The Global Stocktake (GST) took central stage at COP28, serving as a critical mechanism to evaluate global progress every five years in achieving the objectives outlined in the Paris Agreement. In this article, we explore the key outcomes of the Global Stocktake, with a focus on:
COP28, hosted by the United Arab Emirates, has left a memorable mark on the fight against climate change, emerging as the largest and most complex Conference of the Parties in history, with over 80,000 participants. The summit brought together a diverse array of stakeholders, including high-level experts from government, international organizations, industry leaders, startups, the scientific community, and concerned citizens worldwide. The conference marked the start of a new era of global collaboration for climate action and is characterized by several key decisions, such as addressing the impacts vulnerable countries face from climate change and launching the first international agreement for the 'transition away' from fossil fuel.
COP28 UAE: Key Outcomes
Below, we explore COP28 UAE’s discussions on following topics:
What is next?
With negotiators having concluded their discussions in Dubai, the focus now shifts to crucial next steps: translating the objectives articulated at COP28 into tangible national actions and securing the necessary financial support for their implementation.
Next year’s climate summit in Azerbaijan (COP29) needs to offer breakthroughs on thorny and fundamental questions about finance. The urgency to address fundamental questions about financing climate action will guide the next steps in our collective journey toward a sustainable and resilient future.
The impact of COP28 extends beyond the decisions made; its true legacy lies in the inspiration it kindles for future collaborations and decisive actions on the global stage. As we anticipate COP29, there is a shared commitment to building upon this momentum and forging a path that leads us closer to our collective climate goals.
Global Stocktake
- Nationally Determined Contributions (NDCs)
Scaling Finance:
One of the pivotal discussions during COP28 revolved around the GST’s assessment of financial progress. Acknowledging the need for substantial increases in financial support, the outcome recognized the commitment to double adaptation finance. But without a clear roadmap on increasing finance for adaptation, there is lack of accountability in how the adaptation finance gap will be filled. Negotiators will need to address these and other finance issues at COP29.
The GST decision also underscored the importance of reforming the multilateral financial architecture, including multilateral development banks, institutional investors and other financial actors.
NDCs
The Global Stocktake outcome urges countries to submit new NDCs well in advance of COP30 in 2025. Countries are expected to update their 2030 targets and introduce new objectives for 2035 in the next round of NDCs.
To support this process, COP28 called for a series of global and regional workshops and capacity-building sessions hosted by the UN. The aim is to assist countries in formulating and submitting robust NDCs. A special event hosted by the UN Secretary-General in 2025 will serve as the platform for countries to present their new commitments.
Emissions Reduction
COP28 emphasized reducing non-CO2 emissions, particularly methane, by 2030. The Global Stocktake outcome also calls on all countries to accelerate their reductions of non-CO2 emissions, encouraging the inclusion of all greenhouse gases in their upcoming NDCs.
Countries now have the opportunity to incorporate ambitious methane reduction targets in their 2025 NDCs, addressing both overall emissions and specific methane targets. This emphasis on non-CO2 emissions reflects a concerted effort to combat climate change comprehensively.
Food Security
A significant breakthrough in the COP28 negotiations occurred in the realm of food and food systems. The GST encourages the adoption of integrated, multi-sectoral solutions, particularly focusing on "resilient food systems." As a result, all countries are now required to incorporate food and food systems into their next set of NDCs.
To ensure tangible progress, countries are expected to arrive at COP29 and COP30 with substantive advancements in addressing the nexus between food, agriculture, and climate. This marks a crucial step in mitigating the impact of climate change on global food security.
At the heart of COP28 discussions was the recognition that a swift shift to renewable energy not only mitigates environmental risks but also enhances global energy security. To accelerate the energy transition, the COP28 Presidency took a leading role in launching a deal called The UAE Consensus calling for a "transition away" from fossil fuels has been accepted by the nearly 200 nations at the UN's annual climate summit.
A standout achievement was the agreement to triple global renewable energy capacity, underlining the urgency of transitioning to cleaner alternatives. By diversifying the energy mix, nations can reduce vulnerability to geopolitical and economic uncertainties associated with fossil fuel dependence.
Energy Transition
Throughout COP28, a number of national governments and organizations announced commitments to climate finance to areas including but not limited to the Loss and Damage Fund, Green Climate Fund, Adaptation Fund, Least Developed Countries Fund, and Special Climate Change Fund.
A pivotal moment at COP28 was the operationalization of the Loss and Damage Fund, established during COP27. With a substantial pledge surpassing $650 million, this fund emerged as a vital instrument of climate justice. Its primary mission is to provide critical support to countries facing the worst consequences of climate disruptions. The fund's policies, designed to be responsive to the needs of those most affected, with institutional arrangements to be in place by COP29.
Climate Finance
The ongoing debates surrounding carbon markets are far from resolved, but the recent collaborations and initiatives discussed here signal a positive momentum toward finding practical solutions.
