Debate: Outcome of the UN Climate Change Conference  in Dubai, United Arab Emirates
Date: THURSDAY, 14 DECEMBER 2023
Speaker: Helena Dalli
Language: EN

This COP was fundamental for our climate ambition as it marked the first global stocktake under the Paris Agreement. And it was one of the last opportunities to keep the 1.5°C objective within reach. This is a historic agreement that keeps us on track with the goals of the Paris Agreement and a climate-neutral future in 2050.  Turning to the main outcomes, all parties agreed to first accelerate the transition away from fossil fuels this decade. Second, to take action to reduce global emissions by 43 % by 2030 compared to 2019 levels. And third, set the world on a pathway to reaching net-zero emissions by 2050, in line with the best available science.  Moreover, other important agreements championed by the EU were translated into the global stocktake decision. All parties have committed to tripling global renewable energy capacity and doubling the rate of energy efficiency improvements by 2030, as was proposed by the EU. This gives powerful momentum to the transition away from fossil fuels.  There is also an agreement to tackle methane and other non-CO2 emissions in this decade and to phase out, as soon as possible, inefficient fossil fuel subsidies that do not address energy poverty or the just transition.  Under the global stocktake, parties agreed on a pathway to get back on track, including through a process to align national targets and measures with the Paris Agreement. Parties should submit their Nationally Determined Contributions (NDCs) for 2035 by COP30, in 2 years’ time, and these should be aligned with the best available science and the outcomes of the global stocktake. As you know, the Commission will present early next year an impact assessment and the communication on our 2040 target, which will be the basis for our new NDC.  But the global stocktake is also about creating the right conditions for the transition. We have agreed on the final steps towards setting the new collective quantified goal on climate finance at next year’s COP. The agreement on the framework of the global goal on adaptation is also an important first step, and it is accompanied by decisions on adaptation finance, with recognition that adaptation finance will have to be significantly scaled up.  COP28 pushed forward the reform of the international financial architecture to make it fit for purpose for addressing the climate emergency. Specifically, the EU led the way in establishing a new fund responding to loss and damage, and the EU and its Member States have contributed more than EUR 400 million – over two thirds of the initial funding pledges.  The final COP28 negotiated outcomes yesterday come on top of multiple agreements secured in the past two weeks, including the World Climate Action Summit, attended by President von der Leyen. Whilst this outcome represents good news for the whole world, it is certainly not the end of the story. The work to implement what was agreed starts today. We, of course, stand ready in future negotiations to promote further ambition and to make sure we limit the worst impacts of climate change.