The COP28 Presidency hopes that the G20's pledge to triple global renewable energy capacity by 2030 will have an impact on the COP28 outcome. However, the COP28 Director General, Ambassador Majid Al Suwaidi, is hesitant about verifying the delivery of the promised $100 billion each year beginning in 2020, highlighting the need of developed nations fulfilling this commitment.
While the OECD thinks that rich nations most likely met their promise, the COP28 Presidency is seeking tangible evidence and believes that developed countries still have time to achieve various financial pledges.
The replenishment of the Green Climate Fund, early commitments for Loss and Damage, and doubling adaptation money are among the top priorities for COP28. The global stocktake (GST) is critical since progress has been made in aligning parties on forward-looking components to meet the urgent need to limit global warming to 1.5 degrees Celsius. The complicated issue of fossil fuel phase-out is addressed by the significance of practical, realistic, and equitable approaches to meet emission reduction targets.
While accepting the United States' objections to the Loss and Damage fund's operationalization, the COP28 Presidency expresses hope about reaching an agreement at COP28, the necessity of developing trust through early pledges and contributions. Ambassador Al Suwaidi emphasizes the issues of mobilizing money at scale and assuring the availability, accessibility, and affordability of finance, with a focus on practical climate action.