OPEC Fund Quarterly - 2025 Q3

CLIMATE ACTION

The UAE Consensus and the Roadmap to Mission 1.5 COP28

COP28 succeeded in making the Loss and Damage Fund operational

I n 2023 the UAE Consensus and the first Global Stocktake (GST) presented a comprehensive “report card” on collective progress toward the goals of the Paris Agreement, and - more importantly - a collective “roadmap” to achieve these goals over the next decade, covering all three pillars of climate action: mitigation, adaptation and means of implementation. The COP28 Presidency, led by the UAE’s Sultan Ahmed Al Jaber, demonstrated that a strong collective outcome requires political will from all 198 Parties to the UN Framework Convention on Climate Change (UNFCCC). Our presidency’s approach was to engage all sectors – public, private and civic – in a global dialogue to jointly shape a successful outcome that would leave nobody behind. That is where the human story shone through, and what defined COP28 as a “movement” rather than merely an “event.” After a year of intense engagement and dialogue, the energy and interest of parties and partners in a strong outcome was palpable. This was clearest to me when, after the global media had written about the opening of COP28 that it “could have been worse,” delegates retorted vehemently to defend the timely adoption of the agenda and the Loss and Damage Fund’s operationalization and capitalization. It was their success and not just the presidency’s. That shared ownership and energy continued through the two weeks, such that there was a real interest in finding an outcome that would make everyone proud. At 10:00 pm on the penultimate evening, the COP28 President announced that he and his team had no intention of sleeping until we had jointly found a way forward; ministers and delegates rolled up their sleeves with us and joined consultations

through the night. I remember meeting with a European vice president and a Latin American minister who came forward with a bridging proposal at 1:30 am, transcending geographies and interests for an outcome for people, planet and prosperity. The GST and the UAE Consensus are the fruit of that global movement, including outcomes across the negotiated agenda listed below. This was further boosted by significant action agenda outcomes, including the mobilization of more than US$85 billion for climate and sustainable development. Mitigation The GST showed that the international community was far off-track in achieving the temperature and resilience goals of the Paris Agreement. Parties responded with a roadmap that included unprecedented calls to cap peak emissions by 2025, addressing both supply and demand-side challenges in energy systems, while aiming to triple renewable energy capacity, double energy efficiency and halt deforestation, among others. This was a political signal that the global community was willing to face the facts and align on a shared direction. Adaptation The need for a clear response for those already facing climate impacts is at the core of the Paris Global Goal on Adaptation. The UAE Framework for Global Climate Resilience

was a breakthrough, establishing a comprehensive approach across food, water, cities and health. This continued through the UAE-Belém Work Programme, a crucial two-year process to develop a set of globally applicable indicators to track progress on adaptation, set to conclude in November 2025.

Means of implementation COP28 UAE saw the historic

operationalization of the Loss and Damage Fund coupled with pledges of over US$680 million. For decades, this issue had been a source of deep contention, a symbol of the gap in trust between developed and developing nations. By making the fund a reality, the COP28 Presidency demonstrated that action could, and would, take precedence over debate. COP28 also launched the Just Transition Work Programme, designed to drive the equitable implementation of all pillars of climate action. It is a human- centric approach, linking climate action to broader sustainable development, ensuring that long-term plans work hand-in-hand with social and economic priorities, leaving no one behind. While each COP is a crucial part of a larger, continuous narrative, there is a golden thread that connects COP28, 29 and 30. This is the “Roadmap to Mission 1.5,” a blueprint for keeping the 1.5°C temperature Paris goal within reach and achieving global resilience, guided by the first-ever COP Presidencies Troika (UAE, Azerbaijan and Brazil), established at COP28 UAE with a mandate to boost ambition and implementation.

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Photo: Sudarsan Thobias/Shutterstock

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