The Urgent Call for Collective Action at COP28
December 8, 2023 | By: Peter Doo
COP28 is in its 5th day. I have been following news of conference progress and was pleased to hear the president’s remarks as the conference opened. The goals of the conference were spot on in my opinion. Here are the highlights as I heard them.
“We need to unite on climate.” In the context of Dr. Sultan Al Jaber’s speech, he spoke of the urgency of the climate challenge and the need to work together to address it. He was also acknowledging the diversity of interests. As he put it, “We need to redefine self interest as our common interest.”
Progress Towards Global Temperature Goals: A Glimpse of Hope
Some good news was acknowledgement that while the world was headed toward a global temperature rise of over 4°C prior to Paris, scientists now estimate, under current commitments, the temperature rise to be approximately 2.7°C. Dr. Katharine Hayhoe confirms this in her weekly LinkedIn newscast, “Talking Climate”. This is not enough but an indication that we are moving in the right direction. To stay within the 1.5°C target, we must cut carbon emissions 43% by 2030. To do this, we need to triple renewables and double energy efficiency. These are not simple tasks but they are concrete targets.
Tackling Climate Change: Concrete Targets and Financial Strategies
In the meantime, the 1.2°C of warming that has already taken place has generated more extreme weather around the globe. The need to address adaptation is being prioritized along with goals to address mitigation. Many communities that have contributed the least to climate change are being impacted the most. A fund to address loss and damage was established on Day 1 of the conference and has receive pledges from 18 countries totaling $725M to date.
Clearly, finance is key to addressing mitigation and adaptation and Dr. Sultan Al Jaber emphasized we must do both. On Day 4 of the conference, major financial institutions and countries made new commitments to offer climate-resilient debt clauses (CRDCs) in their lending. These clauses allow debt service to be paused to provide breathing space when countries are hit by climate catastrophes. Access to affordable private financing and commitments to build high-integrity carbon markets are both stated goals of COP 28.
Looking Forward: Anticipating COP28’s Ongoing Discussions and Outcomes
There is much more being discussed and to be discussed as the conference will continue for another seven days. Despite some controversy about the host nation and conference president, good work is being done cooperatively and toward our common goals. I look forward to summarizing the results of COP 28 as it continues.