COP28, an opportunity to gain back some lost credibility

Bruegel analyses the most relevant points to be discussed at the 28th Conference of the Parties (COP28) on climate change and what issues should be considered to be able to assess its success. According to the article, although it will be difficult to please all parties, COP 28 is a great opportunity for the countries of the North to recover some of the credibility lost in the eyes of the countries of the South after Covid and the energy crisis.

According to Bruegel, the following points would be relevant to assess the outcome of COP 28, which is being held for the first time in an OPEC member country, Dubai, which has generated some fears of green washing and conflict of interest:

• Greater ambition on decarbonisation targets for 2030: It will be key to get countries to increase their ambition on decarbonisation plans.
• Fossil fuels: There will be pressure to reach an agreement to phase out fossil fuel use and limit it to certain sectors and to increase energy efficiency targets by 2030.
• Climate finance: According to the article several issues will be on the agenda in this block, for example: Reaching the $100 billion a year target for climate finance for developing countries by rich countries (the ones that have caused the most of the problem of excess GHG emissions) to meet climate targets, and approving a new agreement that includes more direct non-refundable aid will be on the agenda. Also, the reform of the Multilateral Development Banks is likely to be in the spotlight with discussions on risk-sharing strategies and how to mobilise more private finance.
• Food and agriculture sectors: They will receive a lot of attention to boost their decarbonization as they have been a lagging sector so far, even though they have been the most vulnerable to decarbonisation.