It's all 'bout the money - What has happened at COP28 so far?

The Rise and Shortfall of the Loss and Damage Fund

As the curtains of COP28 unveiled, the world witnessed the birth of the Loss and Damage Fund. Countries from all corners of the globe pledged funding, with Germany and UAE leading the charge.

While the pledged amount has risen from approximately 370 to 650 million EUR over a couple of days, it still falls short of the estimated needs.

Pledges to Triple Renewable Energy Capacity and Improve Energy Efficiency

A total of 118 countries pledged to triple their renewable energy capacity and double their rate of energy efficiency improvements by 2030, with the exception of China and India. The initiative, launched by Europe, aims to install 11 terawatts of renewable capacity and double energy efficiency improvements. The pledge will create a framework for measuring improvements and mobilizing private capital. The EU has committed €2.3 billion to support the initiative, urging for these targets to be included in the final COP declaration.

Colombia Joins Non-Proliferation Treaty to Eradicate Fossil Fuel Use

Colombia joined an international alliance advocating for a non-proliferation treaty to eradicate the use of fossil fuels, becoming the tenth nation and the second fossil fuel producer to support the initiative. The treaty aims to facilitate the transition away from the primary cause of global heating, and has received endorsement from 100 cities and subnational governments, the European Parliament, and the World Health Organization. The announcement was made at the Cop28 summit in Dubai, where countries are deliberating on the language to use for reducing fossil fuel consumption. The treaty has been lauded by heads of state who have joined the alliance, particularly those from small island states that are already grappling with the dire consequences of the climate crisis.

Concerns Over Fossil-Fuel Industry Influence in COP28

An analysis by the Kick Big Polluters Out (KBPO) coalition revealed that a record 2,456 fossil fuel lobbyists have been granted access to COP28 climate negotiations, raising concerns about the industry's influence over the summit. Lobbyists from oil and gas companies such as Shell, Total, and ExxonMobil outnumber every country delegation except Brazil and the host country, the United Arab Emirates. Activists argue that the number of lobbyists, which is seven times greater than the number of official Indigenous representatives, reflects prioritizing industry profits over a sustainable planet. The KBPO is a coalition of more than 450 organizations worldwide that call for an end to fossil fuel companies' influence in climate policy.

106 Countries Unite for a Fossil Fuel Phase-Out

In a landmark move, a fossil fuel phase-out with deadlines has been endorsed by 106 countries, a majority of UN members, 27 member states of the European Union, and the 79 members of the Organisation of African, Caribbean and Pacific States. "The shift towards a climate-neutral economy, in line with the 1.5-degree Celsius goal, will require the global phase-out of unabated fossil fuels and a peak in their consumption already in this decade," the countries said in a joint statement. However, Saudi Arabia's energy minister has already stated his opposition to a text that mentions a "phase-down" of fossil fuels, despite this formulation being considered weaker than a "phase-out."