Despite 2023’s alarming trajectory toward becoming the hottest year ever recorded, the mission to meet internationally agreed-upon climate targets looms larger and more formidable than ever.
The upcoming negotiations at the 28th session of the Conference of the Parties (COP28) to the UN Framework Convention on Climate Change may ease the way. However, the rift between the debt-stricken Global South and the Global North, which has been reluctant to fill the climate finance gap for the developing world, stands as an imposing barrier to overcome.
Adding to the challenge is the war in the Middle East, which has essentially put climate change on the backburner. The unrest in this region poses an additional risk of deepening divisions in an already fragmented world, diverting resources that ought to be allocated for addressing climate change toward humanitarian aid.
Funding is one of the key elements to meet the challenges of climate change. In 2009, developed countries made the commitment to jointly mobilize $100 billion annually in climate finance by 2020 to support developing countries to develop sustainably, but this commitment remains unfulfilled. In April, COP28 President Sultan Al Jaber called on developed economies to fulfill their commitment, providing “available, accessible and affordable” finance to the most vulnerable to the climate crisis worldwide.
Against this complex backdrop, and in anticipation of what lies ahead, here are crucial elements to observe in the run-up to this year’s climate summit.
Global Emissions and Targets
At the 2015 UN climate talks in Paris, countries committed to limiting global warming to 2 degrees Celsius, with an aspiration for 1.5 degrees. However, recent warnings from a UN-backed panel of climate scientists indicate a potential rise of more than 3 degrees Celsius, which would significantly reshape life on our planet. These findings will spark robust discussions in Dubai, where countries will assess their progress towards reaching their Paris Agreement targets through a thorough “global stocktake.”
This periodic review, conducted every five years, compares political commitments with actual achievements and urges countries to pinpoint areas for stronger emissions reduction efforts.
Financing the Green Transition
Success in mitigating climate change is inseparable from financial commitments; the two are deeply interlinked, and trust is at the core. Developing countries are grappling with a lack of financial support. Some are already facing the devastating consequences of floods and hurricanes and are in dire need of debt relief.
Bridging the financial gap is essential for a successful global response to climate change. The fulfillment of funding commitments by developed nations is crucial to support sustainable development and resilience in vulnerable regions.
As COP28 approaches, the world watches to see if global leaders can transcend current challenges and unite to take decisive action against climate change.
Reference(s):
What to expect at COP28: Climate summit amid disasters, war, inflation
cgtn.com
