THE UAE CONSENSUS PRESIDENTIAL ACTION AGENDA
PRESIDENTIAL ACTION AGENDA
The GST indicated that the window to limit warming to keep
1.5°C within reach is closing rapidly, and progress is still
inadequate based on the best available science, with close
to 3.6 billion people already living in areas highly susceptible
to climate change. To drive real-world action and bring
back hope for those impacted by climate change, COP28
catalyzed a strong action agenda. To keep our North Star
goal of 1.5°C within reach, 22-25 GtCO2e of emissions need
to be mitigated by 2030. Current Nationally Determined
Contributions (NDCs) - could lead to around 4-5 GtCO2e of
emissions reductions in 2030, helping to close the gap, but
more is needed. The Energy Transitions Commission (ETC)
published a report quantifying the tonnes associated with
the Action Agenda initiatives that could potentially lead to
mitigation of up to 9 GtCO2e by 2030 if proposals are fully
implemented by countries with strong additional policies
and investments, with additional mitigation of up to 8 Gt
CO2e possible with more ambitious policy measures across
energy and nature/food.
COP28 catalyzed a shift to accelerate decarbonization with policymakers, technical experts, civil society, philanthropies, sub-national and financial actors, and launched a series of landmark initiatives designed to speed up the energy transition and reduce global emissions, support resilience and adaptation measures aimed at keeping lives and livelihoods at the center, and mobilizing over $85 billion in funding, setting the pace for a new era of climate actions that leaves no one behind.
With a $100 million contribution for the Loss and Damage fund, more than $30 billion in private climate finance through ALTÉRRA and $500 million in different commitments on Special Drawing Rights (SDR), water scarcity and health for African youth, the UAE sent a clear signal on the high ambitions needed for this Action Agenda, and welcomed the contributions from everyone to help drive the transition.
COP28 catalyzed a shift to accelerate decarbonization with policymakers, technical experts, civil society, philanthropies, sub-national and financial actors, and launched a series of landmark initiatives designed to speed up the energy transition and reduce global emissions, support resilience and adaptation measures aimed at keeping lives and livelihoods at the center, and mobilizing over $85 billion in funding, setting the pace for a new era of climate actions that leaves no one behind.
With a $100 million contribution for the Loss and Damage fund, more than $30 billion in private climate finance through ALTÉRRA and $500 million in different commitments on Special Drawing Rights (SDR), water scarcity and health for African youth, the UAE sent a clear signal on the high ambitions needed for this Action Agenda, and welcomed the contributions from everyone to help drive the transition.
FAST-TRACKING A JUST, ORDERLY ENERGY TRANSITION
Throughout the World Climate Action Summit (WCAS) and on Energy Day, leaders and ministers were clear in their ambition to cut emissions in every sector, accelerate policy action and technology innovation to decarbonize energy supply and demand and to support a transition consistent with limiting global warming to 1.5°C. Leaders particularly stressed the importance of the urgency of action, while recognizing the need to accelerate the mobilization of finance. They brought to the forefront the critical need to focus on developing countries, where finance and technology are prerequisites for a just energy transition.
Pursuing plans to reduce emissions in the energy system of today while building the energy system of the future, the COP28 Presidency launched with multiple partners the Global Decarbonization Accelerator (GDA), a comprehensive, cross-sectoral package to slash emissions to accelerate a just, equitable and orderly energy transition. The GDA has three main pillars.
Methane and other Non-CO2 Gasses
The COP28 Summit on Methane and other Non GHG Gases held by the COP28 Presidency with the US and China early during the summit and followed by a deep-dive session a few days later, produced groundbreaking results. It mobilized $1.2 billion to support the reduction of methane and other non-CO2 greenhouse gas (GHG) emissions across sectors. A call for whole-of-economy NDCs encompassing all GHG emissions was reiterated, and governments and national and international oil companies discussed effective pathways to zero methane emissions by 2030. The World Bank also brought its support to 15 countries with national programs to slash methane emissions of up to 10 million tons over the next five to seven years from rice production, livestock, and waste.
