In the continuing international efforts to tackle climate change, the 28th Conference of the Parties (COP28) represented a significant turning point. The conference, which took place in Dubai, brought together activists, legislators, scientists, and international leaders to discuss the urgent issues facing our planet. The main goal of COP28 was to carry on the promises made at earlier climate conferences, especially expanding on the goals of the Paris Agreement. The agenda covered topics like adaptation methods, financing for climate change, emission reduction plans, and integrating cutting-edge technologies to hasten the shift to a sustainable future.

During the COP28 Global Stock take, the parties decided to “move away from fossil fuels in energy systems”. This direct mention of fossil fuels and their connection to the climate catastrophe is unprecedented in international climate talks. This signal, however faint and falling short of swift, equitable, comprehensive, and financially supported phase-out that was demanded, reflects decades of citizen-led climate change activism that has brought attention to the risks and injustices associated with the extraction and burning of fossil fuels, as well as the harm and threat they pose to humans. The COP28 presidency referred to this agreement, known as the “UAE Consensus,” as a “historical” step, but there is still a significant gap between its goals and achieving climate justice because it has loopholes and the financial commitments made at the summit were insufficient. ‘Whilst we didn’t turn the page on the fossil fuel era in Dubai, this outcome is the beginning of the end’, remarked the Climate Change Executive Secretary Simon Stiell in his closing speech. “Now all governments and businesses need to turn these pledges into real-economy outcomes, without delay.”

The stock take recognizes the scientific consensus that, in order to limit global warming to 1.5°C, there is a need to decrease greenhouse gas emissions by 43% by 2030 compared to the levels in 2019. However, it acknowledges the shortfall of Parties in meeting their targets outlined in the Paris Agreement. The inventory encourages Parties to progress towards tripling global renewable energy capacity and achieving a twofold increase in energy efficiency by 2030. Additionally, it calls for the elimination of ineffective fossil fuel subsidies and other measures that support a fair, organized, and equitable shift away from fossil fuels in energy systems. Developed countries are urged to continue leading efforts in expediting the reduction of unabated coal power. At COP28, the first-ever task force on international taxes was established, with participation from the EU Commission, Kenya, France, Spain, Antigua & Barbuda, Barbados, and the African Union. Their goal is to impose taxes on companies that cause pollution, such shipping and aviation, and use the money raised to combat climate change. This might open up billions of opportunities, which makes it enormous.

The intention of such a fee is to allow us to accomplish two goals. First, it would increase the cost of pollution, which would incentivize polluters to switch to environmentally friendly solutions. Second, we may create a fund to assist nations in coping with the implications of climate change, particularly those that are disproportionately affected by its unequal effects. On COP28 leaders strike a historic agreement on the loss and damage fund. It’s the first fund of its kind in the world intended to cover the permanent effects of climate disasters in developing and vulnerable nations. Several affluent nations, like the US, Germany, and the UK, who have traditionally been to blame for the global catastrophe, have announced $700 million in contributions. That said, the work remains. We need billions, not millions. Some studies have previously estimated that the loss and harm in poor countries exceeds $400 billion yearly. Less than 0.2% of the required amount has been covered by the fund’s current contributions. Over $95 billion in profits were realised by the oil and gas industry in the two weeks when COP28 was held. Merely 1% of the sum surpasses the cash pledged for loss and damage thus far.

Other than this, there were other questionable things that took place at COP28 like access to COP28 was extended to an unprecedented number of lobbyists with connections to the fossil fuel industry. Almost every country’s delegation was represented, with at least 2,456 fossil fuel representatives in attendance, an increase from 636 at the previous year’s meeting. There is a lot of smoke and mirrors in the climate finance space. The pledged funds are frequently taken from previous (and frequently broken) commitments. One important component of climate finance, financing for climate adaptation, for example, decreased by 14% in 2021. Indeed, during COP28, $133.6 million was committed to the Adaptation Fund, but that amount falls short of covering the 14% decrease. For the purpose of helping poor nations reduce emissions and prepare for climate change, the US committed a record $3 billion to the Green Climate Fund (GCF). But Congress must approve this amount of money and that isn’t looking promising.

A quadruple commitment to renewable energy was made by almost 130 countries, and a commitment to reduce methane emissions—a powerful greenhouse gas—was made by 50 oil and gas firms. The International Energy Agency’s (IEA) study, however, shows that even with these pledges to reduce emissions, the world will still be far from meeting its goal of keeping global warming to 1.5 degrees Celsius over pre-industrial levels. As per the IEA’s computations, these actions will merely curtail the disparity in energy-related emissions between the present course and a 1.5 Celsius scenario by approximately thirty percent. It was high time that the world moved away from using fossil fuel in energy systems but progress is still progress. Other than this the establishment of the tax force are two things that are beneficial in the long run for environmental sustainability. COP28 like its predecessors did not do much and the promises of finance are inadequate to bring any big change.