COP 28: Highlights So Far
Overview
The first half of COP 28, hosted in Dubai, is halfway done. This conference focuses on the elaboration of a loss and damages fund, negotiations around fossil fuel reduction commitments, and the science of climate model predictions.
Loss and Damage Fund Approved
In a historic precedent, a loss and damages fund— the allocation of investments from developed countries to help restore the mass destruction—was agreed upon on the first day of the summit. Vulnerable and poor countries, particularly in the global South, have contributed little to the climate crisis and want to hold bigger fossil fuel-polluting countries liable for the suffering they have experienced due to climate change.
Though the deal has been agreed upon by wealthy nations, these countries have only pledged less than 0.2% of the funds—700 million out of an estimated 100 billion minimum— needed to alleviate the damages caused by climate change. It is still unclear of the nature and timing of who will donate the extra funds needed to bridge this monster gap.
Source: Devex
Fossil Fuel Reduction Compromise
One major focus over the next week is a compromise between the almost 200 countries attending COP 28 to set fossil fuel reduction targets. Countries are amid mass debate over the diction of this deal: whether there should be a reduction or elimination, and if this should focus on “unabated” fossil fuels. A representative from the Guardian noted that “on the crucial issue of the phase-out of fossil fuels, language that would commit countries to a phase-out had been retained in the text but the option of that being deleted was not ruled out.” Many countries are trying to realign their focus to spotlight their use of carbon capture and offsetting to regulate their emissions, essentially dodging a commitment to decreasing fossil fuel use.
Controversy Among Develop and Lesser Developed Countries
Over the past week, attendees noted that wealthier countries have failed to show the leadership necessary to solve the climate crisis. They also found that many rich countries are too involved in hypocritical deals, publicly pushing for the phase-down of fossil fuels without committing to the necessary action plans to do so. Mohamed Adow, the director of a Nairobi-based energy and climate think tank, claimed “rich countries say they want a global phase-out of fossil fuels, but they are refusing to fund it. There is simply not enough in the current text for developing countries to believe there will be finance to help decarbonize.”
Despite attendees’ requests, the US continues to downplay its role in the climate crisis and wait for other countries to act first. A Guardian member cited: “ We know there are tears from the UK and the US on phasing out fossil fuels; however, the US is the ultimate pestrostate. If they were so opposed to fossil fuels, why do they seem to love them so much?”
Source: Green Future
Conclusion
With a week left in the conference, there is still a chance for wealthier countries to shift towards a more progressive direction. Countries such as the US, UK, EU, Japan, Canada, and Australia need to quickly organize themselves and ramp up necessary public financing to allocate for the loss and damages fund and account for a proper phase down in fossil fuels.
Sources
https://www.theguardian.com/environment/2023/dec/07/cop28-first-half-un-climate-conference-dubai
