COP28 deal: Progress is being made at a glacial pace

Chaitanya Kumar, head of environment at the New Economics Foundation (NEF), responds to the closing deal of COP28. He said:

“As western nations try to shape the narrative of COP28, it is important to note the glacial pace of progress coming out of this conference. The draft text itself acknowledges that global emissions are set to fall by a meager 2% by 2030 when they should instead be slashed by at least 43%. That is a testament to how COPs continue to generate more talk than action.

“It is little consolation to hear the conference finally agreed to including the phrase ​“transition away from fossil fuels” when we have known its importance for 3 decades. The science is emphatically clear – leaving fossil fuels in the ground is the only is the only way to limit climate catastrophe. 

“And pledges of finance from richer nations to the developing world for climate mitigation and adaptation is a story of broken promises. COP28 has merely kicked that can down the road with expectations of more finance to be negotiated in the coming years. With almost 5 trillion of dollars in finance needed for mitigation and adaptation till 2030, rich nations need to contribute their fair share.

“The UK government should be an international leader on climate but NEF analysis has found they’re going to give oil and gas companies £18bn in tax breaks over the next three years. These subsidies need to stop if we’re to really transition away from fossil fuels and set an example on the world stage.”