Decarbonizing the Energy System of Today
The Oil & Gas Decarbonization Charter was endorsed by 52 companies, covering 40 percent of global oil and gas production, while CEOs detailed specific plans to support the target to reach net zero emissions by 2050 or before.
Governments also discussed the need for increased finance and effective policies to ensure a just and managed energy transition away from coal, which resulted in the Coal Transition Accelerator and new members of the Powering Past Coal Alliance.
Efforts to accelerate global decarbonization in heavy emitting sectors and transport produced concrete results, with 38 companies and six industry associations endorsing the Industrial Transition Accelerator and with the launch of the Buildings and Cement Breakthroughs together with the Climate Change High Level Champions to advance the decarbonization of the construction sector by 2030.
The launch of the Waste to Zero coalition by the UAE Ministry of Climate Change and Environment focused on decarbonizing the waste sector and accelerating the shift towards circular and regenerative modes of industry and production.
Building the Energy System of the Future
Efforts to build the energy system of tomorrow centered on renewables. The Global Renewables and Energy Efficiency Pledge was endorsed by 132 countries who committed to tripling renewables and doubling annual energy efficiency improvements by 2030. As part of the commitment, $5 billion was mobilized to facilitate the implementation of the pledge globally, including to support deployment of renewables in the Global South. An inaugural pledge Ministerial also brought together over 40 Ministers and Deputy Ministers, representing all regions, including Global South countries and Indigenous Peoples, to discuss the implementation of the pledge.
To accelerate a just, managed, and financed energy transition, the High-Level Champions and International Renewable Energy Agency (IRENA), launched the Utilities for Zero Alliance, with 31 partners, including 25 global utilities and power companies, united for a joint commitment to advance electrification, renewables-ready grids, and clean energy deployment in line with the goals of the 2030 Breakthroughs.
Significant progress also took place on initiatives as diverse as the acceleration of renewable hydrogen crossborder trade, the reduction of cooling-related emissions, the promotion of the electrification of cooking and the development of carbon management.
TRANSFORMING CLIMATE FINANCE
Progress on climate finance has been gridlocked in recent years, with a gap between flows and investment needs in emerging markets and developing economies amounting to trillions of dollars. The objective for this COP was clear: ensure that finance for climate action becomes more available, accessible, affordable, and ensure climate investment is seen as an economic opportunity. Early in the summit, governments, international financial institutions, and the private sector took significant leaps towards that goal.
Delivering on Past Commitments
On the first day of COP28, unprecedented early action was taken on Loss and Damage with a landmark adoption of an agreement on the operationalization of Loss and Damage, and almost $792 million was pledged to the fund and funding arrangements.
Further, 13 leading countries launched a new vision for climate finance through the COP28 UAE Declaration of Leaders on a Global Climate Finance Framework, which summarized the need for collective action, opportunity for all, and delivering at scale. The UAE also announced a Finance Forum to be held in 2024 to track progress against commitments made at COP28 and to report back on the implementation of the global climate finance framework.
A Climate Finance Framework that is Fit for Purpose report, which underpinned the joint Declaration of Finance Framework and was co-authored by an Independent Highlevel Expert Group, and co-chaired by Vera Songwe and Nick Stern, highlighted priority actions needed to transform financial architecture for mitigation, adaptation and nature.
In a sign that Parties were committed to collective action, the overdue $100 billion goal goal was met, pledges to the Green Climate Fund took this year’s replenishment total to a historic $12.8 billion, and cumulative contributions of $317 million came to the Adaptation Fund and Least Developed Countries Fund.
International Financing
A host of innovative financing mechanisms were announced to support impacted countries in the context of high debt burdens, particularly through pledges to the IMF Resilience and Sustainability Trust, commitments to channel Special Drawing Rights (SDRs) to the African Development Bank, and wide adoption of climate-resilient debt clauses which pause a country’s debt when it is hit by a natural disaster.
Multilateral Development Banks signaled a step change in their programmes, announcing over $180 billion in additional climate finance commitments through multi-year programs. MDBs also committed to continue working through country platforms, develop a common approach for reporting climate impact, launch a Long- Term Strategy facility to support countries with strategies for decarbonization, and climate resilience, and launch common principles for tracking nature-positive finance.
