COP28 debrief on relevant outcomes and the road to COP29

The 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28) took place in Dubai from November 30 to December 12, 2023. COP28 built on the work of COP27, starting with the operationalization of the Fund on Loss and Damage on day one and agreeing on a Global Goal on Adaptation. Among its major outcomes is the Global Stocktake (GST), a mandated report of global action every five years that has to be agreed before the next round of plans are due (November 2025). The GST set the parameters for the new National Determined Contributions (NDCs) and their related goals. In the final GST text, Parties called for a just and equitable “transition away” from fossil fuels to limit warming to 1.5, and a tripling of renewable energy capacity globally by 2030.

The UAE COP28 Presidency assigned each day a thematic focus. For the first time, trade was featured as a specific theme on December 4th, together with Finance, Gender Equality and Accountability. UNCTAD, the International Chamber of Commerce (ICC), the International Trade Centre (ITC) and the World Trade Organization (WTO), jointly hosted the “Trade House pavilion”, a dedicated space to spark discussions and solutions on how trade can accelerate climate and sustainable development actions and help ensure a just transition to a low-carbon economy.

In 2023, GDS co-hosted two workshops for developing country negotiators with the Group of 77 and China and Third World Network to support their efforts ahead of COP28 across a range of financing challenges that have moved to the forefront of multilateral discussions. Four reports have been prepared for these meetings (LDF, Article 2.1c and NCQG).

COP29 will take place in Baku, Azerbaijan, under the Presidency of the Ecology Minister, Mr. Mukhtar Babayev. At COP29 parties are expected to agree on the New Collective Quantified Goal (NCQG) on climate finance, as well as continue their work under Article 6 and the Just Transition Programme.

Objective

The objective of the meeting is to discuss relevant outcomes of the COP28 and the main topics for the Cop29. The meeting is intended to provide both delegates of Member States and UNCTAD staff members with an overall understanding of the results of the COP28 and to indicate priority areas and topics for potential future activity of UNCTAD.

Structure