Conference of Parties (COP28) 2023 – By Srian Abeysuriya
Source : “Dæhæna” for January 2024.
The world is at a pivotal point in its response to climate change caused by increasing man-made greenhouse gas (GHG) emissions. 2023 was the warmest year on record and the impacts from climate change are accelerating. While every nation will be affected in some way, the cruel reality is that it is the people of the poorest countries that will suffer the most. Action to reduce emissions to limit temperature rise to internationally agreed 1.5 degrees Celsius to avoid the worst impacts of climate change is now critical.
This was the backdrop to the recent UN Climate Conference , held in Dubai UAE. The fact that it was being hosted by a ‘petrostate’ and that the official facilitator of the proceedings, Sultan Al Jaber, is also the chief executive of its state oil company, did not bode well for securing agreement to eliminate fossil fuels – the primary cause of GHG emissions. Despite this, history may well record COP28 as achieving a number of important milestones, and potentially setting the world in the right direction to hold to the 1.5 degree C target. Time will tell.
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On the plus side, and after much negotiation, nearly every country in the world agreed to ‘transition away from fossil fuels’ – coal, oil and gas, used in energy systems – the first time such an agreement has been reached in 28 years. While the wording allows the continued use of fossil fuels on the path to achieving ‘net zero’ emissions, and contains many loopholes,bit acknowledges the most important action to combat climate change. Also of significance was the call to triple renewable energy capacity globally and double the rate of energy efficiency improvements by 2030. Agreement was also reached to operationalise the ‘loss and damage’ fund that would help developing countries – especially small island states that deal with climate disasters, with more than US$700 million pledged from several rich countries.
However, many developing countries are unhappy with the pace of action given the risks they face. The COP agreement is not legally binding. Funding pledged for loss and damage is a small fraction of what is required. Very little was achieved to secure financing to help developing countries reduce their emissions, and funding to help reduce their vulnerability to the impacts of climate change.
Australia played an important and constructive role in facilitating agreement – driven by recognition that its economic future lies in becoming a renewable energy superpower, and its bid to host the COP31 climate summit in 2026 (potentially in Brisbane!) will be decided next year. For now, there is cause for optimism that national leaders will make the often-difficult decisions that are necessary to avoid an uninhabitable planet, but time is short and the clock is ticking.
Srian Abeysuriya
Srian Abeysuriya is a Director of Sigma Utility Solutions, a Brisbane based
advisory firm working in the energy and carbon sector.