The ADB launched the Nature Solutions Hub for Asia and the Pacific, aiming to attract at least $2 billion to investment programs that incorporate nature-based solutions with a focus on capital markets. The hub will deploy financing measures to reduce risks in nature-based solutions projects, including guarantees, impact-linked payments, and blended finance.
To deliver on shared prosperity for all, African leaders came together for the launch of the Africa Green Industrialization Initiative, with more than $4 billion-worth of projects announced to harness Africa’s vast and high-quality resources and expand clean energy access and economic growth through country-owned strategies.
Private Sector Funding
Finally, COP28 saw groundbreaking levels of engagement through the private sector to deliver climate finance at scale. The UAE launched the $30 billion catalytic climate fund ALTÉRRA, equipped with a special $5 billion risk-mitigation facility dedicated to incentivizing investments in developing countries, and with the ambition to mobilize $250 billion by 2030 for climate transition by private and institutional investors. Several other new blended finance instruments were announced, particularly focusing on the Global South.
As part of the Regional Platforms for Climate Projects, 19 climate projects in developing countries from the High-Level Champions’ Extended Compendium of Climate-Related Initiatives received funding valued at around $1.46 billion.
At the COP28 Business & Philanthropy Climate Forum, 20+ initiatives across the four key pillars of COP28 Action Agenda were showcased and $7 billion was formally committed to deliver on climate and biodiversity targets.
The UAE also launched the Global Climate Finance Centre, an Abu Dhabi Global Market-based think-tank (ADGM) to drive the transformation of the sustainable finance sector, through policy, innovation, capacity building and championing of best practice. Other initiatives centered around scaling transition finance, encouraging and financing the decarbonization of global trade, and promoting Voluntary Carbon Markets as an important complement to the climate finance toolkit.
FOCUSING ON NATURE, PEOPLE, LIVES, AND LIVELIHOODS
COP28 saw an unprecedented set of policy and finance commitments from across the public and private sectors to put nature, lives, and livelihoods at the heart of the climate agenda, bolstering and humanizing the response to the GST.
Food and Water
Food security was established firmly as a COP priority, with 159 heads of state and government endorsing the COP28 UAE Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action to address food's high vulnerability to climate impacts, as well as contribution to emissions. Companies and philanthropies also announced major regenerative agriculture and climate-food innovation initiatives, underpinned by $3.2 billion of financing to help implement the declaration.
Supported by the High Level Champions, more than 200 farmers, cities, businesses, financial institutions, civil society and other non-State actors united behind the Call to Action for Transforming Food Systems for People, Nature, and Climate, committing to 10 priority actions to transform food systems and call for a set of time-bound, holistic, and global targets by COP29 at the latest to support farmers and frontline food system actors and other impacted groups and respect and value the Traditional Knowledge of Indigenous Peoples.
Water security was featured for only the second time in a COP summit, with $150 million of new finance announced for innovations to address water scarcity, and a doubling of MDBs’ water portfolios within three years.
Health, Relief, Recovery, Peace
COP28 also saw the Presidency’s introduction of two new items to the global climate agenda: Health and Relief, Recovery and Peace, through the first dedicated thematic day.
In a watershed moment, supported by the World Health Organization, 144 countries endorsed the COP28 UAE Declaration on Climate and Health, and finance providers mobilized an initial tranche of $2.9 billion for climate and health solutions. In the first climate-health ministerial at a COP, ministers and senior representatives from over 110 health ministries announced plans and actions to address issues ranging from air pollution, the spread of infectious diseases, and mental health, among others. They also called for a robust health presence in the GST and celebrated its inclusion in the Global Goal on Adaptation.
COP28 gave high political visibility to frontline communities, primarily in least developed countries and small island developing states. The Presidency’s introduction of the COP28 UAE Declaration on Climate, Relief, Recovery, and Peace, endorsed by 80 governments and 43 organizations, united governments and entities for the first time around a series of measures to narrow the gap in these contexts. In addition, the Charter on Finance for Managing Risk: Getting Ahead of Disasters was signed by 39 countries and partner agencies to increase the share of resources released before a climate disaster instead of after.
