Last year, amid mounting concern over accelerating climate disasters, history was made at Cop28 with the adoption of the UAE Consensus: a roadmap to a climate safe future and a powerful testament to the fact that multilateralism can deliver real results.
Entering Cop28, it was clear that the world was well off track in meeting its collective goals under the Paris Agreement. In a high-stakes, down-to-the-wire negotiation, we achieved what many deemed impossible: uniting 198 Parties around a bold roadmap to keep the 1.5°C target within reach and giving the world a critical course correction on climate.
At the heart of the UAE Consensus is the first Global Stocktake (GST) – an ambitious, unified, and science-aligned response pathway to achieve the goals of the Paris Agreement, whilst simultaneously driving sustainable socio-economic growth. The GST includes landmark commitments for a just, orderly and equitable energy transition, incorporating tripling renewable energy capacity and doubling energy efficiency by 2030, and calls for an end to deforestation in the same timeframe.
Cop28 achieved an unprecedented success on day one, demonstrating the power of inclusive leadership and elevated ambition by reaching an agreement on capitalising and operationalising a Fund for responding to Loss and Damage – an achievement after three decades of trying. With $853 million already pledged to the fund, the selection of the Philippines as host, and the World Bank acting as interim secretariat and trustee, the fund is expected to be fully ready to support developing countries by Cop29.
Beyond the negotiated outcomes, the Presidential Action Agenda catalysed real-world progress. In total, Cop28 mobilised more than $85 billion in climate finance commitments, including $30 billion for Alterra, the world’s largest private climate investment fund, and the replenishment of the Green Climate Fund (GCF) reaching a record total of $12.8 billion from 31 countries.
The Action Agenda also brought diverse stakeholders to the table. Key initiatives like the Oil and Gas Decarbonisation Charter, which now covers 43 per cent of global oil production, and the Industrial Transition Accelerator – focused on decarbonising the heavy-emitting sectors – bring industry into the climate agenda like never before.
Another key achievement at Cop28 was the launch of the Global Climate Finance Framework, targeting the development of a new climate finance architecture that unlocks the investment opportunity of climate action. Since Cop28, momentum has continued, with 64 additional endorsements for the 11 declarations made at the summit.
The remarkable accomplishment of Cop28 has cemented the credentials of the UAE as a forward-thinking and inclusive leader at the global level. The recognition and strong support expressed for the UAE Consensus by the G7 and G20, as well as the endorsement of the “Pact for the Future” adopted by the UN General Assembly in September this year, reflect the universal appreciation of the international community.
As the UAE prepares to officially pass the Cop Presidency to Azerbaijan, we reflect on our collective achievements in Dubai as the beginning of a new era of climate action. At Cop29 in Baku, it’s imperative that Parties build on this foundation with renewed resolve and trust.
Looking ahead to Cop29 – hailed as the “finance Cop” – Parties must come together to deliver a robust New Collective Quantified Goal (NCQG) for climate finance. The NCQG must be of the quantum needed to drive the implementation of the UAE Consensus, while helping make climate finance more affordable, accessible to all, and available at scale.
Global targets under the GST must also be translated into national actions. The next generation of Nationally Determined Contributions (NDCs), guiding each nation’s climate plans through 2035, will be a decisive measure of climate ambition. The work of the Cop Presidencies Troika, comprising the Cop28, Cop29 and the Cop30 Presidencies, has been instrumental in rallying momentum for the next NDC cycle, with submissions due by February 2025.
And there can be no delay. Recent extreme weather events, from devastating floods in Valencia to deadly storms across the Caribbean and the US, serve as urgent reminders of the climate crisis. Record-breaking heatwaves across the Middle East further underscore our region’s particular vulnerability to climate impacts.
While there is no doubt that the journey ahead will demand hard work and collaboration, the path to a new climate finance goal is within reach. United by a shared commitment and a vision for a 1.5°C-aligned world, we have an extraordinary opportunity in Baku to turn ambition into action. Cop29 can mark the moment we unlock the resources needed for a climate safe future. With the stakes higher than ever, let us seize this moment to build a legacy of lasting impact for generations to come.
