jfid – The United Nations Climate Change Conference (COP28) held in Dubai in December 2021 succeeded in reaching a historic agreement that marks the “beginning of the end” of the fossil fuel era.
This agreement, named the “Global Stocktake Agreement” (GST), sets out steps to enhance climate action before the end of this decade, with the primary aim of keeping the global temperature rise to 1.5°C.
The GST agreement acknowledges that global greenhouse gas emissions need to be slashed by 43% by 2030, compared to 2019 levels, to limit global warming to 1.5°C.
However, the agreement also notes that countries are still falling short of the goals of the Paris Agreement.
The GST urges countries to take action towards globally achieving a doubling of renewable energy capacity and enhancing energy efficiency by 2030.
The list of actions includes expediting efforts to phase out coal-fired power plants without carbon capture technology, eliminating inefficient fossil fuel subsidies, and other steps promoting a fair, orderly, and equitable transition from fossil fuels in the energy system, with developed countries continuing to lead.
In the short term, countries are encouraged to submit ambitious emission reduction targets encompassing all greenhouse gases, sectors, and categories, aligning with the 1.5°C limit in their upcoming climate action plans (known as nationally determined contributions) by 2025.
