COP28 has concluded with an agreement that promises a “new era of climate action”.
The UAE Consensus sets out an agenda that strives to keep 1.5°C within reach through committing all 198 Parties to accelerate efforts to phase down unabated coal power, phase out inefficient fossil fuel subsidies, and any other ways to drive the transition from fossil fuels in energy systems in a manner that is just, orderly and equitable, with developed countries leading the way. It also commits them to tripling renewable energy capacity and doubling energy efficiency improvements by 2030.
Referred to by the UN as the “beginning of the end” of the fossil fuel era, the UAE Consensus recognises that science shows global greenhouse gas emissions need to be cut by 43% by 2030 to keep the world on track for 1.5°C. However, it does acknowledge that most Parties are currently off track to deliver goals under the Paris Agreement.
Therefore, in the short-term, it also calls for new ambitious, economy-wide emissions reduction targets – otherwise referred to as Nationally Determined Contributions – for COP30 in Brazil in 2025, covering all greenhouse gases, sectors and categories, which are aligned with the 1.5°C limit. COP29, meanwhile, taking place next year in Azerbaijan is where a new climate finance goal will be established.
