Report details:
The Conference of the Parties to the United Nations Convention on Climate Change at its twenty-eighth session (COP28), held in Dubai, United Arab Emirates, from 30 November to 12 December 2023, resulted in several agreements, including the COP28 agreement, which sets the first “line for the end” of the 21-page era of fossil fuels, calling for “a shift towards the abandonment of fossil fuels in energy systems, in a fair, orderly and equitable manner, by accelerating work in this crucial decade, to achieve carbon neutrality in 2050 as recommended by science.” The transformation here therefore concerns the energy sector, not other sectors such as petrochemicals.
One of the most notable achievements of COP 28 was the launch by the United Arab Emirates of a climate investment fund with an incentive capital of $30 billion, under the name Altera, which focuses on attracting and stimulating private financing. The fund aims to raise and stimulate an additional $250 billion worldwide.
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Project info:
- Tareq Hassen
- Dubai, UAE
- Climate conference
- United nations
- COP28