COP 28 fossil fuel fight

  • September 26, 2023
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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COP 28 fossil fuel fight

Subject :Environment

Section: Climate Change

In News: COP28, the 28th Conference of Parties to the United Nations Framework Convention on Climate Change (UNFCCC), set to take place in Dubai between 30th November and 12th December.

Key Points:

  • The 28th Conference of Parties is set to begin in  Dubai from 30th Nov, 2023.
  • COP28 is of particular significance as it marks the conclusion of the first-ever Global Stocktake, a comprehensive assessment of progress towards the goals of the Paris Agreement.
  •  The objective of the stocktake is to take stock of global action against climate change and to pave the way for further actions in the coming years.
  • The Stocktake’s three key areas of evaluation are:
    • mitigation, focusing on efforts to prevent further global warming
    • adaptation, aimed at coping with unavoidable climate change impacts, and
    • means of implementation, encompassing finance, technology transfer, and capacity building.
  • In 2022, 80 countries unsuccessfully pushed for a deal on a phase-down at last year’s COP27 summit, negotiators are turning to new terminologies in search of a compromise.
    • In what appeared in April to be a possible breakthrough, the Group of Seven industrialised nations agreed to speed up the “phase-out of unabated fossil fuels”.
    • By inserting “unabated” before fossil fuels, the pledge targeted only fuels burned without emissions-capturing technology.
  • But by July, the pledge faltered as the larger G20 – which includes oil and gas producers like Saudi Arabia and Russia – failed to reach consensus on the issue.
Terms

COP stands for Conference of Parties, representing the countries that are parties to the UNFCCC. These meetings focus on global action against climate change, driven by the goal to limit global temperature rise to no more than 1.5 degrees Celsius above pre-industrial levels.

The Stocktake examines the collective efforts of countries in mitigating climate change, adapting to its consequences, and implementing means such as finance, technology transfer, and capacity building.

The Group of Seven (G7) is an informal grouping of seven of the world’s advanced economies, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the European Union

COP 28 fossil fuel fight Environment