The Sharm El Sheikh Adaptation Agenda announced new goals and targets for increasing resilience in the health sector, and together, Race to Resilience initiatives have mobilized hundreds of companies, cities, and regions to implement resilience actions across 164 countries, who have collectively pledged to enhance the resilience of 3.17 billion people and covering 5.48 million hectares of nature conserved by 2030, mobilizing substantial financial resources, amounting to nearly $40 billion.
Nature
Cutting across lives and livelihoods, under the leadership of the COP 28 High Level Champion H.E. Razan Al Mubarak, there was a sharp increase in political will for prioritizing nature in climate action, with heads of state and government from forest-rich countries across Asia, Africa, South America, and ocean-rich countries in the Pacific introducing landmark investment plans to simultaneously implement the Paris Agreement and new Global Biodiversity Framework. Nature-rich countries and their partners announced $2.7 billion of underpinning finance from public and private sources and emphasized the livelihoods and development goals of local and indigenous communities. A commitment of up to $1 trillion was announced for Amazon Rainforest preservation through a nature-based asset platform.
Stakeholders gathered on Nature, Land Use, and Ocean Day and focused on mangroves, oceans, and the implementation of the newly-adopted global goal to protect 30 percent of land and sea by 2030, and to make progress toward the goals of the Oceans and Mangrove Breakthroughs. The Mangrove Breakthrough Financial Roadmap to scale up capital flow into mangrove protection and restoration was endorsed by some of the world's largest financial institutions and provided a pathway to achieve the financial goals of the Mangrove Breakthrough.
MOBILIZING FOR AN INCLUSIVE COP
Throughout the first week of COP28, engagements responded to the Presidency’s strong call for inclusivity and solidarity in climate action, highlighting the key roles of civil society, women, youth, local leaders, faith-based communities, Indigenous Peoples, companies, and those on the frontline of climate change, who are an integral part of the solution.
Youth and Children
The role of children and youth in climate action was a clear priority throughout COP28. The World Climate Action Summit placed the voices of children, youth and educators center stage with the delivery of YOUNGO’s Global Youth Statement and the Dubai Youth Climate Dialogue.
The first cohort of the 100 COP28 International Youth Climate Delegates graduated from the program, marking the completion of a robust capacity-building curriculum in collaboration with YOUNGO, Harvard and UNFCCC. The first cohort of the UAE Youth Climate Delegates graduated, and a second iteration of the programme was announced by the UAE Federal Youth Authority for 2024.
A Global Education Solutions Accelerator was launched to fast-track education transformation, benefitting 2.1 billion people, and a $70 million investment to build climate-resilient schools in vulnerable countries was announced by the Green Climate Fund, the Global Partnership for Education and Save the Children. The UNESCO Greening Education Partnership, Declaration on the common agenda for education and climate change at COP28 was signed by 38 countries, committing to incorporate climate education into their NDCs and national adaptation plans (NAPs).
Gender Equality
Gender Equality underscored the critical importance of advancing gender equality through the transition to the low carbon economy. The COP28 Gender-Responsive Just Transitions & Climate Action Partnership, endorsed by 78 countries to ensure more effective finance flows to women and girls and equal opportunities in the just transition required by the Paris Agreement.
Ahead of COP28, the COP28 Presidency alongside the High-Level Champion of COP28, International Union for Conservation of Nature (IUCN), Women’s Environment and Development Organization, UN Women and the UNFCCC secretariat, co-hosted Counting on a Sustainable Future: Global Conference on Gender and Environment Data. This conference convened decision makers, data scientists, and feminist activists to produce a Global Call to Action to world leader to drive progress on gender-responsive climate and environment commitments.
The Global Call to Action to world leaders, policy-makers and key actors in the data system to produce and use genderenvironment data to drive progress on gender-responsive climate and environment commitments was issued as an outcome of the convenings by UN Women together with the COP 28 Presidency, High-Level Champion of COP28, International Union for Conservation of Nature (IUCN), Women’s Environment and Development Organization, and the UNFCCC secretariat.
