Photo by Markus Spiske on Unsplash
A couple of days ago, the 28th United Nations Framework Convention on Climate Change Conference of the Parties (UNFCCC COP28) concluded in Abu Dhabi with the main message being “the beginning of the end” for fossil fuels, as the goal for achieving net-zero emissions by 2050 remains. A lot of key solutions were discussed in the conference, hence, this essay seeks to break down the key takeaways from COP28.
The most important takeaway was that multilateralism was demonstrated strongly in the conference. In a world that is faced with divisions in multiple regions, countries still are able to discuss and find solutions to the climate conflict, especially since the impacts of climate change affect countries all over the world.
Now, the transition away from fossil fuels was an important takeaway. The COP28 landmark deal was highlighted by the fact that countries pushed for a transition away from fossil fuels. Much praise was given to the member states, because such a text in the deal meant that there was a clear signal to societies that the fossil-fuel driven economy is finally coming to an end. Such a message meant that bank loans directed towards coal, oil and gas developments could be halted, and investors could slowly start making their exits from the fossil fuel market. To move away from fossil fuels, the pact encouraged countries to triple the use of global renewable energy and double the rate of energy efficiency improvements by 2030.
On one end though, for developing countries and the alliance of islands and small states, they feel that the clause to move away from fossil fuels is filled with loopholes, and fails to account for the difficulties that developing countries face. The chair of the Alliance of Small Island States, notably mentioned that the pact does not seem to explicitly state a complete “phase out” of fossil fuels. Furthermore, the statement does give options for countries to pursue low-carbon emitting technologies, and explore techniques like carbon capture, meaning to say there could still be energy obtained by fossil fuels in the industrial processes of firms. Yet, a technique like carbon capture is not yet proven on a large scale to limit the impacts of climate change, and it is also an expensive solution for countries. Most importantly, the agreement is not exactly legally binding, so it is still unclear if all member states will have explicit plans to end the fossil-fuel era and produce results. Additionally, for countries to completely transition from fossil fuels, they are going to need funds to innovate, research in fields of renewable energy. This is especially since fossil fuels still account for the majority of the power and energy in the world. Hence, it is too early to tell whether the pact’s message on fossil fuels will prove effective in combating climate change in the world.
Next, COP28 also saw the establishment of the Climate Loss and Damage Fund. Such a fund has been discussed for about 30 years now, and it is something highly contentious, especially for island states, less developed countries and countries that are more susceptible to the drastic consequences of climate change. The idea of such a fund was raised in 1991, when Vanuatu pushed for remuneration for countries impacted by rising sea levels. The official establishment of the fund in COP28 is a great step in the right direction, considering how impoverished countries have already started to feel the effects and damages of climate change, and many of these countries cannot afford to deal with the damages. Also, considering how there have always been much disagreement and difficulty to the establishment of such a fund in the past, the ability for member states to create this fund is a major step. At the same time, the fund acts as a fair mechanism because usually emissions are largely contributed by more developed countries, and it would be unfair for these less developed countries to bear the full costs of the effects of climate change. As of now, $700 million USD has been pledged to be contributed to the fund.
Again, there are some drawbacks to the establishment of the fund. Despite a fund being established, specificities regarding the main donors and also the method of distribution for the funds are still unclear. Furthermore, there has been criticism of how the World Bank, the organisation that will be handling the fund, has dealt with funds in other settings before. Countries worry that the World Bank might not be an independent stakeholder and the administration required for countries to draw funds could be a hassle. Hence, there is still a long way to go before the fund can be effective towards aiding developing countries in their fight against climate change.
Overall, COP28 did contribute to several positive outcomes like the establishment of the loss and damage fund and also the transition away from fossil fuels. Though, its effectiveness in the long term is still questionable, as questions on the mechanism of the fund, and questions on the phrasing of the “transition in fossil fuels” remain. Nonetheless, great progress was still made in COP28, considering the establishment of the fund had faced difficulties in the past. Also, a signal to transition away from fossil fuels could send clear messages to stakeholders that the fossil-fuel era is coming to an end.
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