Reflecting on COP28 and turning our attention to what comes next
As COP28 ends, it’s time to take a moment to reflect. Our CEO Kate Hampton, who was on the COP28 Advisory Committee, set out her views in earlier in the week in this thread. Read a summary of her key points below:
1️⃣ The decision secured to operationalise the Loss And Damage fund on the first day of COP should be celebrated ($700m in financing has since been committed and is in play). Whilst this is clearly not enough for vulnerable communities, it is an important start and one which hadn’t been expected days earlier.
2️⃣ Further progress was made on finance in the first days of COP28 with the leaders’ declaration on finance and the MDB joint statement. We should remember that the innovative finance sources included in the Global Stocktake are building on work at the Paris Summit for a New Global Financing Pact and the African Climate Summit.
3️⃣ On the Global Stocktake, a supermajority of countries wanted to go further on mitigation issues including Fossil Fuel Phase Out but we must acknowledge that the UNFCCC consensus-based process can only go so far. Despite the progress set out above, we still need a much-enhanced package of finance to enable more countries to support a phase out, and this will require us to work beyond the COP, particularly with finance ministers and their ministries in developed countries.
4️⃣ Voices from the frontline have been clear: this is not tomorrow’s problem, rising global temperatures are already affecting people’s health, lives, and communities. COP28 put health in the spotlight more than ever before – 123 countries endorsed the COP28 UAE Declaration on Climate and Health, $1 bn of initial finance was announced for climate and health solutions, and we saw action on areas of global health often overlooked including $777m for NTD elimination and eradication (including $50m from CIFF).
5️⃣ CIFF worked to support ambitious outcomes on all of the above, and will continue to do so. We were particularly proud to announce a joint $450m pledge over 3 years to help countries phase our super pollutants faster, as well as supporting the institutionalisation of the Youth Climate Champion to give young people a consistent seat at the table. Funding announcements are important, but what’s really exciting is the work that will come from these initiatives and seeing how they catalyse climate action, helping secure the ambitious global targets.
We know the COP process is not perfect — no consensus-based, nearly 200-country-strong process could be — but some progress has been made. But we also know that, for those on the frontline of the fight against climate change, incremental progress is simply not enough. So our attention must turn immediately to what comes next, and particularly the road to COP 30 in Belem.