COP28 has concluded with a final consensus that lays out an ambitious response to the Global Stocktake and puts forward a plan to close the gaps to 2030. It calls on Parties to transition away from fossil fuels to reach net zero, and encourages them to submit economy-wide Nationally Determined Contributions (NDCs). The COP28 Presidency took bold and decisive steps to deliver beyond the negotiated text through its ‘Action Agenda,’ which spans the four pillars of the Paris Agreement: fast tracking a just and orderly energy transition; fixing climate finance to make it more available, affordable, and accessible; focusing on people, nature, lives and livelihoods; and fostering full inclusivity in climate action. 

Major commitments contained in the final negotiated text include:

  • An unprecedented reference to transitioning away from all fossil fuels to enable the world to reach net zero by 2050.
  • A significant step forward in the expectations for the next round of Nationally Determined Contributions (NDCs) by encouraging “economy-wide emission reduction targets.”
  • Building momentum behind the financial architecture reform agenda, recognizing the role of credit rating agencies for the first time, and calling for a scale up of concessional and grant finance.
  • A new, specific target to triple renewables and double energy efficiency by 2030.
  • Recognizing the need to significantly scale up adaptation finance beyond the doubling to meet urgent and evolving needs.

Under the total Action Agenda at COP28, over $85 billion in funding has been mobilised and 11 pledges and declarations have been launched and received historic support.

Major Action Agenda achievements, which sit apart from the negotiated text, include:

  • The launch of ALTÉRRA, the UAE’s $30 billion catalytic private finance vehicle, which seeks to mobilise a total of $250 billion for global climate action.
  • The ‘COP28 UAE Declaration on Agriculture, Food, & Climate,’ embedding sustainable agriculture and food systems in the response to climate change. It has received endorsements from 158 countries.
  • The ‘COP28 UAE Declaration on Climate and Health,’ to accelerate the development of climate-resilient, sustainable and equitable health systems. It has been endorsed by 144 countries.
  • The Global Decarbonization Accelerator (GDA) – a series of landmark energy initiatives across the public and private sectors to speed up the energy transition.
  • The Global Renewables and Energy Efficiency Pledge to triple worldwide installed renewable energy generation capacity to at least 11,000 GW and to double the global average annual rate of energy efficiency improvements to more than 4 percent by 2030. It has been endorsed by 132 countries.
  • The Oil and Gas Decarbonisation Charter (OGDC), which commits signatories to zero methane emissions and ending routine flaring by 2030, and to net-zero operations by 2050 at the latest. To date, 52 companies, representing over 40 percent of global oil production have signed up to it.
  • The ‘Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge’ to advance the integration of sub-national leaders in climate-related decision making, which has been endorsed by 67 countries.

This is an extract from the official COP28 press release dated December 13, 2023. Access the press release here.