COP28: A Turning Point For Global Sustainability

The increasing global temperatures are resulting in more frequent and severe weather events, including heat waves, droughts, floods, and wildfires. Additionally, rising sea levels pose a significant threat to coastal communities worldwide, while biodiversity is declining rapidly with numerous species facing extinction.

The upcoming COP28 conference in the UAE presents a crucial opportunity to address these pressing challenges and pave the way for a sustainable future. The UAE has already made substantial investments in renewable energy and other eco-friendly initiatives, positioning itself as a leader in the fight against climate change.

One of the UAE's most notable initiatives is its significant investment in hydrogen as a clean and renewable fuel. Hydrogen shows immense potential to replace fossil fuels across various applications. The UAE is actively developing hydrogen production, storage, and transportation infrastructure, and is also forging international partnerships to promote the growth of the hydrogen economy.

This investment in hydrogen marks a significant stride towards combating climate change for the UAE. By reducing its reliance on fossil fuels, the UAE can contribute to its own decarbonisation efforts and aid other nations in their transition to greener economies.

Moreover, the UAE is committed to a range of other sustainable initiatives. It has set a target to achieve net-zero emissions by 2050 and is implementing various policies and programs to realise this objective.

The recent announcement of the UAE's investment of up to Dh200 billion ($54.4 billion) over the next seven years in an updated national energy strategy, including hydrogen, underscores the country's tangible commitment to becoming an energy hub. This investment will diversify the UAE's energy mix and diminish its dependence on fossil fuels, the primary drivers of climate change.

The forthcoming COP28 conference, to be held in the UAE in November 2023, takes on added significance due to the completion of the first Global Stocktake. This assessment evaluates countries' progress towards the goals outlined in the Paris Agreement of 2015, which seeks to limit global warming to below 2 degrees Celsius above pre-industrial levels, with a more ambitious target of 1.5 degrees Celsius.

Building upon the achievements of COP27, hosted by Egypt in 2022, where a "loss and damage" fund was established to support developing nations in coping with the impacts of climate change, COP28 faces the challenge of ensuring adequate financing for this fund.

COP28 serves as a critical juncture to foster global cooperation and expedite collective action towards a sustainable future. Striking a balance between societal needs, economic growth, and environmental conservation is essential for long-term sustainability. While social welfare and economic progress offer substantial benefits, they also come at a cost, particularly concerning climate change.

As mentioned earlier, the burning of fossil fuels like coal, oil, and natural gas is the primary driver of climate change. The combustion process releases energy and greenhouse gas emissions, trapping heat in the atmosphere and leading to a gradual rise in temperatures. Deforestation and industrial processes also contribute significantly to climate change by releasing greenhouse gases into the atmosphere.

International agreements such as the UNFCCC, Kyoto Protocol, Paris Agreement, and Montreal Protocol play pivotal roles in reducing greenhouse gas emissions, setting targets, and promoting global cooperation to combat climate change and protect the environment.

Dr Sultan bin Ahmed Al Jaber, the COP28 President-designate, deserves special mention when discussing climate change. He has emphasised the need for a climate action plan that aligns with the goals of the Paris Agreement, underscoring the importance of placing the world on the correct trajectory to achieve the outlined targets.

The UAE's commendable efforts in combating climate change and promoting sustainable development through a range of green initiatives are worth highlighting. These initiatives include the UAE Energy Strategy 2050, the establishment of Masdar City, sustainable transportation measures, energy efficiency programs, water conservation efforts, mangrove preservation, and active engagement in international collaborations. These comprehensive actions exemplify the UAE's unwavering dedication to tackling climate change and promoting sustainable development.

In a significant milestone for the UAE and the Mena region, First Abu Dhabi Bank (FAB) recently issued a $600 million green bond. This marks the first green bond issuance by a financial institution in the region, demonstrating the commitment of these institutions to sustainability. Green bonds are financial instruments used to raise funds for environmentally friendly projects.

Before concluding, it is crucial to address the growing threat of climate change, which is exacerbated by extreme heatwaves. Over the past decade, approximately 1.7 billion people have been affected by extreme weather and climate-related disasters, as reported by the World Food Programme (WFP). Vulnerable communities bear the brunt of these impacts, as evident from the devastating floods in Pakistan in 2022. Despite Pakistan's low greenhouse gas emissions, it has suffered significant consequences. It is worth noting that 20 countries facing the most severe climate crisis contribute only 2 percent of the world's emissions, according to the WFP.

In conclusion, climate change poses a severe threat, disproportionately impacting vulnerable communities. Developed countries must fulfill their commitments to support developing nations in adapting to climate change and transitioning to sustainable economies. COP28 in the UAE presents an invaluable opportunity to foster global cooperation, accelerate collective action, and address the critical challenges posed by climate change. Only by balancing societal demands, economic growth, and environmental conservation can we secure a sustainable future for generations to come.

— Muhammad Aamir is an Abu Dhabi-based journalist. Views expressed are his own and do not reflect the magazine’s policy.

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