The United Nations Climate Change conference, COP28, has concluded in Dubai with a historic agreement to transition away from fossil fuels and to try to rein in accelerating climate change.
- The declaration is part of the world’s first ‘global stocktake’ to ratchet up climate action before the end of the decade – with the overarching aim to keep the global temperature limit of 1.5°C within reach.
First Global Stocktake
- It calls on Parties Transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, to achieve net zero by 2050 in keeping with the science.
- The global stocktake is considered the central outcome of COP28 – as it contains every element that was under negotiation and can now be used by countries to develop stronger climate action plans due by 2025.
- The stocktake recognizes the science that indicates global greenhouse gas emissions need to be cut 43% by 2030, compared to 2019 levels, to limit global warming to 1.5°C. But it notes Parties are off track when it comes to meeting their Paris Agreement goals.
Unabated coal power
- The first ‘global stocktake’ includes accelerating efforts towards the phase-down of unabated coal power, phasing out inefficient fossil fuel subsidies, and other measures that drive the transition away from fossil fuels in energy systems.
- Here unabated” means doing nothing to reduce the carbon dioxide (CO2) and other greenhouse gases that are released from the burning of coal, oil, and natural gas.
- “Abated” refers to the attempts to decrease the release of polluting substances to an acceptable level.
- In its report, Carbon Capture, Utilisation and Storage, the International Energy Agency (IEA) said power and industrial plants that are equipped with modern CCS technologies capture around 90% of the CO2.
