COP28 needs to ‘send a strong signal on accelerating the global energy transition’ as well as enhance support for developing countries, if it is to be a success, the Wuppertal Institute has said.
The conference, which takes pace in Dubai from 30 November to 12 December, needs to deliver an “honest recognition that current efforts are far from sufficient as well as clear action to close these gaps”, Prof. Dr. Manfred Fischedick, president and scientific managing director of the Wuppertal Institute, commented.
“Countries need to commit to ending the use of fossil fuels as soon as possible, complemented by a step-change on energy efficiency and the deployment of renewable energy technologies.”
He pointed to the recommendations of the IEA World Energy Outlook, which called for an ‘immediate stop’ to any further discovery and use of fossil fuels – followed by a reduction by a quarter by 2030, and a full fossil fuel phase-out by 2050 – as well as a tripling of global renewable energy capacity by 2030.
The Wuppertal Institute will be organising a series of side events at COP28, on the theme of industrial transformation and international carbon markets.
Read More: 8 themes to watch out for at COP28
Clarity needed
As Wolfgang Obergassel, co-head of the global climate governance research unit at the Wuppertal Institute, added, setting targets “does not reduce emissions by itself”, adding that countries in attendance at COP28 need to be clear on how they are set to achieve their environmental goals.
“Ideally, parties should come forward with enhanced actions for this critical decade already in 2024,” he said. “Additionally, the conference outcome should establish a tracking mechanism to closely monitor progress towards these global goals.”
Climate-induced loss
Another focal point of the conference will be financial support for developing countries, particularly addressing climate-induced loss and damage. According to the UN Conference on Trade and Development (UNCTAD), estimated loss and damage amounted to $345 billion in 2020 and is expected to increase to $580 billion in 2030.
Christiane Beuermann, vice-director of energy, transport, and the climate policy research division at the Wuppertal Institute, added that given the increasing damage caused by climate change, the Dubai conference “must deliver on a decision on the full operationalisation of the Loss and Damage Fund (LDF) and commitments for financial contributions to it”.
The Wuppertal Institute has been closely monitoring the ongoing negotiations and analyzing their results since the inception of the UN climate process. Following the conclusion of the conference, it plans to release an initial evaluation of the outcomes.
