The UNFCCC, adopted at the Earth Summit in 1992, aimed to stabilize greenhouse gas concentrations in the atmosphere to prevent dangerous anthropogenic interference with the climate system. The COP was established as the supreme decision-making body of the Convention, where countries negotiate, review, and implement policies to achieve its objectives.

Key Successes and Shortcomings

Over the years, COP has had several significant achievements, including:

Kyoto Protocol (1997): The first legally binding agreement that set emission reduction targets for developed countries.

Paris Agreement (2015): A landmark agreement aimed at limiting global warming to well below 2 degrees Celsius, preferably 1.5 degrees Celsius, compared to pre-industrial levels. It also established a framework for global climate action, with commitments from all nations to contribute.

Loss and Damage Fund (2023): A historic decision at COP27 to establish a fund to address the loss and damage caused by climate change in developing countries.

Increased Climate Ambition: Over the years, COPs have facilitated enhanced ambition from countries, with some revising their national climate plans to achieve deeper emission cuts.

Technological advancements and mobilization of finance: The COPs have played a role in promoting the development and deployment of clean technologies and mobilizing finance for climate action.

Conversely, COP’s shortcomings have included:

Implementation Gap: Despite agreements reached at the COPs, there remains a significant gap between commitments and actual emission reductions.

Developed Country Responsibilities: Developed countries, historically responsible for a larger share of emissions, are criticized for not providing adequate financial and technological support to developing countries.

Equity Concerns: Concerns exist regarding the fairness and equity of the global climate response, with developing nations bearing the brunt of the climate crisis despite contributing less to the problem.

Lack of Enforcement Mechanism: The COPs lack a robust enforcement mechanism to ensure compliance with agreed-upon commitments.

Geopolitical Challenges: Political tensions and competing national interests can hinder progress at the COPs.

Looking Forward
As we move forward, it is crucial to address the shortcomings of the COPs to ensure their effectiveness in achieving the goals of the Paris Agreement. This includes:

Strengthening ambition and implementation: Countries need to set more ambitious emission reduction targets and implement effective policies to achieve them.

Ensuring equity and fairness: Developed countries must fulfill their financial and technological commitments to support developing countries in their climate action efforts.

Enhancing transparency and accountability: Strengthening reporting and monitoring mechanisms to track progress and identify areas for improvement.

Building trust and cooperation: Fostering trust and collaboration among all countries is essential for achieving meaningful progress.

Mobilizing additional finance and technology: Scaling up resources to support developing nations in transitioning to clean energy and adapting to climate impacts.

Cop28: Highlights and Shortcomings

Here’s a summary of some key developments from the UN climate conference in Dubai:
Highlights:

Loss and damage fund agreed: In a historic move, countries agreed to establish a fund to help vulnerable nations cope with the damage caused by climate change. However, the initial funding of $700 million falls far short of what is needed. This is a significant step forward, as it acknowledges the need for financial assistance to help countries deal with the impacts of climate change that they are already experiencing. However, the amount of money pledged so far is only a fraction of what is needed, and it is unclear how the funds will be distributed.

Progress on renewable energy: 119 countries signed a pledge to triple renewable energy sources, which could significantly reduce greenhouse gas emissions. Solar panel. This is a positive development, as renewable energy is a key part of the solution to climate change. However, it is important to note that this pledge is not legally binding, and it is unclear how countries will achieve their goals.

Decarbonization targets for oil companies: 51 oil companies agreed to set decarbonization targets, showing some willingness from the industry to address climate change. This is a positive step, as it shows that some oil companies are taking the issue of climate change seriously. However, it is important to note that the targets set by these companies are not very ambitious, and it is unclear how they will be achieved.

Shortcomings:

Fossil fuel lobbyists: A record number of fossil fuel lobbyists (over 2,400) have access to the conference, raising concerns about corporate influence. This is a major concern, as it suggests that the fossil fuel industry is trying to influence the outcome of the conference. It is important to ensure that the voices of the most vulnerable people are heard at COP28, and that the interests of the planet are not sacrificed for the sake of corporate profits.

Shock comments from the Cop28 president: Sultan Al Jaber, who runs the UAE’s state-owned oil company, sparked controversy by suggesting that a phase-out of fossil fuels is not necessary. These comments were widely condemned by climate activists and experts. They highlight the need for strong leadership from governments and businesses to address climate change.

Lack of strong commitments on fossil fuel reduction: Despite the increasing urgency, there has been no concrete agreement on phasing out or significantly reducing fossil fuels. This is a major disappointment, as it suggests that many countries are not willing to take the necessary steps to address climate change. It is essential that governments agree to a phase-out of fossil fuels to avoid the worst impacts of climate change.

Other Key Developments

Draft global stock take text published: The draft includes language on fossil fuel reduction, but the final wording is still being negotiated. This is an important step in the process of agreeing to a global plan to address climate change. However, it is important to note that the draft text is not yet final, and there is still much work to be done.

Leaders in the spotlight: King Charles warned of the dangers of climate change, while the US and UK have faced criticism for their lack of leadership. It is important for world leaders to show strong leadership on climate change. However, some leaders have been criticized for their inaction or lack of commitment to addressing the issue.

Colombia joins fossil fuel non-proliferation treaty: The South American nation becomes the first major oil producer to support the treaty. This is a significant step forward, as it shows that some oil-producing countries are willing to take action to address climate change. However, it is important to note that Colombia is not a major oil producer, and it is unclear how much of an impact this will have.

Brazil aligns with OPEC: This move has raised concerns about the country’s commitment to climate action. Brazil is a major oil producer, and its alignment with OPEC could have a significant impact on the global oil market. This move has raised concerns about the country’s commitment to climate action, as OPEC is known for its opposition to efforts to reduce greenhouse gas emissions.

As with all guests on The Caring Economy, leaders at the COP 28 Conference exemplify how leaders with purpose-driven lives and careers are shaping our contemporary lives for the better.