COP28 WEEK 2 RECAP

The document provides a detailed analysis of the second week of COP28, highlighting the adoption of the first Global Stocktake (GST) and its call to 'transition away from fossil fuels'. It examines progress and failures across several domains, including the operationalization of the Loss and Damage Fund, the tripling of renewable energy targets, and the lack of binding language in mitigation and adaptation goals. The report also notes the influence of fossil fuel lobbyists and the marginalization of Small Island Developing States and gender-specific concerns during the final decision-making processes.

• The Global Stocktake (GST) was adopted on 13 December 2023, marking the first time a UNFCCC decision included the term 'fossil fuels'. The final text calls on parties to achieve net zero by 2050 by "transitioning away from fossil fuels", though it stopped short of the 'phase-out' language demanded by activists and some nations.
• A significant outcome of the GST is the call to triple global renewable energy capacity and double global energy efficiency by 2030, which is estimated to prevent approximately 7 billion tonnes of CO2 emissions.
• The Loss and Damage Fund was operationalized on the opening day of COP28, with over $700 million pledged. However, this represents only 0.2% of the predicted annual climate finance required by 2030, and there is uncertainty regarding whether funds are grants or loans.
• The Santiago Network on Loss and Damage became fully operationalized after selecting UNOPS and UNDRR as hosts to provide technical assistance to developing countries.
• Negotiations on Article 6 regarding carbon credit mechanisms remained unambitious; due to sticking points on land-based removals, the international carbon market will not come into effect for at least a year.
• The Global Goal on Adaptation (GGA) failed to reach a consensus due to a wide gap between finance and action, with the annual shortfall of adaptation finance estimated at $366 billion during 2017-2021.
• Several energy-related alliances expanded during COP28: nine nations, including the US, joined the Powering Past Coal Alliance, and Colombia became the first nation to sign the fossil fuel non-proliferation treaty.
• The GST enshrined the need to align ecosystem conservation and restoration with the Kunming-Montreal Global Biodiversity Framework and the 1.5°C temperature target of the Paris Agreement.
• Brazil announced the Tropical Forests Forever initiative to mobilize $250 billion for forest conservation and restoration through public-private partnerships.
• The final decision on the Gender Agenda was criticized for lacking ambition, specifically for the removal of references to 'Indigenous women and women from local communities' after extensive debate.

APA

Fulton, G., Redwood, L., Bailey, D., Koren, J., King, N., Schmatz, L., Baumschlager, N., Nabighdazweda, D., & Levene, T. (n.d.). COP28 WEEK 2 RECAP. ClimaTalk. https://climatalk.org/wp-content/uploads/2023/12/COP28-Week-2-RECAP-1.pdf

Chicago

Fulton, Georgia, Lucy Redwood, Daniel Bailey, Judith Koren, Nathan King, Luisa Schmatz, Nikola Baumschlager, Dhifan Nabighdazweda, and Talia Levene. COP28 WEEK 2 RECAP. ClimaTalk, n.d. https://climatalk.org/wp-content/uploads/2023/12/COP28-Week-2-RECAP-1.pdf.

Wikipedia

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BibTeX

@techreport{fultonndcop28, author = {Fulton, Georgia and Redwood, Lucy and Bailey, Daniel and Koren, Judith and King, Nathan and Schmatz, Luisa and Baumschlager, Nikola and Nabighdazweda, Dhifan and Levene, Talia}, title = {{COP28 WEEK 2 RECAP}}, institution = {ClimaTalk}, url = {https://climatalk.org/wp-content/uploads/2023/12/COP28-Week-2-RECAP-1.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }