Nearly 200 countries at Cop28 have agreed to a historic deal explicitly pressing all nations to transition away from fossil fuels to prevent the worst impacts of climate change.
After two tense weeks of haggling in the United Arab Emirates, delegates overwhelmingly approved the hard-fought pact on Wednesday. I
Countries agreed to start “transitioning away” from coal, oil and gas “in a just, orderly and equitable manner” to reach net zero emissions by 2050.
MBK Search has looked through the agreement and produced this high-level digest.
First Progress Reports Due by end of 2024
Countries agreed to revisit and strengthen their 2030 emissions reduction targets under the Paris Agreement by the end of 2024. Parties also agreed to establish domestic processes for implementing plans, with the first mandatory reports to be submitted by the end of 2024.
New Targets and Frameworks Agreed
A new global adaptation goal framework was adopted, centering around assessment, planning, implementation, and progress monitoring.
More granular sectoral targets were also set, spanning water, food, health, ecosystems/biodiversity, settlements/infrastructure, livelihoods/poverty, and cultural heritage.
Changing Climate Finance Responsibilities
Developed countries admitted they’d failed to deliver a pledged USD 100 billion per year in climate finance through 2020, but agreed to meet this goal fully through 2025. They also committed to preparing a report on plans to double collective adaptation finance by 2025.
There were also calls for simplifying and enhancing developing countries’ access to climate funding, with new funding arrangements covering irreparable “loss and damage” from climate impacts.
Technology Scale-Up Critical
With a nod to growing nation gaps, the conference agreed that technology development and transfer were fundamental. Tech like renewables, energy storage, low-carbon hydrogen, climate-resilient agriculture, and early warning systems would be rapidly scaled up and deployed globally through 2030.
A new technology implementation program was also established.
These technology trends will shape risk assessment, planning, and management across sectors. But, they show that regulatory, policy, and partnership responsibilities for enabling technology scale-up will also grow in kind.
Role of International Cooperation Emphasized
Collaborative action across governments, companies, cities, and investors was seen as essential for realizing the Paris Agreement’s aims. Climate governance and risk frameworks must sufficiently incorporate shared accountability and international cooperation dimensions.
Governance, risk, compliance, and government relations leaders need urgent enterprise-wide and cross-sectoral strategies to fulfill these expanding obligations.
