[co-author: Caroline Shrock and Kulsum Gulamhusein]
- COP28 President Sultan Al-Jaber convened a small group discussion on Sunday to discuss outstanding issues on adaptation and equitable transitions ahead of updated draft texts. A new round of draft texts is expected on Monday morning, following discussions of previous texts throughout the weekend. During discussions, the European Union (EU) supported a phase out of fossil fuels, and Colombia raised the issue of finance for developing economies during the energy transition. Parties have met in “informal huddles” throughout the weekend to work on articles of the draft texts.
- $186.6 million in financing to protect forests, mangroves and the ocean was announced on Sunday. These commitments build on the $2.5 billion mobilized during the COP28 World Action Climate Summit on December 2, 2023. In addition to this, a joint statement by the COP28 Presidency and Convention on Biological Diversity was endorsed by 18 countries. This statement signaled a commitment by countries to coordinate their nature and climate strategies.
- The COP28 Presidency and International Energy Agency concluded talks on Saturday, reaching consensus on key pillars of a 1.5°C aligned energy transition. The five pillars include: tripling global renewable energy generation capacity by 2030; doubling annual energy efficiency improvements by 2030; an orderly decline of fossil fuel use demand by 2030, starting with no new coal plants, commitment from the oil and gas industry to align their strategies and investment portfolios with 1.5°C, with a focus on a 75% reduction in methane emissions by 2030; and financing mechanisms for a major scaling-up of clean energy investment in emerging and developing economies. The talks were attended by over 40 delegates, including heads of state and business leaders.
