COP28 set to kick off from Nov 30 — UAE hopeful for deal on renewable energy tripling, doubling energy efficiency

The 2023 United Nations Climate Change Conference or Conference of the Parties (COP28), is set to kick off in Dubai on Thursday, where the host country is hoping to land a deal on the tripling of renewable energy and double the energy efficiency improvement rate by 2030.

The negotiations are expected to be focused on phasing out fossil fuels, a gap in climate finance and the framework for the Global Goal on Adaptation at COP28.

COP28 is the UN's latest round of global climate talks. This year, it is being hosted by the UAE in Dubai and is due to be attended by 167 world leaders, including the Pope and King Charles III.

The energy transition will be the central theme around COP28, which will take place between November 30 and December 12, 2023, in Dubai on the occasion of the twenty-eighth United Nations Conference on Climate Change (COP28).

This year's summit is crucial as it comes against the background of climate urgency and the experts are making a clarion call of now or never.

It's been an unprecedented year in terms of climate disaster, with the world experiencing its hottest 12 months on record.

Around 70,000 people are expected to attend the event this year. 2023 has seen several crunch summits and conferences trying to tackle the climate crisis. Key moments included the G7, the G20, and the UN Climate Ambition Summit.

The gap in climate finance and the ongoing discussions around the reform of multilateral financial institutions are likely to remain a priority during the summit.

The UAE has announced it will work with COP28 participants to triple the world's renewable energy capacity and renewable power generation capacity and double the energy efficiency improvement rate by 2030.

This would build on the agreement already made at the G20 in India this year.

Negotiators are also hoping to launch the framework for the Global Goal on Adaptation at COP28, meaning they hope to agree to various aspects of the framework, including its purpose, principles, dimensions, themes, cross-cutting considerations, sources, and targets. COP28 could be a turning point to close the growing adaptation financial gap.

The expected outcome at COP28 on loss and damage is the 'operationalisation' of the fund. Since COP27, there have been five meetings of the Transitional Committee, which has been tasked with making recommendations for COP28.

India is not mincing words about its energy security needs and reliance on coal to meet its peak power demand, which crossed 240 GW this year. India's coal production has seen a considerable increase in the last 10 years.

From about 565.7 MT in 2013-14, it has reached 893.08 MT in 2022-23. It is expected to touch 1,012 MT by 2023-24 and 1.5 billion tonnes by 2030. It has been acknowledged by both private and public sector experts that the environmental impacts associated with underground coal mines are lesser when compared to opencast mines; the increase in coal production has largely come from opencast mines.

It is held that opencast coal mines often result in deforestation, displacement and pollution issues. In the last 10 years, the share of underground coal mines in India's total coal production has come down from close to 9 per cent in 2013-14 to about 4 per cent in 2022-23.

While India is transitioning to a larger share of clean energy sources, it needs to source finance to support the development of green energy corridors and an improved grid infrastructure to support the growth. The G20 New Delhi Leaders Declaration has underlined the need for USD 5.8-5.9 trillion in the pre-2030 period for developing countries to meet the net zero target

Experts have signalled that it is time for action COP28 needs to be the moment we set a date for the phase-out of fossil fuels

Alex Scott, Climate Diplomacy and Geopolitics Programme Lead E3G said, "COP28 will see 193 governments negotiate a joint response to the dismal report card they received in the first global stocktake of climate action. They could chart a hopeful way out of this climate crisis even as multiple other crises and conflicts hit. If they can muster the leadership and put aside the green rhetoric."

Mohamed Adow, Director at Power Shift Africa, believes if ever there was a moment for a UN summit to respond to the signals the climate is sending us, this is it.

"It seems perverse to be holding a climate summit in one of the world's biggest oil producers, but what more fitting place to call time on the fossil fuel era that has caused this climate catastrophe and prepare the way for a future powered by renewables?" Adow added.

COP 28 is an opportunity to identify global solutions for limiting global temperature rise to 1.5 degrees, inform countries' preparations for revised and more ambitious Nationally Determined Contributions (national climate plans) due by 2025, accelerate the green transition.

Through the Green Zone, the COP28 UAE Presidency offers the private sector the opportunity to showcase their contributions and solutions to the global climate challenge.