COP 28, the United Nations-led climate summit is scheduled to end today, December 12 after two weeks of speeches and talks at the UAE. The conference has taken place annually since 1995. It is an important space that brings together world leaders, politicians, experts and a whole host of other relevant parties to discuss the climate crisis on a global level.
The conference started strongly with the ‘Loss and Damage Deal’ that several countries agreed to, which led to optimism all over the world. Several highlights and decisions have also taken place.
Green Farming & Decarbonizing
The first few days of COP witnessed numerous declarations and pledges on vital areas such as food, renewable energy, and decarbonizing heavy omissions industries which is critical to tackling climate change. The COP presidency has stated that over $80 billion has been mobilized. The food declaration, or “green farming” pledge, for example, was signed by more than 100 countries and seeks to put climate at the heart of agriculture.
Fossil Fuels Phase Out
COP 28 presidency called on parties to come forward with language on fossil fuels. as one of the key issues at this summit is the future of fossil fuels, which is the primary driver of global emissions. And More than 100 countries, have already said they want to see a phase-out of fossil fuels.
Climate Finance
$30 billion fund was announced by the UAE president in addition to a $700 billion fund pledged by other parties aimed at helping low-income countries that suffer from damage caused by climate change. The presidency also launched 10 principles to make finance available, accessible, and affordable.
The Future Of Food
More than 130 countries signed a declaration to include emissions from agriculture and farming into their national plans to tackle climate change. In addition, a group of 25+ leading food and agriculture organizations are partnering with 3.6 million farmers to accelerate the transition of over 160 million hectares to protect the soil and limit carbon emissions.
Methane Reduction
Fifty oil and gas companies pledged to reach near zero methane emissions by 2030, and submit a plan to meet those targets by 2025. A fund was also announced for methane abatement projects in emerging markets and developing economies. The firms also agreed to net zero greenhouse emissions from their operations by 2050.
COP 28 action agenda is guided by keeping 1.5°C within reach. This is the main target for the plan towards 2030. To achieve this, the COP28 Presidency developed its Action Plan with four key pillars: fast-tracking a just and orderly energy transition, fixing climate finance, focusing on people, nature, lives and livelihoods, and fostering inclusivity.
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