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Decoding COP28 UAE (Nov 30th - Dec 12, 2023)

Held by the United Nations, The 2023 UN Conference of the Parties
(COP28) invited, world leaders, ministers, and negotiators from around
the world to agree on actions to tackle the climate crisis. They also
reviewed progress made by members of the United Nations
Framework Convention on Climate Change (UNFCCC) in achieving the
convention's objective.

Greetings Subscriber,
We’re back with another newsletter. The world has been talking about the COP28 Outcomes and so are we. Continue
to read our first newsletter in the COP28-inspired series. here’s our initial reaction to the end of COP28, examining
how much progress was achieved, and the key issues that were discussed.Stay tuned for more.
A Glance :
Approximately 200 nations participated in the talks, with global leaders like UK Prime Minister Rishi Sunak, German
Chancellor Olaf Scholz, French President Emmanuel Macron and Indian Prime Minister Narendra Modi present at the
summit's commencement. King Charles delivered the opening address to an audience of 100,000 comprising
politicians, diplomats, journalists and campaigners, marking it as the largest climate conference to date. Notably,
about 2,400 attendees had ties to coal, oil and gas industries, sparking concerns regarding the influence of fossil fuel
groups in the discussions.
The ambition cycle of “The Paris Agreement”

The Global
Stocktake
THE 2023
(GST) is a
five-yearly
FIRST
checkpoint
that helps GST
governments
track and CONCLUDES
evaluate
their progress AT
on climate
action. COP28 Source: World Resources Institute

The GST focuses on three aspects: Mitigation, Adaptation, Finance

The COP28 agreement highlights "the growing gap" between the needs of developing countries and the money
provided to cut emissions - but there is no requirement for developed countries to provide more support.

The first Draft text on Global Goal on

Adaptation (GGA) was released.
Seven nationally determined targets
to be achieved by 2030:
Food and Water Security
Climate-resilient infrastructure
Health impact and services
Poverty Reduction
Cultural Heritage for “enhancing
adaptive“ capacity
Reduced climate-related morbidity
and mortality
Reducing vulnerability to climate
change
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 The top three GHG emitters — China, The United States and India — contribute 42.6% of total emissions, while the bottom 100 countries account for only 2.9%.It’s interesting to note that while
India ranks high among emitters when you factor in population to look at per capita GHG emissions, the highly populated country ranks significantly lower than the other top 10 emitters.

Theme of International Pledges:

Fossil Fuels Nature

Renewable
Methane
Energy

Food Heavy
Systems Industry

Deforestation Health source:cop28.com

Controversies and other highlights:

COP Presidency Dr. Sultan Al-Jaber faced accusations of discrediting climate science, asserting his presidency
faced continual undermining. He defended himself, citing a leaked video taken out of context and misrepresented
his questioning of climate science. Jim Skea from the Intergovernmental Panel on Climate Change affirmed al-
Jaber's attentiveness and full understanding of the science.
OPEC, led by Saudi Arabia, urged its members to reject any anti-fossil fuel measures and labeled campaigns against
fossil fuels as politically driven.
Despite the UAE's ban on demonstrations, sideline protests addressing issues like the Israel-Gaza conflict and
political prisoners occurred. COP's presidency allowed peaceful assembly for climate activists, a concession
granted in September.

Lufthansa Group of Germany has announced an agreement with Netherland based Airbus
Fortnightly for the removal of 40,000 tons of carbon credit removal using the Direct Air Capture
Briefing. (DAC) technology which enables to transition to a net zero energy system. December 7,
2023
Competition and Markets Authority (CMA)- UK has announced that it has initiated an
investigation of Unilever to examine the FMCG major’s green claims as initial review has
revealed that there was probably green washing being going on. December 12, 2023.
Boston Consulting Group (BCG) announced signing of purchase agreement with Swiss
based Direct Air Capture (DAC) technology provider Climeworks ranging over 15 years for
80,000 metric tons of CO2 removal. December 14th, 2023.
France based banking giant Agricole announced that it will no longer finance new fossil
fuel extraction projects nor will it finance producers focused exclusively on exploration
or production of oil and gas. December 15th, 2023

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