Last year, I reflected on investor expectations for COP27 coming at the end of an important year for sustainable investment. One year on, did any of the progress we hoped for come to fruition? What can we expect from COP28 in Dubai?
COP27 – lacklustre progress
Last year’s COP could be characterised as lacking in ambition and progress, despite the long-awaited announcement on the ‘loss and damage’ fund. In light of significant climate policy measures in 2022, notably the US Inflation Reduction Act, we hoped to see greater momentum to scale climate action and financing.
As COP28 approaches, we should remind ourselves what is at stake. We live in a world where climate change impacts are having disastrous consequences for economies and communities. At the end of the hottest year on record, investors are looking for decisive action.
COP28 – a packed agenda
The agenda in the UAE is unsurprisingly full. The global stocktake inevitably shows we are behind on progress. The question is whether this COP presidency can ultimately corral parties to communicate a joint message for strengthening action and a path forward.
There could well be the much-anticipated ‘moment for course correction’ and ramping up of ambition that the UN Climate Change Executive Secretary hopes for. In turn, this could spur greater ambition for the revised nationally determined contributions due in early 2025, along with national adaptation plans and national policy measures to support them. However, the run-up to the conference has not been plain sailing.