The upcoming COP28 summit in Dubai, scheduled to begin on November 30, faces significant challenges in addressing the global climate crisis. The summit will be dominated by the “global stocktake,” a process mandated under the Paris Agreement to evaluate climate action every eight years. The current gap between existing actions and the necessary measures to limit global warming within 2 degrees Celsius is considerable, requiring a 43% reduction in emissions by 2030.
The summit is likely to witness debates between developed and developing nations over responsibility for emission mitigation. Developing countries, especially emerging economies, argue that developed nations, historically responsible for the problem, are not doing enough to reduce their emissions or provide promised financial support. The blame game between nations has been a longstanding issue in climate negotiations.
Sultan Ahmed Al Jaber, the COP28 president, faces challenges due to his dual role as CEO of the Abu Dhabi National Oil Company, presenting a potential conflict of interest. The financial aspect of COP28 will be crucial, with developing nations requiring trillions of dollars annually for climate action. However, there is skepticism about developed countries fulfilling their commitment to provide USD 100 billion per year by 2020, as pledged in 2009.
Barbados Prime Minister Mia Mottley plans to use COP28 to advocate for the Bridgetown Initiative, seeking to reform global climate finance. The initiative proposes leveraging private investments, with developed nations pledging the remaining amount to de-risk lending. The technical committee on climate finance will discuss the Bridgetown Initiative at COP28.
Another contentious issue is the administration of the ‘loss and damage’ fund, intended to aid communities impacted by irreversible climate impacts. Developed countries prefer the World Bank, while developing nations favor the UN’s Green Climate Fund. Disagreements persist, with the latest decision allowing the World Bank to administer the fund temporarily.
Climate finance negotiations also face tension regarding the form of funding, with loans dominating grants. The Just Energy Transition Partnerships (JETPs) between developed and developing countries raise concerns about loan-heavy financial support. There is an expectation that COP28 may reiterate the G20’s September pledge to triple renewable energy capacity by 2030.
Methane emissions have become a flashpoint in negotiations, particularly since the Global Methane Pledge. Some developed nations are pressuring developing countries, including China and India, to reduce methane emissions. The COP28 summit will likely see discussions on methane reduction, with pressure on countries like India to make pledges.
Despite challenges, there is hope that COP28 may bring positive outcomes, such as reiterating the G20’s commitment to triple renewable energy capacity. However, achieving consensus among countries with varying levels of development remains a fundamental challenge in climate negotiations. The global community awaits meaningful actions to address the climate emergency.
