In a landmark declaration at the G20 summit in New Delhi, leaders underscored the imperative for a substantial financial injection of USD 5.8-5.9 trillion before 2030 to aid developing nations in achieving their net-zero targets. Experts are urging decisive action at COP28, advocating for a definitive timeline for the phasing out of fossil fuels.
Alex Scott, the lead of the Climate Diplomacy and Geopolitics Programme at E3G, asserted that COP28 presents a crucial opportunity for 193 governments to collectively address the shortcomings revealed in the inaugural global climate action stocktake. Scott believes that with strong leadership and a departure from mere green rhetoric, the summit could pave the way for a hopeful resolution to the climate crisis amid concurrent global challenges.
Mohamed Adow, Director at Power Shift Africa, emphasized the significance of a UN summit responding to the urgent signals from the climate. Despite the paradox of hosting a climate summit in a major oil-producing nation, Adow sees it as a fitting backdrop to declare the conclusion of the fossil fuel era responsible for the current climate catastrophe, making way for a renewable-powered future.
COP28 is positioned as a pivotal moment to identify worldwide solutions for capping global temperature increases at 1.5 degrees. The summit aims to guide countries in enhancing their Nationally Determined Contributions (national climate plans) by 2025, fostering a green transition. The Green Zone, led by the COP28 UAE Presidency, provides a platform for the private sector to showcase contributions and solutions to the global climate challenge.