Australia’s Minister for Climate Change and Energy Chris Bowen has highlighted the outcomes and challenges faced during the COP 28 Conference, emphasising the need for global action to combat the climate crisis.
“The discussions at Dubai over the past two weeks have led to important milestones in our work to combat the climate crisis,” he said.
Australia, as the chair of the Umbrella Group representing various countries, including the US and Canada, commenced the conference with a collective commitment to groundbreaking work on loss and damage, establishing a new fund with the intent to deliver real outcomes.
“We have agreed to an ambitious new framework on the global goal on adaptation, elevating the role of adaptation, with globally applicable targets that galvanise action and support,” Bowen said.
A central focus of the COP28 discussions revolved around the future of fossil fuels in energy systems, prompting a call for more ambitious steps forward.
“The outcome does not go as far as many of us have asked for, but the message it sends is clear – ‘the age of fossil fuels will end,” he said.
The Global Stocktake under the Paris Agreement revealed progress, covering 87 per cent of the global economy with climate neutrality targets. However, it underscored the need for a significant step change to keep the 1.5-degree target within reach.
“The Stocktake affirms the latest science – that we will need to cut global emissions by 43 per cent by 2030 and 60 per cent by 2035,” Bowen said.
Bowen expressed disappointment over the decision not reflecting discussions on opportunities in the energy and transport sector, urging countries to avoid further delays.
“We welcome the strengthened Sharm El Shiekh Dialogue on aligning finance flows with low emissions and climate-resilient development,” he said.
The discussion emphasised the importance of the New Collective Quantified Finance Goal, due to be agreed next year, to provide urgent support for developing countries.
“It’s time to have that discussion because we need to pull every lever to achieve the scale of climate finance the world needs,” Bowen said.
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