COP28: UN Climate Conference Focuses on Finance and Fossil Fuels

By Kristen Fletcher, Faculty Associate-Research, Energy Academic Group

The 2023 UN Climate Change Conference, known as COP28, took place in November and December in the United Arab Emirates (UAE), and, as the ‘Conference of the Parties,’ it brought together governments, nongovernmental organizations and the private sector. While many topics were covered at COP28 including climate-induced migration, climate and health, and food security, two areas of focus included finances and fossil fuels.

An early accomplishment at COP28 was the official launch of a fund to pay for loss and damage from climate change. There is no firm obligation for developed countries to pay into the fund; Italy, France, UAE and Germany each pledged at least $100 million while the U.S. pledged $17.5 million. Top contributors to global carbon emissions, India and China, have not yet pledged to the fund. The loss and damage fund is separate from other UN-related climate funds; the U.S. recently announced a multiyear pledge of $3 billion for the Green Climate Fund. This pledge is subject to Congressional authorization.

Notably, more than 200 countries at COP28 agreed to “transition away from fossil fuels.” According to a UN Press Release, the agreement “signals the ‘beginning of the end’ of the fossil fuel era by laying the ground for a swift, just and equitable transition, underpinned by deep emissions cuts and scaled-up finance.” While some left COP28 disappointed with a lack of a clear call for fossil-fuel phase out, it is the first time an agreement regarding fossil fuels has been reached in 28 years of international climate negotiations. In another first, the Global Stocktake called for accelerating the deployment of low-emission technologies including significant growth of nuclear energy and renewable energy.

Related to fossil fuels, the Oil and Gas Decarbonisation Charter was signed by 50 fossil-fuel companies and was co-launched with Saudi Arabia. The charter pledges to end gas flaring by 2030, zero-out methane emissions and align with net zero emissions by 2050. Another significant development was Columbia joining the fossil fuel nonproliferation treaty, the first major oil exporter to do so. Finally, Australia and Norway joined the clean energy transition partnership, an initiative with a goal of ending international public finance for fossil fuels.

Leaders from the Department of Defense, along with other U.S. agencies, attended COP28. COP29 will convene in November 2024 in Azerbaijan.

LEARN MORE

Visit the COP28 website at:
https://unfccc.int/cop28

Contact: Kristen Fletcher at
kristen.fletcher@nps.edu