Climate Accountability at COP28

"The scale of decarbonization needed by 2030 is insurmountable unless we urgently work together to bend the emissions curve.” 

— Børge Brende, President of the World Economic Forum in an open letter to world leaders at COP28 

Global Insights | November 2023

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Climate accountability at COP28: What we need to see this year

The hottest summer in recorded history. Torrential rainfall from super-charged storms that drowned the streets of New York City. A catastrophic drought that dried out crops and killed thousands of people in East Africa. Deadly heat waves across North America and Europe that contributed to rampant wildfires, like those that continue to scorch parts of Canada.

These are just a few of the climate-fueled disasters we experienced this year, underscoring the need for ambitious and swift global action.

That's where COP28 comes in—more formally, the 28th Meeting of the Conference of the Parties to the United Nation Framework Convention on Climate Change.

COP28 will take place from November 30 – December 12 in Dubai, assembling global leaders to reflect on progress toward achieving climate goals, prioritize actions and coordinate on solutions. At least, that’s the hope.

In this month’s issue of Global Insights we’re highlighting what discussions we can expect at this COP—and, more importantly, what we need to come out of them.

Clear goals, firm commitments, inclusive conversations (and more money) 

The first Global Stocktake

You can think of this as a sort of progress report on the goals outlined in the 2015 Paris Agreement: 1) limit global temperature rise to 1.5˚C above pre-industrial levels; 2) build community resilience to climate change impacts; and 3) align global financial flows with climate action. Paris signatories agreed to formally assess progress toward these goals every five years starting in 2023, making this year’s COP the first "Global Stocktake." (Spoiler alert: we’re not on track.) 

A clean, green and equitable energy transition

The world needs to triple renewable energy production by 2030; scaling it up will be a central conversation at COP (as it should be, given energy production is the biggest source of climate emissions). As we reported in last month’s newsletter, we have the technology for this transition, and increasingly we have the political will. The question is whether we can roll out projects fast enough—while also ensuring that communities, conservation and climate all benefit in the process.  

Raised ambitions for nature

We can’t hold climate change in check without a rapid, global transition to renewable energy. But no matter how quickly we phase out fossil fuels, there’s still no way to limit warming to 1.5˚C—or to adapt to the warming that’s already occurred—without nature. In fact, nature can provide up to one third of the emissions reductions we need by 2030 to mitigate the worst impacts of climate change. We need more financial commitments to nature-based projects that sequester carbon, protect communities and provide habitat—while also empowering groups who steward nature to secure their homes, livelihoods and futures.

More investment in climate solutions

In 2009, developed countries set a goal to mobilize $100 billion annually by 2020 to help developing countries cut emissions and adapt to climate impacts. This commitment, which hasn’t been met, is set to expire in 2025. We need a new goal, and some concrete ways to actually mobilize those critical climate dollars. Easier said than done, of course. But here are a few concrete things we can do. For starters, we need to deliver major investment packages for nature-related commitments; these include the Mangrove and Coral Reef Breakthroughs, the Freshwater Challenge and Emirates Accord. We can also help countries manage their national debt in a way that frees up funding for climate action.

Action on the loss and damage fund

Last year's COP created a "loss and damage fund." Wealthier countries agreed to pay support to poorer nations that are suffering the most from climate change impacts. This year, leaders need to make some decisions on how this fund will work—how countries pay in, who should pay (and get paid), and on what timeline.

A call for nature-positive food systems

Food production is currently a major source of climate emissions—but it could actually be a climate solution. TNC calls on commitments from countries to sign the “Leaders Declaration on Food Systems, Agriculture, and Climate Action” and commit to increasing climate financing toward food systems and agriculture. TNC also calls on non-state actors, especially those in the private sector, to set specific goals around transitioning lands and value chains toward regenerative agriculture practices.

A more equitable approach to climate action

Indigenous peoples and local communities steward lands that shelter 80% of the world’s cultural and biological diversity and 25% of our natural carbon stores. Yet they are often pushed to the margins of international climate policy processes—along with the world’s poorest countries, who are shouldering the heaviest climate change impacts despite having contributed the least to its cause. We need a more equitable COP that recognizes their involvement is crucial in shaping nature-positive solutions and climate policies.

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