The 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28) was gaveled to a close in the late afternoon on December 13 in Dubai, UAE.
As at all prior Climate COPs in history, USCIB participated actively throughout the two weeks of the conference, constructively advocating for the importance of business inclusion in the UNFCCC process, while closely following the negotiations on a set of key agenda items, including the Global Stocktake, the Just Transition Work Programme and others. The USCIB delegation was headed by USCIB Policy Manager for Environment and Sustainable Development Agnes Vinblad. In addition, USCIB President and CEO Whitney Baird, and USCIB Senior Vice President Norine Kennedy joined Vinblad on the ground for parts of the conference.
USCIB came to COP28 to support a strong, forward looking political outcome of the first-ever Global Stocktake, setting the stage for robust next-round NDCs that will enable the private sector to serve as core implementation partners and leaders.
Set against the backdrop of global geopolitical uncertainty, the COP28 Presidency had an immense challenge ahead of them in facilitating a successful process with a strong outcome. Despite these concerns, this year’s Climate COP managed to bring multiple key outcomes and commitments.
At the conclusion of COP28, 198 Parties agreed on the Dubai package called the “UAE Consensus” – the 23 page Global Stocktake outcome document, encompassing a historical decision on the Loss and Damage fund, the Mitigation Work Programme, Just Transition Work Programme, and unprecedented language pertaining to fossil fuel energy and recognizing the need to, “transition away from fossil fuels in energy systems, in a just, orderly and equitable manner.”
According to Vinblad, this is the first time in nearly three decades of global climate change conferences, that the COP outcome text includes language on transitioning away from fossil fuels. It is important to recognize that the decision text further references the role of transition fuels, technological solutions such as carbon capture and storage, and the need to ensure energy security.
“While there are clear gaps in the final decision text, COP28 is already being referred to as one of the most critical UN climate change conferences to date, especially with the conclusion of the very first Global Stocktake,” said Vinblad. “The UAE Consensus makes clear the importance to include all actors in society – including business – to be able to move at the scale and pace needed to speed up mitigation and adaptation efforts, while strengthening resilience and putting a stronger focus on climate finance.”
COP29 will be hosted in Baku, Azerbaijan and has been dubbed the “finance COP” as governments will have to agree on a new climate finance goal, with the New Collective Quantified Goal (NCQG) being up for decision.