The goals laid down at the COP28 Global Stocktake had fallen short on the target for total phaseout of fossil fuels in energy systems, although there had been more aggressive commitments on deeper emissions cut as well as reinforcements on climate finance.

In his closing speech, UN Climate Change Executive Secretary Simon Stiell noted that “while we didn’t turn the page on the fossil fuel era in Dubai, this outcome is the beginning of the end,” adding that onwards, “all governments and businesses need to turn these pledges into real-economy outcomes, without delay.”

Roughly 200 negotiators from all over the world convened at the Dubai COP28, and the common decision reached so far was “to ratchet up climate action before the end of the decade – with the overarching aim to keep the global temperature limit of 1.5°C within reach.”

Stiell reminded parties “we’re currently headed for just under 3 degrees.  This still equates to mass human suffering, which is why COP28 needed to move the needle further,” adding that “the Global Stocktake showed us clearly that progress is not fast enough, but undeniably it is gathering pace.”

The major goals firmed up had been on the tripling of renewable energy investments and doubling energy efficiency improvements - on a global scale - within the 2030 timeframe.

And instead of total decommissioning, the compromise was to push for ‘phasedown of unabated coal power’ in energy systems as a key element in the energy transition pathway – with the developed countries leading the way.

As emphasized, what was achieved at COP28 in Dubai had been more of “laying the ground for a swift, just and equitable transition, underpinned by deep emissions cuts and scaled-up finance.”

Considered as one of the major wins in the Dubai summit had been the historic agreement cemented on the operationalization of the loss & damage fund (LDF), with this cornering commitments of roughly $700 million to date.

This funding platform, in particular, will catalyze technical assistance to developing countries that are particularly vulnerable to the adverse effects of climate change – primarily extreme weather events such as strong typhoons, droughts and flooding, among others.

And as the climate negotiations wrapped up, pledges for replenishment to the green climate finance (GCF) somehow levered up to $12.8 billion with new commitments from 31 countries, according to the United Nations Framework Convention on Climate Change.

As highlighted by Stiell, the GCF will be the “great enabler of climate action” that had been cast in the newly concluded climate change summit.

Nevertheless, the COP28 global stocktake stressed “these financial pledges are far short of the trillions eventually needed to support developing countries with clean energy transitions, implementing their national climate plans and adaptation efforts.”

So far, eight (8) donor-governments declared new commitments for $174 million funding that shall be funneled to the least developed countries as well as to the Special Climate Change Fund; while $188 million pledges had been set for Adaptation Fund.

For these committed funding to be delivered, the UN stipulated the need to reform multilateral finance structure; as well as accelerate the establishment of new and innovative sources of finance.

Part of the agreement reached will be to carry on with the discussion on setting up ‘new collective quantified goal on climate finance’ for next year’s COP29  that will be happening in Azerbaijan from November 11-22, then continued deliberations shall be carried out at COP30 in Brazil on November 10-21, 2025 – and that shall primarily take into account the needs and priorities of developing countries.

Onward, the new target is to kick off with  climate finance from a baseline of $100 billion annually, and that shall serve as “a building block for the design and subsequent implementation of national climate plans that need to be delivered by 2025.”

In the short-term, the UN stated the “parties are encouraged to come forward with ambitious, economy-wide emission reduction targets, covering all greenhouse gases, sectors and categories and aligned with the 1.5°C limit in their next round of climate action plans (known as nationally determined contributions) by 2025.”

Stiell reckoned “in early 2025, countries must deliver new nationally determined contributions. Every single commitment – on finance, adaptation, and mitigation – must bring us in line with a 1.5-degree world.”