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Summary of COP28 – Days 2 & 3
Key Developments:
World Climate Action Summit (WCAS): Following the opening day, COP28’s focus shifted to the WCAS, where world leaders delivered national statements and began initial negotiations on the Global Stocktake and expanding climate financing. Concurrently, the Business and Philanthropy Climate Forum discussed private sector and philanthropic contributions to climate action.
UN Secretary General’s Address: António Guterres urged countries to accelerate their net zero timelines to 2040 for developed countries and 2050 for emerging economies. He emphasized the need for a complete phase-out of fossil fuels to maintain the 1.5-degree limit.
Oil and Gas Decarbonization Charter: Over 50 oil and gas companies, representing more than 40% of global oil production, committed to aligning around net zero by or before 2050, zeroing out methane emissions, and eliminating routine flaring by 2030. However, over 300 environmental organizations criticized the declaration for lacking accountability mechanisms.
US EPA’s Methane Rule: The United States Environmental Protection Agency issued a final rule to reduce methane and other pollutants from the oil and natural gas industry, aligning with the Biden-Harris Administration’s pollution-reduction goals.
Global Renewables and Energy Efficiency Pledge: 117 countries agreed to triple the world’s renewable energy generation capacity by 2030 and double the global average annual rate of energy efficiency improvements.
Nuclear Energy Expansion: Twenty countries signed a declaration to triple nuclear energy capacity by 2050.
ALTÉRRA Climate Fund: The UAE announced a $30 billion climate fund in collaboration with major investment firms, aiming to mobilize $250 billion globally by 2030.
US Pledge to Green Climate Fund: Vice President Kamala Harris announced a $3 billion pledge to the Green Climate Fund, joined by contributions from other countries.
Business and Climate Financing: The operationalization of the loss and damage fund, the launch of ALTÉRRA, and national pledges to the Green Climate Fund highlight the focus on financing climate mitigation, resilience, and adaptation projects.
Leve Global’s Comments on Days 2-3
As Leve Global, a company deeply invested in sustainable development, particularly of Small Island Developing States (SIDS) like those in the Caribbean, we find the developments of Days 2-3 at COP28 both encouraging and concerning. While the global community’s commitment to expanding climate financing and renewable energy is a positive step, we are skeptical about the real impact these measures will have, especially on SIDS.
The World Climate Action Summit’s focus on accelerating net-zero timelines and the significant pledges towards renewable energy and energy efficiency are commendable. However, these initiatives often overlook the immediate and existential threats faced by SIDS. These islands are already grappling with the severe impacts of climate change, and while long-term goals are necessary, they do not address the urgent need for adaptation and resilience-building measures that are critical for their survival.
The Oil and Gas Decarbonization Charter, despite its ambitious goals, raises concerns. The reliance on voluntary commitments from major oil and gas companies, without stringent accountability mechanisms, is alarming. For regions like the Caribbean, which are disproportionately affected by climate change, the lack of enforceable measures to phase out fossil fuels is a glaring omission. This approach seems to be more of a concession to the Fossil Fuel industry rather than a bold step towards meaningful climate action.
Furthermore, the establishment of ALTÉRRA, a $30 billion climate fund, is a significant development. However, we question how much of this funding will be accessible to the most vulnerable such as SIDS and whether it will be allocated to projects that directly benefit those communities. The history of climate financing has often seen funds being channelled towards larger, more economically influential countries, leaving SIDS struggling to access the resources needed for critical climate adaptation and mitigation projects.
In summary, while COP28 has made strides in addressing climate change, the actions and commitments made during Days 2-3 seem to fall short of addressing the immediate and specific needs of Small Island Developing States. As Leve Global, we advocate for a more targeted approach that prioritizes the vulnerabilities and unique challenges faced by SIDS, ensuring that our communities are not just an afterthought in the global climate agenda.
What are your thoughts on Days 2-3? Please leave your comments below.
Read our summary on Day 4 here.
Check out our summaries on other days:
Day 8 (Coming Soon)
Day 9 (Coming Soon)
Day 10 (Coming Soon)
Day 11 (Coming Soon)
Day 12 (Coming Soon)
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About the Author:
Kevon Wilson
Senior Analyst
Leve Global
Kevon Wilson, is a premier researcher and strategist. He has more than 16 years’ experience in research and digital marketing.
He is co-author of many of Leve Global’s research publications such as Big Data – Delivering the Big Picture to Drive Competitiveness, Everything You Need to Know About Internet Marketing, and The Top Ten Emerging Markets.
