Cop28: What was achieved and what happens next?


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When the gavel came down at Cop28 on December 13, it brought delegates to their feet.

After about two weeks of difficult talks that had even threatened to collapse just a few days earlier, it was all over in just a few minutes.

The agreement was historic. It had taken 28 Cops but, for the first time, the role of fossil fuels was directly addressed in the text decision at a UN climate summit.

Countries were called on to “transition away” from fossil fuels in what was arguably the most significant step forward for global climate action since the 2015 Paris agreement.

It seeks to keep the global temperature limit of 1.5°C within reach and avoid the worst effects of climate change.

Cop28 also mobilised more than $85 billion in funding, including a $30 billion fund, Alterra, launched by the UAE. This set the pace for a new era in climate action, and was, by some distance, the most well attended Cop yet, with more than 80,000 registered.

The Cop28 deal was viewed by some, however, as not having gone far enough, although everyone signed up nonetheless.

So what was achieved, does it matter, and what comes next?

The historic Cop28 agreement that answered the sceptics

The final deal that emerged at Cop28 is formally known as the global stocktake, essentially an assessment of how the world is doing in terms of limiting global warming.

The answer was known before Cop28: not good. The UN repeatedly warned that the world is way off track and headed for warming of 3°C which would imperil the lives and livelihoods of billions of people. Burning fossil fuels is the primary driver of the problem.

So could a summit being hosted in an oil-producing country and presided over by the chief of Adnoc deliver? Critics said no. But the UAE had another plan.

Talks about how to address the root cause of the problem dominated the summit. Various iterations of the text appeared throughout with a significantly watered down draft published on December 11 prompting a backlash from many parties, including the EU and vulnerable small island states, for weak language

Intense rounds of talks followed and pushed the summit a full day into overtime before the new draft was issued at about 7am local time.

The deal, which has also been called the "UAE Consensus" calls for “transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner … so as to achieve net zero by 2050 in keeping with the science”.

That is a historic first – although in return, there are concessions to developing countries, coal users and gas exporters.

“While we didn’t turn the page on the fossil fuel era in Dubai, this outcome is the beginning of the end,” said Simon Stiell, UN climate change chief.

The deal does not compel countries to end use of fossil fuels, however, and developing countries still need billions, if not trillions of dollars to help move to renewable sources of energy.

What were the other major negotiated outcomes?

The loss and damage fund was brought into operation on the first day of the summit, giving impetus to the talks.

The fund was established at Cop27 and seeks to help vulnerable countries deal with severe effects of climate change, such as major floods.

Countries began to step up and contribute immediately. At least $792 million has been pledged so far.

The Cop28 deal also calls for “accelerated financial support” from rich countries and criticised them for failing to deliver on a long-promised $100 billion pledge.

In the negotiated outcome countries called for a tripling of renewables and double the energy efficiency by 2030, urges peak emissions by 2025; and a global target to halt deforestation by 2030.

UAE-led pledges drive global climate action

Away from the party-driven talks, the UAE sought to push climate action through 11 landmark initiatives on topics such as food systems, health, air conditioning, decarbonising heavy emitting industries and encouraging oil and gas companies to cut emissions.

The UAE Declaration on Agriculture, Food and Climate, for example, was endorsed by 159 countries and called on them to put food at the heart of the climate agenda by linking their agricultural policies to their national emissions and biodiversity plans.

Cop28 provided the first in-depth look at the effects of climate change on health. The UAE declaration on this topic was endorsed by 144 countries and underscored the need to confront the connections between climate change and health.

Other pledges on energy efficiency, hydrogen, methane, climate finance, cooling systems and recovery and peace (making fragile and conflict-affected countries and communities more resilient to climate change) also won widespread support.

Will Cop28 make any difference?

Many who are sceptical of UN climate summits say they are unwieldy. The fact all countries must agree is also viewed as hampering the need for urgent action. However, the summit is also one of the few arenas left where every country, from small island states to superpowers, have an equal voice.

And some summits, such as Cop21 that delivered the Paris agreement, are now considered as being particularly important.

The UN, for example, said the Paris deal has driven "near-universal climate action", according to the UN.

But there remains much to do and a hard road ahead. As Cop28 President Dr Sultan Al Jaber said, the deal will be only as good as its implementation.

“We are what we do, not what we say,” Dr Al Jaber said. “We must take the steps necessary to turn this agreement into tangible action.”

What comes next?

One overarching message from the global stocktake has long been clear – the world is “not yet collectively on track” to slow global warming to 1.5°C to stave off the worst effects of climate change.

The way forward agreed in Dubai is the foundation on which countries are expected to base their next round of national climate plans, due in 2025.

The UAE, Azerbaijan and Brazil – as hosts of Cop28, Cop29 and Cop30 respectively – will work together on a "road map to mission 1.5°C" to push for ambitious targets in those national plans.

At an international level, talks at Cop29 in Azerbaijan, scheduled for November 2024, are expected to focus on raising the finance needed to turn the vision of Dubai into reality.

A key target for Cop29 will be to agree a new funding goal for the developing world. The earlier pledge by rich countries to arrange $100 billion was agreed in 2009, but the money was slow to arrive, damaging trust in the negotiations.

The new goal must "reflect the scale and urgency of the climate challenge", Mr Stiell said, with the cost of implementing green pledges estimated at about $5.9 trillion for the developing world.

The agreed text in Dubai calls on ministers to use Cop29 to help developing countries adapt to climate effects that it may be too late to prevent.

Also to be tackled in 2024 is desertification and drought, which will be discussed at pre-Cop talks in Bonn, Germany, over the summer before a separate summit in Saudi Arabia.

Then at Cop30 in Brazil, two years from now, countries will hand in their homework on their national go-green plans – revealing whether they have followed the spirit of Dubai.

'Champions'

Director: Manuel Calvo
Stars: Yassir Al Saggaf and Fatima Al Banawi
Rating: 2/5
 

The specs: 2018 Nissan Patrol Nismo

Price: base / as tested: Dh382,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 428hp @ 5,800rpm

Torque: 560Nm @ 3,600rpm

Fuel economy, combined: 12.7L / 100km

Kat Wightman's tips on how to create zones in large spaces

 

  • Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
  • Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
  • Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
  • Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
  • Use a considered collection of prints and artworks that work together to form a cohesive journey.
Three trading apps to try

Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
  • If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
  • Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

Mane points for safe home colouring
  • Natural and grey hair takes colour differently than chemically treated hair
  • Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
  • When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
  • Most modern hair colours are technique-based, in that they require a confident hand and taught skills
  • If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
In numbers

Number of Chinese tourists coming to UAE in 2017 was... 1.3m

Alibaba’s new ‘Tech Town’  in Dubai is worth... $600m

China’s investment in the MIddle East in 2016 was... $29.5bn

The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn

Boost to the UAE economy of 5G connectivity will be... $269bn 

Du Football Champions

The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.

Pathaan
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Siddharth%20Anand%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Deepika%20Padukone%2C%20John%20Abraham%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

If you go...

Etihad flies daily from Abu Dhabi to Zurich, with fares starting from Dh2,807 return. Frequent high speed trains between Zurich and Vienna make stops at St. Anton.

Updated: December 29, 2023, 5:33 AM