COP28 and Caribbean citizens

by Kari Grenade, PhD, Caribbean Economist and Macroeconomic Advisor

The 28^th United Nations (UN) Conference of the Parties (COP28) concluded in Dubai on 12 December.

The conference brought together thousands of participants (some estimates put the number at around 85,000) from government, civil society, business, Indigenous Peoples, youth, philanthropy, and international organisations to share ideas and solutions to accelerate climate actions to avoid further catastrophic global warming and to keep the global temperature limit of 1.5°C within reach.

COP28 was held in the context of the hottest year on record. In 2023 we witnessed almost-apocalyptic-type extreme weather events including flooding, fires, and droughts. It is both unsurprising and heartbreaking that the findings of the Global Stocktake Report (GSR) is that the world is off-track in meeting the goals of the Paris Agreement both in terms of reducing emissions to limit global temperature rise and increasing its ability to adapt to the adverse impacts of climate change. Accordingly, in broad terms, the GSR called for urgent and decisive actions to limit the rise in global temperatures through measures to accelerate, in an orderly manner, the green pivot towards renewables and energy efficiency, while simultaneously speeding up the transition away from fossil fuels.

In that context, COP28 was an extremely critical conference for all living beings on this our one planet. Indeed, there were some salient achievements. The historic agreement on operationalising the Loss and Damage Fund and its financing arrangements — a decision adopted on the first day of the conference — is one such achievement. Commitments to the Fund have already totalled close to US$800 million. The Loss and Damage Fund will also be accompanied by a secretariat to catalyse technical assistance to developing countries that are acutely vulnerable to the harsh and deadly effects of climate change.

Another achievement is the agreement on targets for the Global Goal on Adaptation that identifies adaptation targets and the need for finance, technology, and capacity-building support to achieve the targets that are required to build climate resilience. Additionally, the Green Climate Fund received an increase to its second replenishment with total pledges amounting to US$12.8 billion. Eight donor governments announced new commitments to the Least Developed Countries Fund and Special Climate Change Fund, totalling more than US$174 million. There were also several important announcements to strengthen the resilience of food and public health systems as well as to reduce emissions related to agriculture and methane. It is reported that 49 oil and gas companies have agreed to cut methane emissions by 2030; methane gas contributes far more to global warming than carbon dioxide.

Importantly also, for the first time, an event was entirely dedicated to islands. “Island Of Hope” as it was called, brought together islanders to highlight the existing challenges they face due to climate change and to shed light on what fuels their hope for the future of their communities.

On several fronts, COP28 delivered some genuine strides forward. However, it also disappointed in some key areas, particularly on financial commitments and commitments to accelerate actions to phase out or “phase down” fossil fuels. On financing, several experts have lamented that the financial pledges are far short of the trillions that are needed to support developing countries to accelerate their clean energy transition (the green pivot), as well as to implement their national adaptation plans, and to build climate resilience overall. Regarding fossil fuels, in the words of the UN Climate Change Executive Secretary, “we didn’t turn the page on the fossil fuel era, but this outcome is the beginning of the end.”

Because Caribbean communities are directly on the frontlines of the climate crisis, the outcomes of COP28 matter greatly for Caribbean citizens. The financial pledges, though falling short in some respects, are welcomed, nonetheless. The commitments to support capacity building to accelerate the green pivot are also important for Caribbean citizens. Easily accessible and concessional financing as well as implementation support, capacity building and technology are crucially important for the Caribbean to build climate resilience across communities. The agreement on the Loss and Damage Fund is also welcomed. The urgent operationalisation of the fund, and importantly, the Caribbean’s easy access to it once operational, will go a long way in promoting climate justice, which the region has been demanding for decades.