With several world leaders in attendance, UN Secretary-General António Guterres exhorted the developed countries to speed up their net-zero timelines to 2050 and commit to tripling the renewable energy capacity by 2030 at COP28, which began in the UAE on Thursday.
At the World Climate Action Summit on Day 2, Guterres said the world is miles from the goals of the 2015 Paris Agreement – and minutes to midnight for the 1.5-degree limit. However, if the governments show leadership, cooperation and political will, then the worst of climate chaos can be averted.
Several world leaders, including Prime Minister Narendra Modi, Britain’s King Charles III, European Commission President Ursula von der Leyen, Italian Prime Minister Giorgia Meloni, Brazil President Luiz Inácio Lula da Silva are in attendance at the crucial Summit. The US President Joe Biden, China President Xi Jinping were absent. PM Modi will also address the Summit and later join special events including on climate finance, Green Credit initiative and Lead IT. He will also meet some of the other world leaders present in Dubai, and discuss ways to accelerate global climate action.
MEANINGFUL DELIVERY OF FINANCE
The UN Secy-General exhorted the developed countries to show how they will double adaptation finance to $40 billion a year by 2025, as promised, and clarify how they deliver on the $100 billion as promised.
Finance stands at the centre of the climate negotiations at COP28, where the rich nations, responsible for the majority of the historical emissions, face the question of compensating for the climate change impacts suffered by the poor nations.
The top UN diplomat said the G20 nations, which represents 80% of the world’s emissions including the US, China, India and the UK, must lead. While the developed nations must advance their Net Zero goals to 2040, he urged the emerging economies to speed it up to 2050. The success of this COP depends on the Global Stocktake finalising action in three areas: drastically cutting emissions, accelerating a just, equitable transition to renewables and climate justice.
The two-week long conference began in the UAE on Thursday with a landmark agreement on the Loss and Damage Fund that seeks to support vulnerable countries suffering from climate change disasters. “The Global Stocktake must commit to a surge in finance, including for adaptation and loss and damage. And it must support reform of the multilateral development banks to leverage far more private finance at reasonable costs. It must set clear expectations for economy-wide Nationally Determined Contributions (NDCs), that cover all greenhouse gases, and align with the 1.5℃ limit,” he said.
PHASE OUT ALL FOSSIL FUELS
The top UN leader also called upon countries to not just “reduce or abate, but phase-out fossil fuels — with a clear timeframe aligned with 1.5 ℃,” and commit to triple renewables; double energy efficiency and bring clean energy to all by 2030. He urged fossil fuel company leaders to not double-down on an obsolete business model, and lead the transition to renewables. “I urge governments to help industry make the right choice – by regulating, legislating, putting a fair price on carbon, ending fossil fuel subsidies, and adopting a windfall tax on profits,” he said.
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