Despite progress, funding commitments to address loss and damages in the global south fell short.
COP28 has concluded with a historic call to transition away from fossil fuels, marking a significant step in addressing climate change. The consensus among 194 countries and the EU, led by COP28 President Sultan Al Jaber, highlighted a commitment to transformative change. While praised for restoring faith in multilateralism, concerns linger about the effectiveness of the watered-down agreement, emphasising a transition away from fossil fuels rather than a complete phase-out. Despite progress, funding commitments to address loss and damages in the global south fell short, raising questions about the world’s readiness to tackle the ongoing climate crisis.
The agreement reflects a delicate balancing act and the tougher language in the final draft, calling for a just, orderly and equitable transition away from fossil fuels, represented a compromise that aimed to satisfy both climate-vulnerable nations and major oil exporters like Saudi Arabia. Despite the celebratory tone, concerns linger over the effectiveness of the agreement. The shift from a complete phase-out to a more ambiguous transition away from fossil fuels muddies the water with regard to the true commitment of nations in combatting climate change. The urgency of the climate crisis demands decisive action, and some argue that the compromise falls short of the bold measures required to address the impending threats.
Furthermore, challenges persist, particularly in the realm of funding commitments. The global south, grappling with the impacts of historical emissions by industrialised nations, faces a glaring gap in financial support. Ultimately, the success of COP28 will be measured by the tangible steps taken by nations to fulfil their commitments and steer the world towards a sustainable and resilient future.