The 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change in Dubai, UAE commenced on November 30, 2023. This article provides an overview of the significant occurrences on the second day of COP28.
Distinguished leaders from a multitude of nations convened for the World Climate Action Summit, where they deliberated on a spectrum of urgent matters. President Lula da Silva of Brazil underscored the necessity of combatting inequality in the battle against climate change. Prime Minister Mia Mottley of Barbados advocated for global levies on shipping and aviation to generate resources for global public goods. Additionally, Indian Prime Minister Narendra Modi outlined India’s new green credits programme and extended an invitation to host COP33 in India.
The COP28 Presidency unveiled a finance declaration, with the objective of steering new models for delivering climate finance that are accessible, available, and cost-effective. Furthermore, the International Energy Agency and COP28 President Sultan Al Jaber jointly underscored the imperative to diminish fossil fuel demand and supply in order to limit the global temperature increase within 1.5°C.
As the COP28 Presidency, the UAE issued a declaration on the transformation of global food systems to address emissions from the sector and adapt the systems to a changing climate. It is noteworthy that the global community mobilised $2.5 billion to support the food climate agenda, including a $200 million partnership for Food Systems, Agriculture Innovation, and Climate Action between the UAE and the Bill & Melinda Gates Foundation.
During COP28, a preliminary text of the Global Stocktake (GST) outcome was presented and is currently undergoing negotiations. Countries are engaged in discussions regarding the content of the final version, with a particular focus on matters of equity and the GST.
Furthermore, a High-Level Side Event on Climate Finance Needs of Developing Countries highlighted the significance of requirement-based climate finance. This underlines the necessity for developing country Parties to evaluate their climate finance necessities and priorities. Parties also convened to discuss the process of identifying a new collective goal on climate finance, arriving at a consensus on most issues raised and calling for a shift in discussion mode for the forthcoming year.
In a momentous development, the G7 Climate Club was launched at COP28, with Germany and Chile assuming the role of co-leaders. The club, comprising member countries such as Kenya, Switzerland, Japan, and the European Union, will facilitate collaboration on climate policies and industrial decarbonisation.
In summary, the second day of COP28 was characterised by significant discussions and declarations aimed at addressing the pressing challenges posed by climate change. The summit will continue to serve as a pivotal forum for global climate action in the days ahead.
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