The conference has been widely criticised this year due to its close ties with the fossil fuel industry. At least 2,456 fossil fuel lobbyists were granted access to the event, massively outnumbering official Indigenous representatives (316) and the combined total of delegates from the 10 most climate vulnerable countries combined, including Somalia, Chad, Tonga, Solomon Islands and Sudan (1,609). Furthermore, it is widely understood that Sultan Al Jaber, the COP28 host and head of the Abu Dhabi National Oil Company (ADNOC), had planned to use international climate meetings to promote deals for its national oil and gas companies. This has been interpreted as a sign that oil and gas industry profits remain a priority over sustainable development and a just transition. 

Countries agreed to increase support for vulnerable nations facing the worst of climate change’s impacts. This includes “the development of national response plans […] and promoting equitable, safe and dignified human mobility in the form of displacement, relocation, and migration, in cases of temporary and permanent loss and damage.” Despite this progress, money pledged to the loss and damage fund falls short of what is required. It is estimated that losses for developing countries caused by the climate crisis total approximately $400bn each year. Yet countries bearing the most responsibility for the crisis have not contributed sufficiently (the US only pledged $17.5m).

Adaptation was high on the agenda this year, with a key focus and outcome being the "global goal on adaptation" (GGA), initially proposed by the African Group in 2013, outlined in the Paris Agreement in 2015 and launched as a two-year work programme in 2021. In Dubai, this work programme was concluded with significant progress made: a framework for adaptation with a clear purpose and objectives was adopted and there was agreement to continue discussions over the next 2 years. However, there is still a long way to go to put clearly defined targets in place and agree on much needed and overdue adaptation funding.

At COP28, the World Meteorological Organization (WMO) presented new climate science findings. The new Provisional State of the Climate Report projected 2023 to be the warmest year on record, reaching 1.4°C above pre-industrial temperatures. The decadal climate report labelled 2011-20 as a "decade of acceleration," revealing the devastating impacts of extreme weather on food security, migration, and national development. Notably, the report included a section on climate finance, stressing the need for a sevenfold increase to meet climate objectives. 

Despite the widespread criticism of the conference, it is important to pay attention to the significant developments that have been made in global efforts to transition away from fossil fuels:

Powering Past Coal Alliance: Nine new countries, including the US, Czech Republic, Kosovo, Cyprus, Norway, the Dominican Republic, Iceland, the UAE, and Malta, joined the Powering Past Coal Alliance, committing to phasing out unabated coal power.

Beyond Oil and Gas Alliance: Spain, Kenya, and Samoa joined the Beyond Oil and Gas Alliance, pledging to phase out all fossil fuels. This alliance, initiated at COP26, now has at least 14 country members.

Fossil Fuel Non-Proliferation Treaty: Colombia became the first major oil exporter to sign the fossil fuel non-proliferation treaty, bringing the total number of countries interested in a legal agreement to end new fossil-fuel projects to 11.

Clean Energy Transition Partnership (CETP): Australia and Norway joined the CETP, which aims to end international public finance for fossil fuels. The initiative now has 41 members.

Joint Statement on Fossil Fuel Subsidies: The Netherlands led a group of 12 countries in releasing a joint statement committing to phasing out fossil-fuel subsidies. The countries pledged transparency on subsidy spending, identifying international barriers, and initiating an international dialogue for subsidy phase-out.

Oil and Gas Decarbonisation Charter: COP28 presented an "Oil and Gas Decarbonisation Charter," signed by 50 fossil-fuel companies, including BP, Exxonmobil, Shell, Adnoc, Equinor, and Saudi Aramco. The charter commits to ending gas flaring by 2030, zeroing out methane emissions, and aligning with net zero by 2050. 

Although the journey ahead may seem daunting, it's crucial to recognise that global decarbonisation is a collective endeavour, and we can all play our part. More than ever, it is crucial that organisations measure and reduce their environmental impact to help keep the world on track for a net zero future.

Navigating the dynamic landscape of climate-related reporting can be challenging, but at Optimised, our team of energy and sustainability experts can keep you informed about the latest best practice. Visit our Net Zero Advisory page to learn how your organisation can start this journey. Our Net Zero service supports your business in achieving net zero goals by developing a strategy, assessing emissions across your value chain, setting reduction targets, implementing software for managing and reporting emissions data, supporting compliance and sustainability reporting, and leveraging data analytics for meaningful insights on carbon reduction opportunities.