COP28 UAE - AGAINST A STORM

COP28 ended with a global consensus on transitioning from fossil fuels by 2050 but failed to come up with concrete agreements for it and provide adequate financing

As Cyclone Michuang wreaked havoc on Chennai, leaving parts of the city submerged, a global climate change showdown unfolded in Dubai at the 28th edition of the Conference of the Parties (COP28). The sixth storm in the Indian Ocean this year served as a stark reminder of the urgent need for climate action.

The COP28 marked a watershed moment in the global fight against climate change, garnering international attention with the proclamation of a historic breakthrough - an agreement by 196 nations to signal the end of fossil fuels. For the first time in the history of climate negotiations, nations unanimously acknowledged the perilous impact of fossil fuels on the environment. The agreement, though not devoid of ambiguities, set a course for a transition away from fossil fuels by 2050.

As Michuang and other climate events show, the urgency of climate action is the need of the hour. The Intergovernmental Panel on Climate Change (IPCC) has warned that the world is already 1.2°C hotter than pre-industrial times, with projections indicating an overshooting of the 1.5°C limit by 2030 and 2°C by 2050.

The transition away from fossil fuels demands a colossal financial investment, estimated at a staggering $200 trillion by 2050. Rich nations, expected to contribute the most, have yet to fulfill a pledge made 14 years ago during COP15 in Copenhagen – a commitment to provide $100 billion annually to aid the Global South in adaptation efforts. However, this commitment remains largely unmet, with less than one billion dollars reaching developing nations.