Challenges and Milestones at COP28

The Saudi Arabian Ministry of Energy dismissed an agreement that involved the gradual phasing out of fossil fuels during COP 28. Additionally, nations pledged over US$400 million on a new climate disaster fund. 

Prince Abdulaziz bin Salman, Energy Minister of Saudi Arabia, expressed his total dissatisfaction with an international agreement aiming for the gradual phasing out of oil, gas, and coal during COP28. "Absolutely not. And I assure you that no government believes such a goal is possible," bin Salman said in a Bloomberg interview.

Despite the challenging tone of the negotiations, the nearly 200 member countries of the UN must reach a consensus on this agreement before the conclusion of the Dubai summit on Dec. 12, 2023. 

Antonio Guterres, Secretary General, United Nations, emphasized the imperative to cease entirely the consumption of fossil fuels to prevent a catastrophe. "We need to approach this in an organized manner and ensure that our timeframe is both credible and aligned with our goal of limiting the temperature rise to 1.5°C," he stated in an interview with AFP

The UN chief further highlighted that in his role as the president of COP28, Sultan Al Jaber, who concurrently serves as the director of the UAE's state-owned oil company, Abu Dhabi National Oil Company (Adnoc), has the responsibility of exerting influence on the fossil fuel industry. Guterres emphasized that Al Jaber, in his current capacity, is better positioned to persuade the oil industry that addressing climate issues demands a phased reduction in fossil fuel usage. 

COP 28 Achieves Historic Deal: Climate Catastrophe Fund Established

On Nov. 30, delegates approved a new fund to assist impoverished nations in dealing with the costly impacts of climate disasters. Al Jaber applauded the decision, describing it as a positive signal for the world and proof of the efforts of COP28 in Dubai.

After establishing the fund on the first day of the two-week conference, delegates allowed governments to announce their contributions. The European Union pledged US$245.3 million, which included US$100 million solely from Germany. The host of the climate summit, the United Arab Emirates, committed to a donation of US$100 million. The United Kingdom declared a contribution of at least US$51 million, followed by the United States with US$17.5 million, and Japan with US$10 million. 

Some groups, however, expressed caution on the matter, emphasizing that certain issues, such as the future financing of the fund, remain unresolved. "The lack of a clearly defined replenishment cycle raises serious questions about the long-term sustainability of the fund," noted Harjeet Singh, from Climate Action Network International. The specialist also underscored that it is the responsibility of wealthy nations to fulfill their financial commitments in proportion to their role in the climate crisis. In response to these requests, Al Jaber stated in an interview with Reuters that the goal was to secure several hundred million dollars for the fund during the event.