The summit was attended by 29 heads of state, 21 ministers, 10 senior officials, 3 UN agencies and 8 non-governmental organizations. Leaders stressed that the Global Performance Review (GST) is an opportunity to address gaps and strengthen implementation of climate action and the Sustainable Development Goals. The review will cover progress on effective implementation of Nationally Determined Contributions (NDCs), National Adaptation Plans (NAPs), and all other climate plans and policies.
The assessment process ensures impartiality, is based on the best available scientific evidence and is consistent with general principles but differentiated by country circumstances.
On greenhouse gas emission mitigation
Leaders agreed on the urgent need to set an appropriate roadmap for deep, rapid and sustainable reductions in global greenhouse gas emissions. The transition must be equitable and fast-tracked.
To achieve the goal of keeping the temperature rise below 1.5°C above pre-industrial levels by the end of the century, the second NDC needs to be more ambitious, covering the whole economy, all greenhouse gases and sectors, consistent with the Paris Agreement and depending on national circumstances, with increased finance and support in the context of a just transition.
The world needs to peak greenhouse gas emissions as soon as possible and accelerate action towards achieving net zero emissions by mid-century or sooner, consistent with national circumstances and capabilities, to stay on track for the 1.5°C target.
The just energy transition focuses on tripling global renewable energy capacity and doubling energy efficiency by 2030, with support for implementation, contributing to achieving the Paris Agreement temperature targets.
A just transition creates jobs, opportunities for business and growth. Urgent action is needed to reduce methane and non-CO2 emissions and phase out fossil fuels, especially coal, and inefficient fossil fuel subsidies, with developed countries leading the way.
Conserving and restoring natural ecosystems and carbon sinks, especially forests and oceans, plays a vital role in limiting global temperature rise.
Necessary transitions require adequate means of implementation and support, including technology transfer and capacity building for developing countries to fully benefit from the transition.
On climate change adaptation
The consensus at the summits was that large-scale adaptation actions are needed to reduce vulnerability and increase resilience to the negative impacts of climate change. The estimated financing for adaptation is between US$194 billion and US$366 billion per year. To close this gap soon, the right direction is to double adaptation finance by 2025.
Future adaptation efforts need to be transformational and responsive to real-world needs. Developing countries must be recognized for their adaptation efforts despite the challenges they face.
All countries urgently need to step up adaptation action, with a focus on enhancing the capacity and resources of developing countries, especially vulnerable ones. Activities should focus on developing and implementing National Adaptation Plans (NAPs) in a way that supports sustainable development and prioritizes climate-sensitive sectors, including the protection, conservation and restoration of water systems, agriculture and food security, and health.
Representatives of countries and organizations emphasized the importance of ecosystem-based solutions, as well as the need to focus more on solutions related to water and high mountain ecosystems. A global adaptation target framework should be adopted soon, with specific target groups and indicators as a basis for implementation by Parties.
At the opening of COP28, countries agreed to operationalize the Loss and Damage Fund, an important milestone and a momentum building towards more impactful outcomes in the years ahead.
Means of implementation
There is no climate action without the means to deliver it. On finance, the leaders agreed that there is a need to transform the way climate finance is mobilized to meet the scale required to deliver the Paris Agreement. This requires increasing the scale and quality of concessional finance and shifting public and private finance flows to align with low-carbon, climate-resilient pathways.
Accessible and affordable finance at scale is a prerequisite for full implementation of climate plans, including NDCs and NAPs, especially in developing countries.
Parties need to urgently meet all climate finance commitments, including by providing USD 100 billion and setting a new ambitious common quantitative target for climate finance, scaling up finance from all sources – public, private, domestic and international – including guarantees and blended finance, green bonds and initiatives. Public finance is key and can also encourage private finance flows towards economy-wide decarbonisation.
Capacity building, technology development and transfer are important, including innovation and local production of greenhouse gas emission reduction and climate change adaptation technologies.
COP28 will continue to discuss the assessment of global efforts, as a basis for promoting the implementation of the Paris Agreement and moving towards the goal of net zero emissions.
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