A week away from the kick of COP28 in Dubai, it appears to be more challenging for the global leaders. We are heading to the busiest time of the year. By that, I mean the stakeholders of climate mitigation. Blame it on the more complex impact climate change has on human lives with every passing day.
While the forum is themed around four key subjects, Technology and Innovation; Inclusion; Frontline Communities, and Finance, the world leaders would have more challenges.
Here is the list of my top 5 challenges for COP 28:
A) Climate mitigation commitment and stocktaking: 198 countries are signatories to the Paris Agreement that started the chorus to arrest temperature rise by 1.5 degrees Celsius. This would be the first review meeting after the countries agreed to a review every 5 years. As we know, countries, corporations, and other stakeholders are way off their climate targets.
The Emissions Gap Report 2023 from the UN shows that if actions are not intensified, the globe is heading to a 3-degree Celsius temperature increase. As of today, the agreed-upon task to arrest the temperature rise at 1.5 degrees to the pre-industry levels, appears to be an unachievable target.
B) Climate funding: Affordable, sustainable development funds were the focus of the previous COPs as well. However, very little has translated into action. Making funding accessible for developing countries will continue to top the challenge chart for world leaders.
C) Loss and damage fund: The negotiation concluded in Abu Dhabi in the first week of November. The guidelines will be sent for signing during COP28. This fund has already attracted flakes from developed countries.
D) Energy transition: Widely spoken about and initiated, energy transition still struggles to find its feet as many of the countries are taking practical steps to keep demand and growth in focus over climate action. So, for world leaders, accelerating energy transition commitments would require putting more pressure on these nations.
E) The broader leadership strategy to save people, lives, and livelihoods: Recalling here, September 2023 was the warmest month in many parts of the world. However, some parts like India, Turkey, and Spain saw unprecedented floods and natural calamities. Decisive and structured leadership to save people is very crucial.
Undoubtedly, this is a crucial decade for all – Countries, corporations, leaders, and the common man alike. The delay in action can lead to catastrophes beyond human comprehension.