The 28th Conference of the Parties (COP28) concluded in Dubai with a groundbreaking agreement by 198 Parties to usher in a new era of global climate action. The historic accord, known as The UAE Consensus, represents a significant stride towards achieving the goals of the Paris Agreement, emphasising an ambitious climate agenda to keep the rise in global temperatures below 1.5°C.
Under the visionary leadership of COP28 President, Dr Sultan Al Jaber, the negotiations culminated in a landmark text that outlines a comprehensive plan for a sustainable future. The UAE Consensus calls on participating nations to transition away from fossil fuels, aiming for a net-zero scenario by 2050. This ambitious goal is coupled with an encouragement for countries to submit economy-wide Nationally Determined Contributions (NDCs).
Key highlights of The UAE Consensus include a specific target to triple renewables and double energy efficiency by 2030, marking a decisive move towards cleaner and more sustainable energy sources. Additionally, the agreement builds momentum towards reshaping the architecture for climate finance, recognising the role of credit rating agencies and advocating for a scale-up of concessional and grant finance.
During his closing speech, Dr Al Jaber emphasised the inclusive nature of COP28, stating, “I promised a different sort of COP. A COP that brought everyone together – private and public, civil society and faith leaders, youth and indigenous peoples.” He celebrated the collaborative effort that led to the historic achievement, affirming that the negotiated text is “an enhanced, balanced, but make no mistake, historic package to accelerate climate action.”
The COP28 Presidency’s commitment to science-led decision-making and the inclusion of diverse voices, particularly from the Global South, is evident throughout The UAE Consensus. The document addresses emissions, adaptation, global finance reform, and loss and damage, providing a comprehensive framework for urgent climate action.
In a remarkable move outside the Global Stocktake, COP28 delivered historic outcomes to operationalise Loss and Damage, securing early pledges totalling $792 million. Furthermore, the conference provided a framework for the Global Goal on Adaptation (GGA) and institutionalised the role of the Youth Climate Champion to mainstream youth inclusion at future COPs.
The COP28 Action Agenda, spanning four pillars – just and orderly energy transition, climate finance reform, focus on people and nature, and full inclusivity – has seen unprecedented achievements. Over $85 billion in funding has been mobilised, and 11 pledges and declarations have been launched with historic support.
Among the major accomplishments under the Action Agenda is the launch of ALTÉRRA, the UAE’s $30 billion catalytic private finance vehicle, aiming to mobilise a total of $250 billion for global climate action. The ‘COP28 UAE Declaration on Agriculture, Food, & Climate’ and the ‘COP28 UAE Declaration on Climate and Health’ have received endorsements from a significant number of countries, embedding sustainability and resilience in agriculture, food systems, and health.
The Global Decarbonisation Accelerator (GDA) introduced landmark energy initiatives, including the Global Renewables and Energy Efficiency Pledge, the Oil and Gas Decarbonisation Charter (OGDC), and the Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge. These initiatives, endorsed by numerous countries and companies, signify a collective commitment to advancing the energy transition and climate-related decision-making at various levels.
The COP28 Presidency’s receipt of the Global Youth Statement, representing the collective climate policy demands of children and youth from over 160 countries, underscores the importance of involving the younger generation in shaping climate policies.
Looking ahead, the COP28 Presidency has signed an agreement with Brazil, the host country of COP30, to deepen collaboration and increase climate ambitions. This collaborative effort will include working with Azerbaijan, the hosts of COP29, to ensure ambitious updated climate plans and whole-of-economy NDCs are brought to COP30, building on the momentum generated at COP28. The commitment to track progress against implementation demonstrates a dedication to turning historic agreements into tangible action in this critical decade.
