COP28 Looms: Global Climate Challenges and Funding Dilemmas Take Center Stage in Dubai Talks
Sultan al-Jaber, the CEO of Abu Dhabi National Oil Co., is elected to speak for the upcoming COP28 summit in Dubai, the United Arab Emirates. Photo: Kamran /AP
The 2023 UN Climate Change Conference, also known as the 28th Conference of the Parties (COP28), will take place in Dubai at the end of November. Experts and stakeholders worldwide are looking to deliberate on climate action amid a confluence of geopolitical emergencies.
The two biggest challenges for COP28 are to address the operational actions for the loss and damage fund presented in the last conference, and the need to address rising temperatures and environmental crisess throughout 2023.
So far in 2023, the global climate crisis manifested in a series of devastating events worldwide. Destructive wildfires ravaged Argentina and Canada, severe flooding affected India, Cameroon, and Libya, and unprecedented heat waves swept through the United States, Europe, and Asia. Myanmar faced cyclones, while Japan, Guam, the Philippines, and Taiwan were struck by tropical storms. More recently, India grappled with deadly smog.
Adding to these challenges, September recorded the highest temperature anomalies ever, surpassing prior years by 0.5 degrees Celsius. As COP28 approaches later this month, the stage is set against a backdrop where the undeniable impacts of climate change, in the words of Zeke Hausfather, a leading climatologist, are "gobsmackingly clear."
The figure shows how the monthly temperature anomalies in 2023 compare with those from prior years. Years are color-coded from blue to red depending on the decades they occurred, with 2023 highlighted in black. Photo: The Climate Brink
COP28 is a crucial moment for nations to assess their progress toward the emission-cutting commitments made in the 2015 Paris Agreement. A central issue on the agenda is fossil fuels, responsible for over 75% of global greenhouse gas emissions and 90% of all carbon dioxide emissions. Sultan Al Jaber, the CEO of the Abu Dhabi National Oil Company (ADNOC) and President-Designate of COP28, emphasized the crucial role of fossil fuel companies in the world’s energy transition.
However, critics and climate activists question Al Jaber's capacity to take decisive action given his vested interests. Additionally, holding the conference in Dubai raises concerns given that the UAE has one of the biggest busting plans for oil and gas exports in the world.
Beyond these issues, challenges persist from the climate funds introduced in COP27, particularly the fate of the loss and damage fund. Endorsed by the Biden administration during COP27, this fund seeks financial commitments from affluent nations to assist climate-affected developing countries. However, specific funding sources remain unresolved, making it a central issue in the lead-up to the Dubai climate talks.
At the heart of the impasse is the divisive question of responsibility: who should contribute and where should the fund be headquartered? The Biden administration proposes placing the World Bank in charge of the new climate fund, citing its extensive history of cooperation and the United States’ prominent status as the bank's largest shareholder.
The proposal encounters formidable resistance from developing nations, which, despite contributing the least to climate change, bear the brunt of its consequences. They perceive the World Bank, characterized by a senior World Bank official as a "U.S. policy tool," as the sole avenue available to engage in negotiations without introducing new financial commitments. Developing countries argue that the loss and damage fund should function independently under the United Nations, underscoring apprehensions rooted in prior actions.
As the world focuses on the Dubai climate talks beginning Nov. 30, the unresolved fate of the loss and damage fund casts a shadow on the intricate negotiations that will shape climate finance. The stakes are high, and the future of this pivotal fund remains uncertain, awaiting resolution and a viable path forward. The outcome of COP28 will significantly impact global efforts to address the pressing issue of climate change.