COP28 included the first global stocktake under the Paris Agreement, which measured the progress towards the climate goals set by the agreement.

The stocktake highlighted the need for a peak of global greenhouse gas emissions by 2025 and for their reduction by 43% by 2030 and by 60% by 2035, compared to 2019 levels, in order to limit global warming to 1.5°C. It noted that some countries are off track when it comes to meeting their Paris Agreement goals.

Parties agreed to submit their updated climate plans for 2035 by COP30 and that these should be aligned with the 1.5°C limit based on the best available science and the outcomes of the 2023 global stocktake.

Increased efforts on climate change mitigation are essential. The energy sector is one where emissions cuts can have the biggest impacts in the short term. At COP28, the EU and its countries pushed parties to agree on global energy goals:

• transitioning away from fossil energy: parties agreed to progressively move away from fossil fuels in the energy sector by 2050;
• renewables and energy efficiency: parties agreed to triple global renewable energy capacity and double the rate of energy efficiency improvements by 2030.

A framework for a global goal on adaptation was agreed, together with agreements on the need to secure finance for adaptation work.  

The EU and its member states remain firmly committed to delivering the $100 billion goal set by the Paris Agreement and to double adaptation finance.

At COP27 in 2022 the EU had been pivotal in launching a new global fund on loss and damage to support vulnerable countries in overcoming the destruction caused by climate change. At COP28, the EU and its member states pledged over half of the initial funding for the loss and damage fund (over €400 million).

The EU and its countries are the largest provider of climate finance globally. In 2022, they contributed €28.5 billion in climate finance from public sources and mobilised an additional €11.9 billion of private finance to support developing countries in reducing their greenhouse gas emissions and adapting to the impacts of climate change.

COP28 UAE consensus to accelerate climate action

COP28 concluded in Dubai with an agreement by 198 Parties to deliver a new era of climate action, called 'The UAE Consensus'. Major commitments contained in the final negotiated text include:

• An ambitious climate agenda to keep 1.5°C within reach.
• An unprecedented reference to transitioning away from all fossil fuels to enable the world to reach net zero by 2050.
• A significant step forward in the expectations for the next round of Nationally Determined Contributions (NDCs) by encouraging “economy-wide emission reduction targets.”
• Building momentum behind the financial architecture reform agenda, recognising the role of credit rating agencies for the first time, and calling for a scale up of concessional and grant finance.
• A new, specific target to triple renewables and double energy efficiency by 2030.
• Recognising the need to significantly scale up adaptation finance beyond the doubling to meet urgent and evolving needs.

More information:

• COP UAE official website
• UNFCCC secretariat Summary of Global Climate Action at COP 28