Zeno Thinks: COP 28 Kick Off
COP28 hit the ground running today, propelled by a rallying call from King Charles, who warned that humanity’s “own survivability will be imperiled” unless we “restore nature's economy”.
Developments overnight gave cause for cautious optimism, with the announcement of a $420 million fund to support developing nations’ climate mitigation efforts – and an additional $30 billion for “global climate solutions”.
We have commissioned research into the public mood around COP28 and the wider climate challenge, which will be published next week. Meanwhile, here are four major themes we predict will surface throughout the summit.
Phasing out fossil fuels
The future use of fossil fuels will be a major focus of attention in oil-rich Dubai. Research shows that the world needs to reduce carbon emissions to 43% below 2019 levels by 2030 to have any hope of achieving the 2015 Paris Agreement.
Climate Commitment Inspection
Set against a backdrop of tightening economic conditions and increasing regulations, many businesses are falling short of hitting announced climate targets and Net Zero commitments. With the Global Stocktake being announced at COP28, we will see a comprehensive assessment of global progress towards meeting the goals of the 2015 Paris Agreement. Given early indications, it’s anticipated that nations and organisations alike will not be on track to meet their targets.
Climate finance
Climate finance - the funds given to developing nations to help them reach climate goals and cope with extreme weather and climate-related disasters - has become a widely discussed global issue. Many experts believe that without climate finance for developing nations, even getting close to the 1.5 degree target is unachievable.
Progress has already been made in this area, however expect developing nations to continue to use COP28 as a platform to communicate the inequalities that exist in tackling the climate crisis.
Adaptation
This year’s conference is a pivotal moment in adaptation planning and disaster fund management. According to the Adaptation Fund, it’s estimated that global adaptation needs are over 50% higher than previously anticipated, with a financing gap of $194-366 billion a year. COP28 will be as crucial as ever in scaling up the delivery of new climate preparedness.
