The COP28 Presidency’s UAE Consensus, an unprecedented set of measures aimed at limiting global temperature rise to below 1.5°C, has become the benchmark for global climate ambition and sustainable development, stated Dr. Sultan bin Ahmed Al Jaber, UAE minister of Industry and Advanced Technology and COP28 President, during his speech at the World Governments Summit (WGS) 2024 in Dubai. Dr. Al Jaber highlighted that the UAE Consensus provides clear guidance to all nations in their efforts to achieve the 1.5°C target. He further underlined the need for countries to take immediate action to ensure the effective implementation of the agreement. According to Dr. Al Jaber, “If this agreement is to gain traction, we need serious action. Now the hard work begins. We need to demonstrate that an unprecedented agreement can be translated into unprecedented action. Our actions define us, not just our words.”
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Transformative achievements of the UAE Consensus
As part of a panel discussion on “Delivering the UAE Consensus Globally – From Agreement to Action,” Dr. Al Jaber, alongside other prominent figures such as International Monetary Fund President Kristalina Georgieva, Simon Stiell, the UN Climate Change Executive Secretary, COP29 President-Designate Mukhtar Babayev, and the ministers of environment for Jordan and Bangladesh, elaborated on the transformative achievements of the historic agreement, the key elements required for its success, and the necessary steps to maintain the feasibility of the 1.5°C goal.
Inclusivity and multilateralism at COP28
Since its establishment during the COP28 conference held in Dubai in December, the UAE Consensus has emerged as a pivotal element of the multilateral climate framework, highlighting the effectiveness of multilateralism even during times of geopolitical tension. Dr. Al Jaber remarked, “We rose above geopolitics to make progress for the planet and all people.”
COP28, guided by the principle of inclusivity, proved to be a successful endeavor. The UAE fostered an environment that encouraged equal participation and leveraged its relationships with major players such as the United States (U.S.), China, India, and OPEC+ countries. Additionally, the creation of the ALTÉRRA fund, a $30 billion private investment fund dedicated exclusively to climate solutions, further solidified the UAE’s position as a global leader in the international climate and development agenda and in multilateral forums at large.
Maintaining momentum and fulfilling commitments
Dr. Al Jaber acknowledged that there is still work to be done but stressed that the UAE Consensus has provided a clear roadmap for achieving the 1.5°C goal through a series of pioneering initiatives across various climate-related areas. He emphasized the importance of intensifying tangible actions to remain on track. Furthermore, he called upon all signatories of the UAE Consensus to fulfill their commitments and honor their obligations.
Groundbreaking commitments: Transitioning away from fossil fuels
The UAE Consensus introduced a groundbreaking commitment for all participating parties to transition away from fossil fuels, marking the first instance in COP history. It established time-bound targets to expand renewable energy capacity globally, end deforestation, and double energy capacity by 2030. Dr. Al Jaber urged all signatories to meet these commitments and fulfill their obligations.
Addressing loss and damage and prioritizing youth engagement
The UAE Consensus also operationalized a fund to address Loss and Damage and, for the first time, appointed a Youth Climate Champion for future COPs, showcasing a commitment to inclusivity. The agreement called upon all industries to utilize their technology, talent, and resources to decarbonize and identified climate finance as a critical factor in achieving climate objectives. It also pushed the oil and gas industry to take action, with 40 percent of global oil production committing to zero methane emissions by 2030 and net-zero emissions by or before 2050.
COP Presidencies Troika with Azerbaijan and Brazil
In addition to these accomplishments, the COP28 Presidency formulated a comprehensive Action Agenda focused on expediting a just and orderly energy transition, addressing climate finance, prioritizing the well-being of people and nature, promoting inclusivity, and engaging the energy sector in the dialogue. Dr. Al Jaber underscored the need to maintain the political momentum and continuity of COP by establishing the COP Presidencies Troika with Azerbaijan and Brazil. This collaboration aims to ensure continued progress and implementation of climate-related initiatives.
Climate finance: A critical success factor
Dr. Al Jaber stressed the importance of utilizing every milestone along the journey from Dubai to Baku to Belém as an opportunity to reinforce action and translate rhetoric into tangible results. Governments must enhance their Nationally Determined Contributions, reduce economy-wide emissions, and increase climate investments.
Climate finance was identified as a critical success factor, with Dr. Al Jaber stating that “finance is the key enabler across the entire climate agenda.” The New Collective Quantified Goal on Climate Finance is expected to be a significant milestone for COP29. It is essential to fully capitalize on Loss and Damage, reform international finance institutions, and mobilize the private sector to triple investments in clean technology to $4.5 trillion annually by 2030.
A new low-carbon model of socio-economic growth
To achieve these objectives, governments must embrace a fundamental mindset shift to transform climate challenges into opportunities and establish a new low-carbon model of socio-economic growth, leading to the creation of new industries and jobs.
Achieving net-zero emissions by 2050
During the panel discussion, Dr. Al Jaber also addressed his role as the CEO of ADNOC and highlighted the value of his experience across all forms of energy, which contributed to making the action agenda more impactful. Also, he mentioned that ADNOC is committed to achieving net-zero emissions by 2045.
Lessons from COP28: Solidarity and unity
Dr. Al Jaber emphasized the urgency of achieving global net-zero emissions by 2050. He acknowledged that the transition will unfold at different paces in different regions but underscored the importance of maintaining energy security with the lowest carbon intensity throughout the process. He commended COP28 for being the first conference to agree on transitioning away from fossil fuels and highlighted that the results of this agreement speak for themselves.
“Polarization and pointing fingers do not drive progress,” Dr. Al Jaber asserted. “Solidarity and unity do. That is the lesson of COP28.”
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