Cop28: Key Agreements and Takeaways from This Year's Conference

World leaders gathered at COP28 in Dubai this December, to mark the 28th annual United Nations (UN) climate meeting. The stage was used to address pressing climate change issues against a year marked by extreme weather events and shattered climate records. What was agreed? Let’s find out. 
 

Recap: What is COP?

COP is short for Conference of the Parties, and signifies the nations that committed to the original UN climate agreement in 1992. The event takes place annually and was held, this year, in Dubai with an estimated 200 nations and 100,000 participants in attendance. 

What Happened at COP28?

Transition away from fossil fuels in energy systems

One significant development at COP28 was the global agreement to transition away from fossil fuels in energy systems. While the deal lacked an action plan and specific timeframe, it did include global targets to triple renewable energy capacity and double energy efficiency by 2030. Countries were also urged to accelerate low and zero emissions technologies, such as carbon capture and storage. 

Urgency of Paris Agreement Emphasised

Concerns about the trajectory towards a 2.7C warming by 2100 were highlighted and the urgency to align global efforts with the Paris Agreement limit of 1.5C was emphasised across the event. 

Loss and damage fund pledges

Cop27 set the stage for a loss and damage fund, aimed at helping poorer nations cope with the impact of climate change. Cop28 secured pledges from various countries, raising £630 million.

Cop 29 host

Finally, the host of next year’s climate conference was announced as Azerbaijan. 

To learn more about what COP28 means for your business, get in touch with our team at eco@thehutgroup.com