Abu Dhabi – COP28 in the UAE delivered breakthrough progress across the entire climate agenda last year. As COP29 approaches, global attention is returning to the achievements in Dubai that built momentum towards a historic package of measures to accelerate climate action to 2030.

Delivering unprecedented results for people and planet, COP28 set a number of world firsts in establishing the UAE Consensus – an ambitious, balanced package of measures that included the response to the first Global Stocktake. It includes unprecedented language around transitioning towards a just, orderly and equitable energy transition to achieve net-zero emissions by 2050, based on the best available science.

The path breaking outcomes at COP28 began on day one, when the UAE Presidency facilitated the historic operationalization and capitalization of the Fund for Responding to Loss and Damage. To date, $853 million has been pledged to the fund in support of developing countries vulnerable to the effects of climate change, including a $100 million commitment from the UAE.  

Recognizing the crucial role finance has to play in delivering ambition, COP28 secured more than $85 billion in climate finance pledges to fast-track an energy transition, reduce global emissions, protect nature, lives and livelihoods, and leave no one behind.

The UAE also launched ALTÉRRA, the world’s largest catalytic climate investment vehicle with a commitment of $30 billion, to finance a new climate economy. It aims to deliver capital at scale to enhance the resilience of those in the Global South and has already placed $6.5 billion in projects with a combined portfolio of over 40GW across five continents.

The COP28 Presidency also launched the Global Decarbonization Accelerator (GDA), a series of landmark initiatives aimed at accelerating the energy transition and reducing global emissions.

The Oil and Gas Decarbonization Charter, which has been endorsed by 55 oil and gas companies, covers more than 43% of global oil production. Signatories have committed to zero methane emissions and ending routine flaring by 2030, and achieving net-zero operations by or before 2050. Several companies, including PetroChina, Oil India, and Var Energi, have joined the Charter this year.

Also under the GDA is the Industrial Transition Accelerator (ITA) which aims to accelerate decarbonization across six heavy-emitting sectors which together represent 30% of energy emissions.

In another global first, COP28 established the COP Presidencies Troika — an unprecedented alliance between the COP28, COP29, and COP30 Presidencies.  Through this partnership, the UAE, Azerbaijan, and Brazil aim to build international cooperation and ambition for the next round of Nationally Determined Contributions (NDCs) which are the implementation framework of the UAE Consensus.

COP28 also delivered the Just Transition Work Programme, the first dedicated space under the UNFCCC process to drive equitable implementation across all Paris Agreement pillars, with references to health, labour rights and social protection as well as adaptation included for the first time.

The Youth Climate Champion (YCC) role was formally institutionalized at COP28, ensuring it becomes a permanent feature within the COP framework, providing a legacy for youth in climate action. The conference also hosted the biggest platform to date for climate talks between youth and government in the Dubai Youth Dialogue Forum, while the first Youth Stocktake report on youth engagement in the UN climate process further demonstrated how COP28 broke new ground for youth engagement.

In another historic move, COP28 recognized nuclear energy as part of the global climate solution. More than 20 countries, including the UAE, US, and France, committed to triple nuclear energy capacity by 2050. 

The UAE’s contributions to climate were further reflected in a series of first-ever COP initiatives, including the creation of the first-ever thematic days on health and global trade. Inauguration of the first-ever Interfaith Pavilion at COP28 aimed to bring faith communities closer to addressing the climate crisis.

After delivering  a series of groundbreaking achievements at COP28, the UAE will continue to play a leading role in climate action after it hands over the COP Presidency to Azerbaijan on 11 November. These actions will help to shape a more prosperous and equitable world for the benefit of ourselves and future generations.