COP28: Opening Day

The countdown is over - COP28 has officially arrived in Dubai. In his opening remarks, Dr Sultan Ahmed al-Jaber, the President of the COP28, asked countries to “work together and find common ground, and never to lose sight of our 1.5˚c North Star”, and to “bridge the finance gap”, “maximise momentum on mitigation” and the need for climate finance to meet the “magnitude of the moment” so that the Global South does not need to choose between development and climate action.

UNFCCC Executive Secretary, Simon Stiell, stated that in the hottest year recorded we are still taking baby steps and “we must teach climate action to run”. He reminded the audience that new and more ambitious NDCs are expected in 2025 and steps we take between now and COP30 need to be strongly aligned with 1.5 degrees threshold.

IPCC Chair, Jim Skea, referenced the UNEP Gap Report stating that with our current plans we are headed for a 3 degree warmer planet and urged for more action; “Science by itself is no substitute for action”.

There was a standing ovation as an agreement was reached to operationalise the Loss and Damage Fund. The Fund will assist developing countries that are particularly vulnerable to the adverse effects of climate change.

• Dr. Sultan al-Jaber has said the UAE would commit $100 million to the fund.
• Germany also pledged a contribution of $100 million.
• The UK pledged $50 million.
• The United States pledged $17.5 million.
• Japan pledged $10 million.
• Canada pledged $16 million.
• An EU representative said it would give $145mn on top of Germany’s contribution on behalf of the 27-member bloc.

With agreement on Loss and Damage attention can turn to the Global Stocktake. This year’s conference is the first time there will be a Global Stocktake, which is a review of each nations’ progress to reducing GHG emissions and meeting the goals of the Paris Agreement. The purpose of the global stocktake is to encourage nations to ramp up their climate change mitigation actions and their respective Nationally Determined Contributions (NDCs).