The final consensus outlines an ambitious response to the Global Stocktake, urging a shift from fossil fuels towards net-zero emissions
Marking a historic milestone, COP 28 concluded with an ambitious plan to shift from fossil fuels to renewables and mobilise $85 billion for climate action. The COP 28 President Dr Sultan Al Jaber declared, “The world needed to find a new way. By following our North Star, we have found that path.” COP28 culminated in a significant stride towards a better future for humanity and the planet, prompting Dr Al Jaber to call for collective pride in this historic achievement.
The final consensus outlines an ambitious response to the Global Stocktake, urging a shift from fossil fuels towards net-zero emissions. Parties are directed to submit comprehensive Nationally Determined Contributions with ground-breaking commitments to triple renewables and double energy efficiency. Momentum is building for a reinvigorated architecture for climate finance.
An 'Action Agenda' was introduced to accelerate progress towards fair energy transition, make climate finance more accessible, prioritise the well-being of people, nature, and livelihoods, and promote inclusivity in climate action.
COP 28 has successfully mobilised an unprecedented $85 billion for climate action. It has also achieved historic agreements on Loss and Damage, advanced the Global Goal on Adaptation, and made significant progress in the energy transition. Above all, it has been an inclusive COP, ensuring that most voices were heard and represented.
The final agreement maps an ambitious climate agenda to keep 1.5°C within reach, directing Parties to transition away from fossil fuels to reach net zero. It encourages countries to submit economy-wide targets for reducing emissions, including a tripling of renewable energy and a doubling of energy efficiency by 2030. It also aims to increase momentum towards a new framework for climate finance. Here are the key outcomes of the conference:
The Global Decarbonization Accelerator (GDA) is a series of energy initiatives to accelerate the transition to cleaner energy across the public and private sectors. Some of the initiatives include:
The Global Renewables and Energy Efficiency Pledge aims to triple the worldwide installed renewable energy generation capacity to at least 11,000 gigawatts and to double the global average annual rate of energy efficiency improvements to more than 4 percent by 2030. It has been endorsed by 132 countries.
The Oil and Gas Decarbonisation Charter (OGDC) commits signatories to achieve zero methane emissions in addition to ending routine flaring by 2030 and reaching net-zero operations by 2050. As many as 52 companies, representing over 40 per cent of global oil production, have signed up for it.
The Coalition for High Ambition Multilevel Partnerships (CHAMP) pledges to advance the integration of sub-national leaders in climate-related decision-making. It has been endorsed by 67 countries.
The Global Youth Statement contains the collective climate policy demands of children and youth from over 160 countries worldwide. Its delivery follows a year of youth engagements championed by Shamma Al Mazrui, the first official Youth Climate Champion.
The COP 28 Presidency intends to ensure that the agreements made at COP 28 are delivered and followed through to COP 29 and COP 30, with mechanisms to track progress against implementation. The Presidency has signed a deal with Brazil, the host country of COP30, to deepen collaboration and increase climate ambitions by COP 30. The agreement will involve working with Azerbaijan, the hosts of COP 29, to ensure Parties come to COP 30 with ambitious updated climate plans for action in this critical decade and whole-of-economy NDCs building on the momentum generated at COP 28.