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illuminem summarizes for you the essential news of the day. Read the full piece on Energy Monitor or enjoy below:
🗞️ Driving the news: COP28, set in Dubai, is anticipated to be the largest UN climate conference to date, with 75,000 delegates including global leaders
• It aims to build on the 2015 Paris Agreement, focusing on the more ambitious target of limiting global warming to 1.5°C
• This year's COP introduces new initiatives addressing climate impacts on health, finance in fragile states, and food system transformations
🔭 The context: This COP is pivotal due to the first Global Stocktake, an assessment process from the Paris Agreement, evaluating global climate action progress
• Despite advancements, the world remains off track in meeting Paris Agreement goals, highlighting the need for systemic change and increased adaptation efforts
• The report calls for urgent action, emphasizing the necessity of clean technology and investment to combat global warming
🌍 Why it matters for the planet: COP28's significance lies in setting the agenda for climate discussions for the next five to ten years, based on the Global Stocktake findings
• It is a critical juncture for reinforcing commitments to reduce emissions and to transition towards sustainable practices globally
⏭️ What's next: Key issues include operationalizing the new loss and damage fund established at COP27 and defining the global goal on adaptation (GGA)
• The conference will also focus on setting a new global climate finance target, replacing the $100bn goal post-2025
• The outcome of these negotiations will significantly shape future global climate policies and actions
💬 One quote: "This is the most important session of the Conference of the Parties since Paris in 2015, because the outcome of the Global Stocktake will basically set the agenda for the next five or 10 years of climate discussions," says Richard Klein, Stockholm Environment Institute
📈 One stat: The financing gap for climate adaptation stands at an alarming $194bn–366bn per year, a stark reminder of the vast resources needed to meet global climate objectives
Click for more news covering the latest on COP28
