COP28: global stocktake with commitment to expand renewable energy capacity
Bern, 13.12.2023 - The 28th UN Climate Change Conference (COP28) came to a close in Dubai on 13 December. The main topics discussed included the first global stocktake of progress since the Paris Agreement, the phasing out of coal, oil and gas, and rules for the climate-related loss and damage fund in the developing world. The summit adopted the global stocktake with recommendations for keeping the goals of the Paris Agreement within reach. These include a recommendation to increase renewable energy capacity and energy efficiency by 2030 and, for the first time, a recommendation to transition away from coal, oil and gas by 2050. Switzerland worked towards these recommendations.
The 28th UN Climate Change Conference (COP28) came to a close in Dubai (UAE) on 13 December. Under the Paris Agreement, nations must take concrete steps from 2020 to reduce their greenhouse gas emissions with a view to limiting global warming to 1.5 degrees Celsius.
First global stocktake adopted
The Paris Agreement calls for countries to take stock of progress towards meeting its aims on a five-yearly basis. The first such global stocktake was adopted at COP28, integrating key scientific findings. It highlights the gaps in climate change mitigation and adaptation and lists several recommendations for keeping the goals of the Paris Agreement within reach. These include expanding renewable energy capacity and energy efficiency by 2030. Switzerland welcomes this outcome.
Recommendations for moving away from coal, oil and gas
In the global stocktake, the countries also agreed on a recommendation to transition away from coal, oil and gas by 2050. This is a positive achievement for Switzerland. Being a small country, Switzerland is reliant on all countries, especially those with high greenhouse gas emissions, to make efforts to phase out fossil fuels. The wording also recognises the use of technologies for carbon capture and storage. Switzerland will endeavour to ensure that such technologies are only used for emissions that are hard to avoid.
Fund for climate-related loss and damage
Another aim of COP28 was to define the basic rules for the loss and damage fund adopted at COP27. Negotiators agreed on the guiding principles for the fund, designed to support the poorest countries most badly affected by climate change. Switzerland had wanted all countries with high greenhouse gas emissions and the financial means to be asked to contribute.
Swiss contributions to climate finance
Switzerland contributes its fair share to international climate finance. To realise the goal of doubling adaptation finance, Switzerland will disburse CHF 135 million for the Green Climate Fund (GCF), CHF 15 million for the Adaptation Fund (AF), CHF 15 million for the African Development Bank's Climate Action Window, CHF 5 million for the Amazon Fund and CHF 1 million for the Santiago Network. This network of UN institutions and NGOs supports disaster-affected countries with technical assistance, for example in setting up early warning systems.
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