24 January 2024

COP28: Three key takeaways

Could it be “the beginning of the end” of the fossil fuel era? That may be the biggest and most celebrated takeaway from the 28th United Nations Climate Change Conference (COP28), which took place in Dubai from 30 November to 13 December 2024. 

Led by United Nations Framework Convention on Climate Change (UNFCCC), the conference was the biggest of its kind with 85,000 participants and more than 150 Heads of State and Government in attendance (source: UNFCC).  

Governments from all over the globe answered the call to accelerate the transition from fossil fuels, but climate change experts say the progress made is not enough. Despite some criticism, many agree the outcome of COP28 is a step in the right direction. 

Outlined below are three key takeaways from COP28. 

200 countries will transition away from fossil fuels by 2030 

For the first time ever, nearly 200 countries have agreed to transition away from fossil fuels, the largest contributor to global climate change. While the pledge to do so is not binding, it demonstrates the global community’s willingness to take measurable action towards ending fossil fuel addiction. The aim of the agreement is to “to keep the global temperature limit of 1.5°C within reach.” 

700 million US dollars pledged to the Loss & Damage Fund 

Operationalising the Loss & Damage fund, which is set up to help the world’s most vulnerable communities deal with the impact of natural disasters, was another significant takeaway. Over US$700 million dollars were pledged and will provide financial assistance to countries suffering from the destructive effects of the climate crisis. The Loss & Damage Fund’s goal is US$400 billion per year.  

150 countries now part of the Global Methane Pledge 

Methane is a greenhouse gas that is responsible for almost half of global heating and is 80 times more potent than carbon dioxide for trapping heat. The Global Methane Pledge aims to cut 30% of human-made methane emissions by 2030. Several governments and private sector companies pledged US$1 billion to cut methane emissions in low- and mid-income countries, while 50 oil and gas producers pledged to reach near zero methane emissions and end routine flarings.  

For more information visit the official COP28 website. 

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