As a year of record temperatures and disasters related to climate change ends, nations are preparing for COP28 in Dubai, from November 30 to December 12. Progress under the Paris Agreement will be evaluated and a fund will be sought to set up a fund for the damages of climate change. The election of the president, the CEO of the state oil company in an oil country, generates controversy. Although the phasing out of fossil fuels will be discussed, some nations are advocating global goals, such as tripling renewable energy capacity.
In the COP28, the centerpiece of the negotiations will be the conclusion of the “global assessment”, where nations will review their progress on the objectives of the Paris Agreement. The key outcome is expected to be a “decision” text that reflects efforts so far and establishes agreements for the future.
Nations have presented their visions on how to increase the ambition of climate plans (NDCs) to meet the objectives of the Paris Agreement.
Proposals to phase out fossil fuels stand out, with discussions on “progressive reduction” and “phase down”.
Proposals to triple global renewable energy capacity gain momentum.
The “operationalization” of the loss and damage fund is a priority, with divisions between developed and developing countries over its location and funding.
It is expected that a framework will be adopted to achieve the “global adaptation objective” established in the Paris Agreement, with a focus on defining and measuring progress.
Climate finance is key, with some developing countries stressing the importance of discussing emissions reduction alongside financial support.
The decision on a new post-2025 global goal for climate finance will be crucial.
Two “work programs” will continue: one focused on how countries can increase their efforts to reduce emissions and the other on “just transition paths” to meet the objectives of the Paris Agreement.
Ongoing work to launch carbon markets under Article 6, with a focus on the operating rules for the carbon market in Article 6.4.
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