Key Themes of COP28

COP28 will focus on four key themes:

1. The world needs to accelerate its progress towards net-zero emissions by 2050, and COP28 will be an important opportunity to discuss and agree on measures to achieve this goal.
2. Developed countries have promised to provide $100 billion per year in climate finance to developing countries, but they have so far fallen short of this commitment. COP28 will be an opportunity to recommit to this goal and to find new and innovative ways to deliver climate finance
3. Nature is essential to climate change solutions, and COP28 will be an important opportunity to discuss and agree on measures to protect and restore natural ecosystems.
4. COP28 will be an opportunity to ensure that all voices are heard and that everyone has the opportunity to participate in climate action

The Paris Agreement is an international treaty on climate change that was adopted at the 21st Conference of the Parties (COP21) to the United Nations Framework Convention on Climate Change (UNFCCC) in Paris on 12 December 2015 and entered into force on 4 November 2016. The agreement covers climate change mitigation, adaptation, and finance.

Key Objectives

The Paris Agreement aims to:

1. Limit global warming to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, compared to pre-industrial levels.

2. Increase the ability to adapt to the impacts of climate change and foster climate resilience and low greenhouse gas emissions development.

3. Make finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.

Key Provisions

The Paris Agreement includes the following key provisions:

1. Nationally Determined Contributions (NDCs): Each country is required to prepare, communicate, and regularly update an NDC, which outlines its national climate action plan. NDCs are expected to be ambitious and reflect each country's highest possible ambition.

2. Transparency Framework: A robust transparency framework is established to ensure that all countries are transparent in their climate actions. This includes reporting on emissions, progress towards NDCs, and financial support.

3. Global Stocktake: A global stocktake will be conducted every five years to assess progress towards the long-term goals of the Paris Agreement. This will inform the revision of NDCs and guide further action.

4. Long-term Climate Finance Goal: Developed countries are to provide developed countries with financial support to help them implement their climate action plans. The goal is to reach $100 billion per year by 2020.

5. Loss and Damage: The Paris Agreement recognizes the importance of addressing loss and damage associated with climate change impacts. It establishes a mechanism to provide support to countries that are particularly vulnerable to climate change.

Significance of the Paris Agreement

The Paris Agreement is a landmark achievement in the global effort to address climate change. It is the first time that all countries have agreed to take action to limit global warming and adapt to its impacts. The agreement provides a framework for long-term, cooperative action on climate change.

Implementation and Challenges

The implementation of the Paris Agreement is a significant challenge. Countries need to translate their NDCs into concrete actions and policies. They also need to access the financial resources necessary to implement their climate action plans. Additionally, countries need to cooperate effectively to achieve the ambitious goals of the Paris Agreement.

Despite these challenges, the Paris Agreement represents a significant step forward in the global effort to address climate change. The agreement provides a clear path for action and a framework for cooperation between countries. With concerted effort, the goals of the Paris Agreement can be achieved.

4. OECD Report on Climate Change

• The OECD comprises primarily rich nations, offering insights into their climate finance approach.
• The report gains prominence as it precedes the COP 28 talks, where climate finance is anticipated to be a crucial point of discussion.
• It also follows the commitment made at COP 26 in 2020, where developed nations pledged to double adaptation finance, acknowledging their failure to meet the $100 billion goal by 2020.
• The OECD report discloses that developed countries, including the U.S., the U.K., Germany, France, Switzerland, and Canada, mobilized $89.6 billion in 2021, falling short of the promised $100 billion.
• Moreover, finance for adaptation efforts experienced a 14% decline compared to the previous year.

5. Challenges in Climate Finance Accounting

• The report reveals that of the $73.1 billion mobilized in 2021 by the public sector, $49.6 billion was provided as loans.
• However, concerns arise as the report does not distinguish between concessional and commercial rates for these loans.
• Critics argue that the report's consideration of loans at face value, without the grant equivalent, may exacerbate debt stress in developing countries.
• A crucial aspect highlighted in the report is the concept of additionality. Developed countries are expected to provide "new and additional" financial resources for climate needs, without diverting funds from existing overseas development assistance (ODA).
• However, instances of double-counting, where countries categorize funding as both ODA and climate finance, raise questions about the adherence to the "new and additional" criterion.

6. Conclusion