COP28 marked the beginning of the end of the fossil fuel era and the first time in history that we have a global agreement to transition away from all fossil fuels in line with science.
The vast majority of countries have been supportive of ambitious language on the phase out of fossil fuels, and even without explicit agreement to phase out at COP28, we count on these countries to take that language into their NDCs to help guide domestic investment decisions.
COP28 in Dubai was among the most important climate meetings since COP21 in Paris. It hosted the final political phase of the first Global Stocktake under the Paris Agreement, which assessed progress made since the adoption of the Paris Agreement and informed the next round of nationally determined contributions (NDCs).
After a consultative two-year process, the synthesis report of the technical phase of the Global Stocktake, released in September 2023, concluded that despite the frequency and seriousness of climate change impacts increasing year on year, the shift away from fossil fuels production and use, is still far below the levels needed to halve global emissions by 2030 and stay within the 1.5°C objective.
The IPCC 6th Assessment Report emphasized the importance of urgently reducing fossil fuel production and consumption in this decade, in parallel with clean energy growth, to have the best chance of staying within the 1.5°C limit.
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Business calls on governments meeting at COP28 to achieve progress on 3 key outcomes:
1. Agree a global agreement at COP28 to phase-out unabated fossil fuels, as called for by the We Mean Business Coalition Fossil to Clean campaign:
global targets to triple renewable electricity capacity to at least 11,000 GW and double the rate of deployment of energy efficiency by 2030,
supported by national plans and policies to ensure a just transition for affected workers and communities.
These outcomes are critical on the road towards countries adopting strengthened, high quality Nationally Determined Contributions (NDCs) by 2025 in line with 1.5°C trajectory and halving global emissions by 2030.
3. Progress towards a non-state actor accountability framework that supports greater recognition and accountability of business climate commitments and actions,
in a manner that draws on the best of the existing landscape of target-setting and accountability initiatives. encourages business climate leadership and action from companies at all stages of their journey towards net-zero.
These outcomes must be underpinned by policies to ensure accelerated financial flows towards the 1.5°C objective and support for developing countries to transition, alignment between policies on climate, biodiversity loss and nature, and a just and equitable net-zero transition for workers and communities.
Finance – Reforming the global financial system
Reform to the global finance system that will accelerate the shifting of finance flows to support the 1.5C objective, and ensure support to developing countries towards diversifying their economies and developing 1.5°C aligned pathways, including through the delivery of the commitment by developed countries of at least $100B per year in support of climate action, and the provision of finance, technology transfer and capacity-building for just transition planning.
Ensure clear alignment between climate policies and the fight against biodiversity loss, including by integrating nature targets within Nationally Determined Contributions (NDCs), and by ensuring that 30% of international climate finance is channeled to high-quality, nature-based climate solutions by 2025, reflecting their potential to provide 30% of the emissions reductions and removals needed to limit global warming to 1.5°C.
Maintain a clear focus on making sure that the net-zero transition is just and equitable, including through national plans and policies to ensure a just transition for affected workers and communities.
Agree at COP28 on the scope, modalities, and institutional arrangements of the new UNFCCC work programme on just transition pathways. The new work programme should support development of pathways that are 1.5°C aligned, ambitious, equitable, and social-justice centered.
The pathways should guide the development of strengthened, high-quality Nationally Determined Contributions (NDCs) by 2025 and subsequent updates be founded on meaningful social dialogue and transparent stakeholder participation, including workers, business and civil society.