Indigenous Peoples
As part of Indigenous Peoples Day (5 Dec), COP28 called for better recognition and increased finance flows for Indigenous Peoples to support their stewardship of nature, biodiversity and territorial and planetary health. The Presidency cohosted events including the COP28 Indigenous Peoples Dialogue on Just Transitions and the International Indigenous Youth Forum. These events convened Indigenous Peoples and youth across the seven socio-cultural regions to discuss how Indigenous Peoples’ knowledge, practices, and ways of living are instrumental for environmental conservation, maintaining biodiversity, furthering green jobs, enhancing resilience, and addressing climate change.
COP28 showcased actions to drive the participation, inclusion, and leadership of Indigenous Peoples. With the engagement of the High-Level Champion of COP28, the International Union for Conservation of Nature , the International Indigenous Forum on Biodiversity, and the IUCN Indigenous Peoples Organizations, members launched the Podong Indigenous Peoples Initiative. The initiative will provide funding directly to Indigenous Peoples, ensuring no less than 85 percent of funds reach Indigenous territories and communities.
Multilevel Action
COP28 also saw a historic presence of subnational leaders, with more than 500 mayors, governors and local leaders participating via the Local Climate Action Summit. The COP28 Presidency and Bloomberg Philanthropies announced the groundbreaking Coalition of High Ambition Multilevel Partnerships (CHAMP) Pledge, endorsed by 71 countries, committing to partner with subnational governments on the next round of NDCs and other climate plans and strategies. In total, nearly $500 million was mobilized toward urban climate action.
Over 1300 businesses and philanthropies participated in the Business and Philanthropy Climate Forum, to rapidly accelerate climate and nature action. Aligned with the COP28 Action Agenda and taking place alongside WCAS, this inaugural CEO-level forum established the critical role the private sector must play, in collaboration with governments, to mobilize innovation, action networks, and capital to help unlock solutions at the scale and pace required for net zero and nature positive targets.
The COP28 UAE Presidency launched the Net Zero Mobilization Charter to encourage the private sector to make and update net zero emissions targets, underpinned by ambitious transition plans. The first Accountability Day was held, with sessions aimed at further accelerating private sector transition planning, including NDC contributions. The role of small and medium enterprises in the transition to net zero was also raised through the MENA SME Climate Hub, backed by COP28 to make a globally recognized climate commitment and be counted in the United Nations-backed Race to Zero campaign – through access to capacity building tools.
Trade
Trade was an officially recognized thematic day at the COP28 for the first time. The centrality of trade in achieving global climate targets was explored and the climate and trade high-level event set the stage for elevating the role of the international trade community in the climate policy ecosystem. The Sustainable Trade Forum was also held, addressing the multi-dimensional strategies that are essential for fostering greater supply chain resilience, while minimizing environmental impact and democratizing access to cross-border trade.
TECHNOLOGY AND INNOVATION
Technology and innovation also featured prominently over the full two weeks with a Climate Innovation Forum convening global tech leaders to explore the development and scaling of cutting-edge climate solutions and breakthroughs.
The Technology and Innovation Hub stage explored the enabling role of technology, innovation & entrepreneurship in tackling climate change in a variety of engaging formats and in line with thematic days. It attracted more than 7500 attendees. COP Connect networking events brought together nearly 600 guests and the startup village in the Green Zone featured around 200 climate tech start-ups. The Innovate for Climate Tech coalition facilitated by the COP28 Presidency and anchored by Masdar City, Tencent, and Catalyst, attracted 39 new partners.
COP28 held the first Space Agencies Leaders’ Summit on 5 December, hosting 20 international space agencies. The summit focused on enhancing data and resource sharing between established and emerging space nations, funding towards climate research initiatives, supporting climate monitoring and promoting sustainable space operations by minimizing the environmental impact of space operations.
The UNFCCC Technology Mechanism, in collaboration with COP28, organized two high-level sessions “Uniting for Climate Actions - Calling for International Technology and Innovation Collaboration” and “High-Level Event on Artificial Intelligence for Climate Action” to call for an enhanced international cooperation on technology development and transfer, and to provide a space for policy discussion, awareness raising, and exchange of knowledge and experience on opportunities and challenges of climate solutions powered by artificial intelligence (AI). In addition, the UNFCCC Technology Mechanism launched the AI Innovation Grand Challenge.
