COP28 Begins: UAE's Oil Wealth Tests Climate Action
COP28, the annual United Nations Climate Change Conference, begins today in Dubai. The UAE, a major oil and gas producer, hosts this year's event, which runs until 12 December. The conference aims to assess progress towards climate goals and drive further action.
COP28 marks the first global stocktake of Nationally Determined Contributions (NDCs) agreed in Paris. This assessment will evaluate the progress made by countries in reducing their emissions. The conference must prioritise emissions reduction, actively phasing out coal, oil, and gas exploitation.
The UAE's role as host, with its significant oil and gas industry, presents an opportunity for a shift towards renewable energy. However, a leaked document suggests the UAE may use COP28 to promote oil and gas deals worldwide. The conference must navigate this duality and focus on climate action.
The 2015 Paris Agreement's goal is to limit global warming to less than 2°C, ideally no more than 1.5°C. This summer was the hottest on record, already 1.2°C warmer than the 1950-1980 average, highlighting the urgency for action. COP28 should tighten rules for carbon credit markets to enhance emissions trading.
Developed nations previously committed to offering $100 billion to developing nations for climate change mitigation and adaptation. Negotiations for a new amount will commence at COP28.
COP28's success will be measured by its ability to accelerate emissions reduction, strengthen climate commitments, and secure enhanced financial support for developing nations. The conference must overcome challenges posed by the UAE's oil and gas industry and deliver concrete outcomes to tackle the climate crisis.
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