The discussions have seen the participation of influential figures, including His Excellency COP28 President Designate Dr. Sultan AlJaber, Glasgow Financial Alliance for Net Zero (GFANZ) Co-Chair Mark Carney, and entities like the Integrity Council for the Voluntary Carbon Market (ICVCM) and the Voluntary Carbon Markets Integrity (VCMI) initiative. Discussions highlighted the urgent need to scale voluntary carbon markets, emphasizing the establishment of integrity standards on both the supply and demand sides.
In response to these discussions, the GFANZ Africa Network has taken proactive steps by launching a Voluntary Carbon Markets working group. Collaborating closely with the Africa Carbon Markets Initiative (ACMI), the initiative aims to unlock the untapped potential for carbon markets in Africa.
Carbon Markets
Emissions Reduction at COP28 witnessed a positive array of actions addressing methane pollution, a greenhouse gas 20 times more potent than carbon dioxide. Governments, companies, and philanthropies collectively announced over $1 billion in new grants, marking a threefold increase in funding for projects aimed at reducing methane in the oil and gas, waste, and agriculture sectors, with the objective of mobilizing additional billions.
The COP28 Presidency also spearheaded initiatives fostering collaboration to decrease sectoral emissions, engaging both Parties and non-Party stakeholders. The Global Cooling Pledge for COP28 garnered support from 66 national government signatories dedicated to working together, aiming to achieve a minimum 68% reduction in cooling-related emissions across all sectors globally, relative to 2022 levels, by 2050.
Emissions Reduction
The conference also underscored the role of nature-based solutions, setting a 2030 deforestation goal and mobilizing financing mechanisms for nature conservation.
There were also numerous announcements regarding new financing mechanisms needed to achieve the goals for nature conservation:
Natural Capital
- A newly launched report by the Center for Global Commons at the University of Tokyo emphasizes the necessity to mobilize capital for nature conservation by transforming the policy environment, proving viable business models, and harnessing financial innovation.
- The Asia Development Bank launched the Nature Solutions Hub for Asia and the Pacific, aiming to proactively scale up the flow of public and private finance into conserving nature and addressing biodiversity loss in the region.
- The Joint Statement on Climate, Nature, and People was released, committing to increased finance and the participation of Indigenous Peoples in forest and land conservation efforts.
- The LEAF Coalition, including Bayer, Capgemini, McKinsey, PwC, and the Walmart Foundation, announced agreements with Costa Rica and Ghana to supply jurisdictional REDD+ credits worth over $60 million.
- Brazil proposed a global Tropical Forests Forever fund, which would direct finance toward the protection of tropical forests.
- At the World Climate Action Summit, $2.5 billion was mobilized to protect and restore nature, including over $186 million in new financing.
- Financial institutions play a pivotal role in directing funds toward nature-positive initiatives, with the Finance Sector Roadmap outlining steps for global leaders to prioritize nature and eliminate commodity-driven deforestation.
- The Forests and Climate Leaders' Partnership announced new funding packages, highlighting the importance of natural capital in climate action.
The urgent need to adapt and build resilience, particularly in vulnerable communities, was one of the central discussions at COP28. Shifting focus to emerging markets and establishing robust transition plans became imperative, with the private sector emerging as a catalyst for change.
This year marked a significant milestone with signatories released the Joint Statement on Climate, Nature, and People. This commitment underscores the determination to amplify financial support, guarantee the active participation of Indigenous Peoples and local communities, and enhance data collection efforts in addressing the interconnected challenges of climate and nature crises.
Empowering Communities
The role of the private sector as a catalyst for change in climate action was implicitly acknowledged through the discussions and commitments at COP28. Businesses are advocating for policies that support both their interests and environmental sustainability, acting as catalysts for policy development. However, there is a growing need to shift the focus from reporting to action.
The 2023 Progress Report of the Race to Zero Campaign states that more than 13,500 non-Party stakeholders are now engaged in the campaign, almost doubling in membership size since COP26. This Report reflects the progress that has been made by Race to Zero Partners and their members in their transition towards a resilient global Net Zero world. It shows a positive increase in implementation of the criteria and impact on the real economy. While in some cases alignment with the criteria has been gradual, in others there’s seen accelerated improvement.
Private Sector Role
COP28 stands as a testament to international collaboration and a renewed commitment to a greener, more sustainable future. Cities and other subnational actors played a more significant role at COP28 than in any previous COP.
During COP28, the first-of-its kind “Local Climate Action Summit” assembled more than 500 mayors, governors and other subnational leaders to elevate the role of cities in climate action, including through NDCs and financing. Seventy-one countries joined the Coalition for High Ambition Multi-level Partnerships (CHAMP) initiative, committing to incorporate robust urban climate actions in their NDCs, as well as enhance cooperation between local and national governments on planning, financing and implementation.
Power of Collaboration
