COP28'S MOST IMPORTANT ACHIEVEMENTS
- The 1.5°C target has been maintained as the limit for global temperature rise, although, as Alok Sharma said, the pulse of this target is very weak, and current commitments lead us to an increase exceeding 2°C by the end of this century.
- Thegrowing importance of adaptation is recognised and a work programme is set out. The agreement pledges more money for developing countries to adapt to climate change.
- Commitment to reduce coal use and end fossil fuel subsidies. The text on coal use was eventually amended at the request of India, which was supported by China to replace "phase out" with "phase down".
- The principle of "loss and damage", a very important term for the most vulnerable countries,is recognised. The agreement goes a step further: it makes the "Santiago network" operational by providing it with adequate means.
- The rules on carbon markets and transparency of the Paris Agreementhave been developed, thus contributing to an improved implementation of the Paris Agreement.
- The agreement encourages international financial institutions to consider countries' vulnerability to climate change when granting financial support to those most in need.
- Significant commitments have been made to stop deforestation, to drastically reduce methane emissions and mobilise private finance around the goal of net zero emissions, as well as stronger agreements that leverage climate finance for adaptation.