An Agreement is only as Good as its implementation. The historic consensus is only the beginning of the road’
H.E. Dr Sultan Al Jaber, President COP28
December 13, 2023, marks the end of the COP28 in the United Arab Emirates. This UNFCCC global gathering was marked by an incredible effort to address climate change through global collaborative action.
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COP28 has reached a consensus, the UAE Consensus, to transition away from fossil fuels, tripling renewable energies, doubling energy efficiencies by 2030, and successfully mobilized over $83 billion within the first five days, setting a new benchmark for climate action.

​This achievement includes several groundbreaking declarations and pledges:

  • The introduction of declarations addressing food systems transformation, health, renewable energy, and efficiency, along with initiatives to decarbonize heavy-emitting industries.
  • A total of 11 pledges and declarations received unprecedented support.
  • On the inaugural day of COP28, an historic agreement was reached to operationalise and capitalise funding for Loss and Damage, with $726 million already pledged to support those most affected by the climate crisis.
  • Additional funding commitments include $3.5 billion for the Green Climate Fund (GCF), $133.6 million for the Adaptation Fund, $129.3 million for the Least Developed Countries Fund (LDC), and $31 million for the Special Climate Change Fund (SCCF).
  • The UAE initiated a catalytic fund called ALTÉRRA, with $30 billion dedicated to driving positive climate action and aiming to mobilize an additional $250 billion worldwide.
  • The UAE further committed $200 million to assist vulnerable countries through Special Drawing Rights (SDRs) and $150 million for water security solutions.
  • The World Bank announced an annual increase of $9 billion for climate-related projects in 2024 and 2025, while Multilateral Development Banks (MDBs) pledged a cumulative increase exceeding $22.6 billion towards climate action.

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On the very last day of COP28, December 13 2023, representatives from nearly 200 countries achieved a historic milestone. They reached a groundbreaking agreement to initiate the reduction of global fossil fuel consumption, marking a significant step toward mitigating the most severe impacts of climate change. This unprecedented accord, following intense negotiations spanning two weeks, serves as a potent message to both investors and policymakers. It underscores the global consensus and determination to transition away from fossil fuels, signaling the beginning of the end of the oil age.
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These remarkable commitments and initiatives at COP28 signify a significant step towards addressing climate change and fostering global cooperation for a sustainable future.

For EnableGreen, while a significant milestone has been reached with the agreement to reduce global fossil fuel consumption, there’s no denying that a substantial journey lies ahead. The path forward requires comprehensive planning for nations to determine the methods and timelines for phasing out fossil fuels. This endeavor demands a profound shift in the mindset of fossil fuel users, producers, and governments alike. Success is also intrinsically linked to the development and widespread adoption of green technologies. Moreover, it necessitates a collaborative effort from all nations, particularly in supporting and protecting those most vulnerable to the socio-economic impacts of this monumental transition.

COP29 in Baku, Azerbaijan next year will serve as the platform for building upon the strong commitments and pledges made during COP28. It will be the planning stage for translating these promises into concrete actions and strategies to address climate change effectively and shift the world towards a better future as collaborative ‘Action Builds Hope’.

Author: Hayatte Loukili