What Did We Learn From COP28?

The dust has settled on COP28 and so some distance has been travelled that gives us a chance to review what actually happened and what is likely to make a difference for the future.

COP28 was the biggest such meeting yet and there were different players at this event. Many more attended from the oil and gas industry (not surprising with the location) whilst civil society organisations felt that their voices have been reduced from the main arenas.  

Highlights for me were:

The first mention of fossil fuels appeared in the final text of the Conference with a call to transition away from fossil fuels in energy systems. 

The loss and damage fund (to help nations significantly impacted) that had been discussed at COP27 seemed to come closer to funding and operating.  Many countries including the UK and US announced significant contributions to the fund. Not enough in reality but some credit must be given to these pledges.

The UNEP Finance Initiative and the International Labour Organisation unveiled a roadmap for a ‘just transition’, providing guidance on how to achieve low-carbon, resilient and resource-efficient economies. It will assist banks and insurance providers in incorporating equitable considerations into business products and practices to ensure that no country is left behind in the energy transition.

A topic that did not receive much airtime was a proposal for a taskforce on international taxation that would explore taxing the high polluting industries and using the tax take towards fighting climate issues.  Some European countries signed up including France. Spain and the EU Commission.

For the first time a day was spent discussing health and climate.  This saw US$1 billion of funding provided for both mitigation and adaptation programmes, with an emphasis on transformation of health systems, addressing the environmental determinants of health, and ensuring communities and vulnerable populations are protected.  It also culminated in a new Declaration on Climate and Health, signed by 124 countries, with the express aims of preparing health-care systems to cope with climate change and acknowledging the need for governments to protect people’s health. As US Special Climate Envoy John Kerry said: “We should not measure progress on the climate crisis just by the degrees averted but by the lives saved.”

Another new topic was that of climate security – how the risks to peace and stability are posed by the climate crisis. An area of concern in our international policy agenda and addressed in our recent LCAG seminar from Lieutenant General Richard Nugee.   December 3^rd was the day dedicated to discussing ‘climate, relief, recovery and peace’. It was here that 74 states and 43 organisations endorsed a landmark declaration calling for bolder action to build climate resilience in conflict-affected countries.  They promised to share more analysis and information on climate-related risks, incorporate conflict-sensitive approaches into climate adaptation programming in fragile settings, and scale up climate finance for those living on the frontline of the climate crisis.

The City Corporation were proud to deliver a programme of engagements centred around finance day at COP28, led by the Lord Mayor and Policy Chairman. The highlight of this was the launch of the Net Zero Delivery Summit in June 2024. At the midpoint between COPs, it is a key moment to maintain momentum in financial and professional services on the work to meet global net zero goals. In 2024 the Summit will focus on innovation and financing solutions for practical progress. 

‘An agreement’, as COP president, Dr Sultan Al Jaber said in his closing statement, ‘is only as good as its implementation’. We all await to see how this will take place with the next COP in Azerbaijan at the end of this year.