UAE’s COP28 to expand collective climate action

This year’s first global stocktake of progress on climate action will show that while commitment to contain the crisis is stronger than ever, action remains far from meeting the global goals set in Paris in 2015.

This news will be worrying. But it also has the potential to catalyze action – what the science demands, as long as countries, investors, businesses, cities and civil society come together for the United Nations’ COP28 climate conference in the UAE from 30 November to 12 December.

COP28 is important because it will focus on the global stocktake, a process created in the Paris Agreement to assess its goals for achieving net-zero emissions and limiting global warming to 2 degrees Celsius by mid-century. progress towards the goal, while working to limit global warming to 1.5 degrees above pre-industrial levels. The UN is to publish the findings of the review ahead of the UAE summit.

As host of the summit, the UAE government and its private sector have a unique opportunity to set an example and lead a cross-sectoral international coalition to achieve a healthy, resilient zero-emissions economy by 2050.

With this in mind, and building on the UAE Government’s ongoing efforts to engage with local communities, the UN High Level Advocate for Climate Change, the UAE Presidency and the Dubai Chamber of Commerce will host an event in Dubai on May 29 to share their work Develop programs with local stakeholders including business, civil society and youth to stimulate local engagement.

The science shows that achieving net zero emissions by 2050 will require a concerted effort across sectors, countries, businesses and stakeholders to reduce emissions by 43% and end the loss of nature by 2030. According to the International Energy Agency, we need to double electricity generation by 2030, with renewables accounting for 60% of total renewable energy generation, up from 29% in 2021.

This must be accompanied by greater reductions in emissions across all sectors and improvements in energy intensity at a rate three times higher than the improvements we have witnessed over the past two decades.

At the same time, we need to help at-risk communities adapt to the impacts of climate change they are already experiencing, such as extreme temperatures, rising sea levels, and food and water shortages.

This transition will be difficult and costly, but it also presents important economic opportunities.

According to McKinsey, emissions reductions in 11 major industries are expected to generate $12 trillion in revenue by 2030. According to the Global Adaptation Center, adaptation investments of up to US$1.8 trillion over the decade could generate net benefits of US$7.1 trillion. Meanwhile, a nature-friendly economy could unlock $10 trillion in business opportunities and create 395 million jobs by 2030, according to the World Economic Forum.

At COP28, the UAE presidency will push for action to increase funding and embrace nature-based solutions such as reforestation and ecosystem protection.

According to the Grantham Institute for Climate Change and the Environment, emerging markets and developing countries will need around $1 trillion in external financing per year by 2030. However, developed countries have yet to deliver on their pledge to mobilize $100 billion a year in public and private climate finance by 2020.

The UAE aims to double global funding for adaptation to climate change in vulnerable countries to $40 billion a year. We also intend to finalize what global adaptation targets should contain and how to measure them, and launch a global fund to help countries suffering loss and damage from climate change.

However, for COP28 to be successful, we need businesses, investors, cities, regions and civil society to join governments in driving this transformation.

That’s why the Paris Agreement established the role of the UN’s High-Level Advocate on Climate Change: to accelerate and strengthen climate leadership by the global private sector and local governments.

Momentum is already growing. High-level advocates launched the UN-backed Race to Zero campaign in 2020, mobilizing more than 8,000 companies, 500 financial institutions and 1,000 cities to support an action plan to achieve net-zero emissions by 2050. More than 2,000 organizations will commit by 2021, and will likewise convene the private sector and local governments to build resilience for 4 billion people by 2030.

In the run-up to COP28, advocates are working with the private sector and local governments to strengthen local participation in the “race to zero” and “race to resilience.”

We also encourage our campaign partners to act on the basis of the Sharm el-Sheikh Adaptation Agenda launched at COP27 in Egypt last year, which includes food and agriculture, water and nature, coastal areas and oceans, human settlements and infrastructure. Thirty measurable adaptation goals were set.

By bringing together actors from the real economy with the UAE government and supporting youth, women, small islands and developing countries on the frontlines of climate change, the aim is to make COP28 an inclusive space for innovative solutions that will shape The process of economic transition to zero emissions.

Razan Al Mubarak is the UN High-Level Advocate on Climate Change at COP28