trust in other negotiation areas and to lay the groundwork for an even more ambitious “New Collective Quantified Goal” for climate finance, which must be in place next year. It will also set the stage for a just and inclusive transition to renewable energy and the phasing out of fossil fuels.

In the face of rising conflicts and tensions worldwide, Stiell emphasized the need for collaborative efforts to combat climate change, an area in which nations can work together effectively to ensure a sustainable future both for people and the planet.

“We don’t have any time to waste. We need to take urgent action now to reduce emissions. At COP28, every country and every company will be held to account, guided by the north star of keeping 1.5°C within reach,” said COP28 President Dr. Sultan Al Jaber.

“All parties should be prepared to deliver a high ambition decision in response to the global stocktake that reduces emissions while protecting people, lives and livelihoods,” Al Jaber added.

Egyptian Minister of Foreign Affairs and COP27 President Sameh Shoukry said: “It is of crucial importance to continue building on previous achievements, but more importantly to implement what we already agreed upon. We cannot achieve our common goals without having everyone on board, most importantly the Global South. We need to start delivering on climate justice and provide the needed tools that we already agreed upon in Sharm el-Sheikh for funding loss and damage, including the establishment of a fund. One of the major outcomes that has to come out of COP28 is for the fund to be fully operationalized and funded.”

Key COP28 events

The World Climate Action Summit (WCAS), hosted by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, will convene Heads of State or Government on 1-2 December, when the first part of the COP28 high-level segment will also take place. A resumed high-level segment will take place on 9-10 December.

The WCAS provides Heads of State or Government with the opportunity to set the stage for COP28, build on decisions from previous Conferences of the Parties, raise climate commitments and promote coordinated action to tackle climate change.

The COP28 Presidency will hold open consultations on thematic areas, inviting inputs from the broad mix of stakeholders attending the conference. Consult the COP28 UAE Thematic Program.

COP28 stands for the 28th meeting of the Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC). COPs take place every year.