This declaration will not automatically take into effect to destroy oil consumption or shrink prices. Nevertheless, it is essential as the first world benchmark expresses a unified desire to end the use of fossil fuels and to ensure a longer-term transformation of the energy economy, including the pact of technologies like carbon capture which rewards oil producers.
António Guterres – UN chief who involved actively at this COP 28 equipped by the full experts’ team of UNFCCC; having a clear objective to materialize the Paris Agreement which is to keep the global average temperature rise this century as close as possible to 1.5 degrees Celsius above pre-industrial levels by stabilizing the greenhouse gas concentrations in the atmosphere at a level that will prevent dangerous human interference with the climate system, in a time frame which allows ecosystems to adapt naturally and enables sustainable development. At his release delivered the achievements made during the 2 weeks meeting:
- COP28 agreed to commitments to triple renewables capacity and double energy efficiency by 2030.
- Progress in relation to adaptation and finance. COP28 offered some other building blocks for progress – including the operationalization of the Loss and Damage Fund, even though financial commitments are very limited. Pledges to the Green Climate Fund now total a record $12.8 billion for the most climate vulnerable communities. Over the next two years, governments are required to prepare new economy-wide national climate action plans. These plans must be aligned with the 1.5-degree temperature goal and cover all greenhouse gases. They must also be underpinned with credible climate policies and regulations, including a price on carbon, and ending finance for fossil fuel.
UN Chief then again emphasized a reminder that both the preparation and implementation of these plans must be fully funded and supported. Moreover, it is to keep the hope of the 1.5-degree limit alive and deliver climate justice to those on the frontlines of the crisis.