COP29 | Monday , November 11 . 2024

Historic COP28 Accord Accelerates Global Climate Action

This ambitious text sets out a comprehensive climate agenda to maintain global warming within 1.5 ° C , emphasizing the transition away from fossil fuels , encouraging economy-wide Nationally Determined Contributions ( NDCs ), and setting targets to triple renewables and double energy efficiency by 2030 . Additionally , it aims to reform the global climate finance architecture .

The UAE Consensus , developed through a year of inclusive diplomatic engagements and two weeks of intense negotiations , aligns with the COP28 Presidency ’ s goal to provide a robust response to the Global Stocktake , fulfilling the central aims of the Paris Agreement .

Key Highlights of The UAE

Consensus :

• Fossil Fuel Transition : The agreement includes an unprecedented reference to transitioning away from all fossil fuels to achieve net zero emissions by 2050 . This marks a significant step forward in global climate commitments .

• Nationally Determined Contributions ( NDCs ): Parties are encouraged to submit economy-wide emission reduction targets , reflecting a significant enhancement in the expectations for the next round of NDCs .

• Climate Finance Reform : The consensus builds momentum for financial architecture reform , recognizing the role of credit rating agencies and calling for a substantial scale-up of concessional and grant finance to support climate action . Cop 29

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