- Negotiators at the talks want targets for global goal adaptation that must be specific, measurable, achievable, relevant, and time-bound.
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The International Energy Agency says nearly 37 billion metric tonnes of carbon dioxide were released into the atmosphere last year.
Image: PCS
Some negotiators at the ongoing climate talks in Dubai, United Arab Emirates, have termed them as ‘frustrating and disappointing.’
“A sticking point for Africa and many developing countries is that the text has not been balanced, and has not reflected the views of many developing countries. There are no smart targets for the global goal of adaptation and means of implementation,” one of the negotiators said.
Negotiators at the talks want targets for global goal adaptation that must be specific, measurable, achievable, relevant, and time-bound.
The Global Goal on Adaptation is a pivotal component of the Paris Agreement, pointing the world toward enhancing adaptive capacity, strengthening resilience, and reducing vulnerability to climate change.
All this has to be done within the context of limiting global temperature rise to as close as possible to 1.5 degrees Celsius above pre-industrial levels.
National Environment Management Authority Director General Mamo Mamo agreed with negotiators that the processes have been slow and have not met the urgency, pace, and type of ambitious commitments needed.
“An honest discussion within the climate community about the chance of achieving 1.5 degrees, will surely help the global community take action to address climate change issues,” Mamo, who has been closely following the negotiations in Dubai, told the Star.
The International Energy Agency says nearly 37 billion metric tonnes of carbon dioxide were released into the atmosphere last year.
Top scientists believe that the planet has already warmed by about 1.3 degrees.
“The progress to reduce greenhouse gas emissions has been painfully slow, and we are likely to overshoot the 1.5-degree Paris agreement target. We are heading towards a climate disaster,” Mamo added.
To try and diffuse the tension, COP28 Dr Al Jaber said based on the momentum, the traction, and all that has been happening over the past week, ‘there is something special happening here at COP28 and in Dubai’.
“On top of that, in the first hour after gavelling the decision, we began to capitalise the fund. And so far, we have $726 million in pledges. And it is my promise that I will keep pushing for more. We catalysed action across climate finance, nature, energy, and methane, as well as the first ever COP declarations on cooling, health, and food. And we have mobilised over $83 billion in commitments, pledges, and investments so far,” he said.
Jaber said $3.5 billion in new money, was announced to replenish the Green Climate Fund, and another $133.6 million was announced toward the Adaptation Fund.
The least developed countries have received $129.3 million from their fund.
During the talks, some $31 million was announced towards the Special Climate Change Fund, while the UAE launched a $30 billion catalytic fund, ALTÉRRA, to drive positive climate action.
The fund seeks to mobilise an additional $250 billion globally.
The UAE also committed $200 million to help vulnerable countries through Special Drawing Rights (SDRs) and $150 million to fund water security solutions.
Further, the World Bank announced an increase of $9 billion annually for 2024 and 2025 to finance climate-related projects, while multilateral development banks announced a cumulative increase of over $22.6 billion toward climate action.
A breakdown of pledges and contributions by the CoP28 Presidency shows that loss and damage have received $726 million, while the Green Climate Fund has attracted $3.5 billion (increasing the second replenishment to $12.8 billion).
The adaptation fund has attracted $133.6 million, while the least developed countries fund is set to get $129.3 million.
The special climate change fund has a breakdown of $31 million, while renewable energy receives $5 billion.
Cooling has received pledges and contributions totalling $25.5 million, clean cooking ($30 million), technology ($568 million), methane ($1.2 billion), climate finance ($30 billion) from the UAE, $200 million in Special Drawing Rights, and $32 billion from Multilateral Development Banks.
Food has received pledges and contributions amounting to $3.1 billion; nature ($2.6 billion); health ($2.7 billion); water ($150 million); gender ($2.8 million); relief, recovery, and peace ($1.2 billion); and local climate action ($467 million).
But even as the talks get underway, a new report has shown that the goals of the Paris Agreement will be missed unless there is a rapid and substantial increase in investment in emerging markets and developing countries.
The report presents a new framework for climate finance that will deliver the goals of the Paris Agreement.
It points out that the lack of investment means emerging markets and developing countries are falling behind in the race for clean energy.
A climate finance framework: decisive action to deliver on the Paris Agreement’ shows we are far behind on climate action globally, as evident from the first global stocktake.
“This is because the world is not investing sufficiently, and too much of the investment is still misdirected. Investment in fossil fuel production and power generation still continues to outstrip what is being invested in renewable power generation,” part of the report says.