By laying the foundations for a rapid, equitable, and just transition, the COP28 Agreement is seen as signaling the “beginning of the end” of the fossil fuel era.
Knocking the gavel to end the Conference, COP28 President Sultan Al Jaber described the agreement as a "real victory" of unity, solidarity and cooperation; victory for those who are sincere and genuine in solving the global climate challenge. This is a proud and historic achievement on the way to ensuring a better future for humanity and the planet.
Secretary General of the United Nations Framework Convention on Climate Change (UNFCCC), Mr. Simon Stiell emphasized: Right now, all governments and businesses need to turn commitments into real results. In the important years ahead, the determination of the Parties will be the most important driving force.
The decision to assess the global effort (GTS) for the first time is considered the most important result of the COP28 Conference. The GST covers every element under negotiation and could be used by countries to put in place stronger climate action plans for the period before 2030 – with the overarching goal of keeping warming within limits. global temperature will not exceed 1,5°C by the end of the century compared to the pre-industrial period.
Speaking at the Meeting, Special Envoy of the US President on Climate Change Mr. John Kerry said: GST has sent a strong card to the world about the need to keep the 1,5 degree Celsius target, and international contributions. Countries' next updated National Decision Making (NDC) must be consistent with this target. Specifically, the orientation is to triple renewable energy; double energy efficiency, accelerating efforts towards phasing out coal-fired power plants that do not apply emission reduction measures. "For the first time in history, there has been a decision to shift from coal energy to clean energy, consistent with the goals of the Paris Agreement on climate change" - Mr. John Kerry expressed and emphasized financial issues. Climate needs policies to support partners and developing countries to have a climate-resilient and sustainable future.
The scientific report shows that global greenhouse gas emissions need to be cut by 43% by 2030, compared to 2019 levels, to limit global warming to 1,5°C.
In the short term, Parties should set ambitious economy-wide emissions reduction targets, covering all greenhouse gases, sectors and categories and consistent with the 1,5° limit. C when submitting the NDC in 2025 for the period up to 2035.
Regarding the loss and damage fund, the Parties reached a historic agreement on the operation of the loss and damage fund on the first day of the Conference. To date, the Parties have committed a total of more than 700 million USD to the Fund.
Regarding global adaptation goals, the Parties agreed on global adaptation goals (GGA), which reflect the need for financial, technological and capacity-building support to achieve the goals.
Regarding climate finance - one of the important contents of the conference, the Green Climate Fund (GCF) received a record total new funding commitment at COP1, up to 28 billion USD from 12,8 countries. , and there are still expected contributions.
Eight national governments have announced new commitments to the Least Developed Countries Fund and the Special Climate Change Fund totaling more than $8 million. Meanwhile, the new financial commitment to the Adaptation Fund is nearly 174 million USD.
On climate empowerment and gender action plans, the Parties continued to re-emphasize the essential role of empowering all stakeholders to engage in climate action; in particular through the climate empowerment action plan and the gender action plan.
Negotiations on an “enhanced transparency framework” at COP28 have laid the foundations for a new era in implementing the Paris Agreement. UNFCCC introduced and tested transparency reporting and assessment tools at COP28. Final versions will be provided to the Parties in June 6.
