The COP28 agreement is the beginning of a path we urgently need to accelerate
The UN Climate Change Conference (COP28) decision was adopted on 13 December, 2023 after a long night of discussions at the Expo City Dubai, where BC3 operated as a member organization of the Spain Delegation to the 2023 COP28.
Countries finally agreed on “transitioning away from fossil fuels in energy systems” this decade in an “orderly” manner. This agreement is historic for addressing for the first time in 30 years the major root cause of climate change.
“This agreement shows multilateralism is delivering and the Paris Agreement can be delivered. But this is the beginning of a path we urgently need to accelerate. The first stock take is based on science and calls for urgent action mentioning for the first time fossil fuels and more ambitious targets for renewable energy and energy efficiency while looking for just transitions. It raises climate adaptation at the level of mitigation while recognizing the adaptation finance gap and moving forward the fund and funding arrangements for loss and damage.” — María José Sanz, BC3 Scientific Director.
This year, the COP28 was convened in Dubai, United Arab Emirates, following the COP27 held in Egypt during the preceding year. As the participating parties gathered in Dubai for COP28, their primary focus was reviewing the progress made since the inception of the Paris Agreement. This assessment served as a crucial juncture to evaluate the effectiveness of the implemented measures and strategize further actions.
This entailed a holistic examination of the multifaceted issues related to climate change, such as deliberations on accelerating the phase-out of fossil fuels. Delegates engaged in discussions aimed at enhancing climate adaptation and resilience, addressing the critical aspects of loss and damage, and devising strategies to mobilize finance for effective climate action.
BC3 also played a pivotal role at COP28 by hosting nine side events and participating in many others. The side events themes were climate governance, the role of insurers in climate adaptation, integrating natural capital accounting (NCA) and climate change, and fostering climate action within the food, land use, and agriculture (FOLU) sector.
You can access the playlist with all the video recordings of BC3’s side events at COP28 at the following link.