Climate change is a multi-dimensional phenomenon that is affecting the world at an unprecedented pace in the 21st century. It is the result of human activities to fuel economic growth and development to support the rising population with the establishment of industries, use of fossil fuels, and deforestation at large scale. This has impacted the global biosphere, environment, and humans alike.
This year’s annual meeting of the United Nations Framework Convention on Climate Change (UNFCCC), Conference of the Parties (COP28) in Dubai has brought various issues to the table such as the transition from fossil fuels, tripling renewable energy capacity, climate finance, etc. It focused on the challenges of continuously rising temperatures due to climate change and its effect on food security, energy efficiency, and health.
The world witnessed a significant move when the participating 198 Parties made a historic agreement “The UAE Consensus” with the primary aim to keep global temperature limits within the range of 1.5 degrees Celsius. The UAE Consensus is an inclusive document encouraging a transition towards green energy for achieving NET ZERO by 2050 and motivating the Parties to deliver financially driven Nationally Determined Contributions (NDCs) by setting up determined targets.
The agreement emphasizes tripling renewable capacity and doubling energy efficiency by 2030. Establishing a new framework for climate finance and attaining a viable future the big decisions were taken priority in agenda around the goals of the Paris Agreement to address climate finance, enhance green energy transition, encourage all-inclusive climate action, nature and people. COP28 witnessed the first-ever funding of US$ 85 billion for accelerating climate action. The Action Agenda procured key outcomes where the ALTÉRRA made private investments of US$ 30 million aiming to acquire US$ 250 billion for climate action globally.
The conference witnessed the acceptance of ‘The COP28 UAE Declaration on Agriculture, Food, & Climate’ and ‘The COP28 UAE Declaration on Climate and Health’ to develop a fair, and transparent framework with a pragmatic approach. It has also ensured to mark the beginning of the end of fossil fuel uses globally to support rapid clean energy transition and strengthen comprehensive global climate change action.