Context: COP28 in Dubai concluded with landmark UAE Consensus to transition away from fossil fuels.

Key Milestones and Agreements at COP28 for UAE Consensus: A Turning Point for Global Climate Action

• Watershed Moment: For the first time, world leaders decided on a historic set of steps to take in order to reach the 1.5 degree Celsius goal at the COP28 Summit in Dubai.
• Action Agenda: Key achievements under the Action Agenda include: 
  • Endorsement of the ‘COP28 UAE Declaration on Agriculture, Food, & Climate‘, embedding sustainable agriculture and food systems in climate change responses. 
  • The ‘COP28 UAE Declaration on Climate and Health, accelerates the development of climate-resilient, sustainable, and equitable health systems. 
  • The Global Decarbonization Accelerator (GDA) introduced initiatives such as the Global Renewables and Energy Efficiency Pledge and the Oil and Gas Decarbonization Charter.
• Pillar of Paris Agreement: Decisive steps were taken across four pillars of the Paris Agreement: 
  • Fast-tracking a just energy transition. 
  • Fixing climate finance 
  • Focusing on people and nature. 
  • Fostering inclusivity in climate action.
• UAE Consensus: Upon ending, the COP28 discussions gave birth to the UAE Consensus.

UAE Consensus: Charting a Path to Net Zero by 2050

• UAE Consensus: It is a comprehensive document that calls for a transition away from fossil fuels to achieve net zero by 2050. 

UAE Consensus: A Triumph for Global Climate Diplomacy

• A historic set of measures outlining a plan to keep global temperatures below 1.5 degrees Celsius has been described as a victory for multilateralism and climate diplomacy.
• Broadbased Participation: 198 participating Parties reached the landmark agreement.
• It encourages Parties to submit economy-wide Nationally Determined Contributions (NDCs) and sets specific targets, including tripling renewables and doubling energy efficiency by 2030. 
• Renewed Focus on Climate Finance: The agreement also paves the way for a new architecture for climate finance and building momentum toward a sustainable future. 
• Inclusion of Methane: The Consensus is the first to talk about methane, a greenhouse gas that isn’t carbon dioxide but is more potent in its heat-trapping effect than carbon dioxide.

Challenges in the UAE Consensus: Loopholes, Transition Fuels, and Differentiation Dilemmas

• Presence of Loopholes: There is a  presence of significant loopholes which may allow the United States and other fossil fuel-producing countries to keep going on their expansion of fossil fuels.
• Transition Fuels: The text gave natural gas a free pass because it has lower carbon emissions than coal. It was called a “transition gas” that countries could rely on as they switched to green energy.
  • The reference to “transitional fuels” explicitly gives gas producing countries the licence to sell more gas rather than invest in renewable energy.
  • It also ignores developed countries for not making up the difference in funding so far, even though it says the gap in funding for adaptation is “widening.”
• Lack of Differentiation: There is no differentiation in the text on industrial and agricultural methane emission, which could be bones of contention for the future.

News Source: NewsOnAir