Dubai, 03 December 2023 – The Brussels International Center is attending the COP28 held in the United Arab Emirates. The event marked a pivotal moment in the global fight against climate change, with the COP Presidency making significant announcements that underscore the urgency of collective action.
A key milestone achieved at COP28 was the establishment of The Loss and Damage Fund, a groundbreaking initiative aimed at addressing the severe consequences of climate change. This fund represents a crucial step towards recognizing and rectifying the losses and damages incurred by vulnerable communities due to the adverse impacts of climate change, further solidifying the commitment of the international community to a more sustainable and equitable future.
The Loss and Damage Fund was unveiled during the opening plenary of COP28, signaling a collective determination to confront the challenges posed by climate change head-on. BIC applauds this historic initiative and reaffirms its commitment to supporting global efforts to mitigate climate-related losses and damages.
In addition to The Loss and Damage Fund, COP28 witnessed crucial discussions on various fronts, including adaptation finance, where concerns were raised regarding the need to strengthen the language and delivery of funds. Developed countries were urged to enhance their commitment to adaptation finance, echoing sentiments expressed at the previous COP26 in Glasgow.
While the Loss and Damage Fund showcased substantial progress with numerous member states announcing commitments, notable shortcomings persist. The fund faces challenges related to scale, and its voluntary basis poses limitations. Despite strides made, critical improvements are imperative, particularly in strengthening the language surrounding #Adaptation finance. Acknowledging these areas of concern, the international community must prioritize comprehensive and effective measures to address the multifaceted impacts of climate change and ensure that financial commitments align with the urgency and scale of the challenges ahead. As stated by the Prime Minister of Barbados, this year has witnessed record-breaking temperatures. While acknowledging the positive step of the Loss and Damage Fund, she emphasized that we remain significantly behind in meeting both expectations and essential needs.
As the COP28 discussions unfolded, the global community witnessed the introduction of the "Oil and Gas Decarbonization Charter," a significant agreement aimed at accelerating efforts to combat climate change. BIC supports this forward-looking initiative, recognizing the importance of collaboration between public and private sectors in achieving meaningful progress. Aramco, the Saudi Arabian giant, and ADNOC from the United Arab Emirates were among 29 national companies that signed a non-binding agreement, which included goals of achieving zero methane emissions and eliminating routine flaring within this decade.
Key Points from COP28:
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Record Event: COP28 in Dubai claimed to be the largest ever, with 80,000 participants from nearly 200 countries.
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Financial Aid: France and the US pledged funds for climate initiatives in developing countries - 100 million euros to Papua New Guinea and 50 million euros to the Republic of Congo from France, and three billion dollars to the Green Climate Fund from the US.
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Renewable Energy Commitment: 118 countries committed non-bindingly to triple their renewable energy capacities by 2030, aiming for 11,000 gigawatts, and doubling the annual energy efficiency improvement rate to 4%.
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Nuclear Advocacy: About 20 countries, including France and the US, called for a tripling of global nuclear energy capacities by 2050.
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Greenhouse Gas Reduction: Japan committed to no new coal-fired plants without carbon capture. 50 major oil and gas companies pledged zero CO2 emissions from operations by 2050 but excluded emissions from sold oil and gas.
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Methane Reduction Goals: The same companies committed to near-zero methane emissions by 2030 and ending routine gas flaring.
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Mixed Reactions: Some criticize non-binding or incomplete commitments. Clear, binding agreements on phasing out fossil fuels are still pending.
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Ongoing Challenges: Divisions persist on carbon capture and fossil fuel phase-out strategies, with ten days left for negotiations.
On 3 December, the BIC will co-host a side event, "Empowering Women Refugees: Opportunities and Challenges for Climate Action." The event, moderated by BIC's President Ambassador Marc Otte, will feature distinguished speakers, including Dominique Isabelle Hyde, Director of External Relations at UNHCR, and H.E. Amb. Dr. Abdulsalam AlMadani, Chairman of DIHAD Sustainable Humanitarian Organisation and PAM Roving Ambassador for the GCC region. This gathering aims to shed light on the critical intersection of empowering women refugees, addressing climate challenges, and fostering sustainable humanitarian efforts, bringing together expertise and perspectives for a comprehensive dialogue.