All eyes on outcome of COP28 amid climate, geopolitical challenges

In the next two weeks starting Thursday, nearly 98,000 delegates from 190-odd countries will strive for an agreement on how best to collectively tackle climate change at COP28 in Dubai, which would be the biggest UN climate meet yet.

Host, the UAE, said the goal is to restrict temperature rise to 1.5°C from pre-industrial levels by closing the gap between ambition and action. "I will hold every country and every stakeholder accountable to keep the 1.5°C target within reach," COP28 president-designate Sultan Al Jaber told the media on Wednesday.

The year 2023 is slated to be the hottest on record and greenhouse gas emissions are rising even as the best available science requires the world to reduce emissions by 43% by 2030 to meet the 1.5°C target.


'Financial framework needed'
The present commitments made by all countries still have emissions rising by 9%.

Further, the impact of the two ongoing wars - in Ukraine and Gaza - on energy security and prices, coupled with the pandemic-related economic setbacks, have made the transition to a low-carbon economy ever more challenging.

In this backdrop, the decisions taken in Dubai will have far-reaching consequences.

Observers have dubbed the Dubai meet as "the most consequential COP since Paris", especially as it comes roughly at the midpoint of the most critical decade to stop global warming and limit its adverse effects.

Given this context, the UAE has stressed on its efforts to make the Dubai meet the "most inclusive COP ever" where closing the gap between ambition and action is a critical mission.

Bridging this gap would require meeting commitments by all - "those who promised money and those who promised to make the best use of such resources must deliver", Al Jaber said in his media address.

Highlighting the need to fix the climate finance challenge, he said calls for addressing the climate challenge will not lead to practical results without a new robust financial framework.

For the UAE - which is a member of OPEC - this represented a serious gap. "We decided one of our key tasks for the new mission is to help rebuild trust and confidence in the process," he said. He denied recent media reports accusing the UAE of using the opportunity accorded by hosting the UN climate conference to further oil and gas deals. "These allegations are false. It is an attempt to undermine the work of the COP28 presidency," Al Jaber said.