Loss and Damage fund 

COP28 put climate finance as a top subject on agenda. The summit started off with the historic launch of the Loss and Damage fund on the first day. It’s considered a major breakthrough as the fund has been a long-standing demand of developing countries, hit hard by climate disasters, which they do least to cause. The countries have been demanding those that have benefited most from fossil fuel wealth to fund their transition and development. 

The UAE and Germany opened the account pledging $100 million each towards the fund. Other countries making notable commitments included the UK, which committed £40 million for the Fund and £20 million for other arrangements, Japan, which contributed $10million and the U.S., which committed $17.5million. In total, approximately $700 million was mobilised towards this fund. Though a positive sign, this figure is equivalent to less than 0.2 per cent of the losses developing countries face as a result of climate change every year.

Global goal on adaptation 

The global goal on adaptation (GGA) – another long-awaited collective commitment proposed by the African group in 2013 and established under the Paris agreement - was adopted at COP28. The GGA framework consists of a set of targets that governments agreed to achieve by 2030. It calls for increased adaptation financing, but does not include specific goals. 

Besides this, Green Climate Fund dedicated to supporting climate action in developing countries received pledges of $3.5 billion. The UAE pledged $30 billion to a new fund to invest in climate friendly projects across the globe, with $5 billion for the Global South.; and the World Bank increased funds by 45 per cent of its total lending, which equates to an increase of $9 billion annually. 

Global Stocktake 

The main focus of this COP was to execute the global stocktake. The first stocktake began in COP 26 in Glasgow and concluded in COP28.  The global stocktake of the Paris Agreement (GST) is a process for taking stock of the implementation of the Paris Agreement with the aim to assess the world’s collective progress towards achieving the purpose of the agreement and its long-term goals. For the first time, nearly 200 nations agreed to transition away from fossil fuels and ramp up financing to make the transition a reality. While there was a vehement call to ‘phase out’ fossil fuels, the final text settled for ‘transition away’ from fossil fuels. 

The UAE Consensus called for a new round of national climate plans (NDCs) ahead of COP30 in Brazil. Countries are expected to come up with updated climate plans for action. A consensus was reached to triple renewable energy capacity globally by 2030, double the global average annual rate of energy efficiency improvements by 2030, and achieve net zero greenhouse gas emissions by 2050. 

Youth participation

Parties have reached an agreement to institutionalise the role of the Youth Climate Champion (YCC) within the United Nations Framework Convention on Climate Change (UNFCCC) process. This decision mandates all forthcoming COP Presidencies to actively facilitate the meaningful participation and representation of youth in upcoming COP sessions. 

The Youth Stocktake Report was officially launched by YOUNGO, the Official Children and Youth Constituency of the UNFCCC, with backing from the Youth Climate Champion. This report marks the inaugural comprehensive analysis of youth engagement in the UNFCCC process, offering a roadmap for enhancing youth inclusion in the future. 

Food, Agriculture and Water

The COP28 UAE Presidency and Ministers from more than 25 countries convened the first-ever COP ministerial dialogue on building water-resilient food systems, co-convened by the UAE and Brazil. A two-year partnership was also launched under the UNFCCC to assist countries with integrating water and food into their NDCs and NAP, targeting COP30, noting that agriculture accounts for 70 percent of freshwater consumption.

More than 200 varied non-State entities, ranging from farmers and cities to businesses, financial institutions, civil society, and philanthropies, have endorsed the 'Call to Action for Transforming Food Systems for People, Nature, and Climate.' This call serves as a complement to the Declaration, with signatories pledging to undertake ten priority actions aimed at transforming food systems. 

Climate and health 

The 'COP28 UAE Declaration on Climate and Health,' was unveiled to expedite measures to safeguard public health in the face of escalating climate impacts. Endorsed by 123 nations, this groundbreaking Declaration represents a global acknowledgment of the imperative for governments to safeguard communities and enhance healthcare systems' resilience in the face of climate-induced health challenges, including issues such as extreme heat, air pollution, and infectious diseases.

Oil & Gas Decarbonization Charter 

A landmark Oil and Gas Decarbonization Charter (OGDC), a global industry Charter dedicated to speeding up climate action and achieving high-scale impact across the oil and gas sectors, was launched. 50 companies, representing more than 40 percent of global oil production have signed on to the OGDC, with National Oil Companies representing over 60 percent of signatories committing to net-zero operations by 2050 at the latest, and ending routine flaring by 2030, and near-zero upstream methane emissions.