Tensions rose at COP28, the UN climate summit in Dubai, with the publication of a new draft agreement, announced at 2pm GMT.

The draft was published after COP President, Sultan Al Jaber, had been meeting with all countries in a format called ‘the Majlis’. An Arabic term, ‘Majlis’ are used to refer to a council or a special gathering, typically bringing together a community of elders. Ireland’s Environment Minister, Eamon Ryan, represented the EU in a Majlis of climate ministers, who were encouraged by Sultan Al Jaber to sit in a circle and speak “heart to heart”, to break the deadlock in phasing out fossil fuels. Earlier, the head of the United Nations, António Guterres, had called on world leaders to “end the fossil fuel age” as he returned to COP28 for the final days of the summit.

According to the draft agreement, fuel production and consumption will be reduced by 2050 in line with scientific advice. It proposes an approach that “could” include “reducing both consumption and production of fossil fuels, in a just, orderly and equitable manner so as to achieve net zero by, before, or around 2050 in keeping with the science”.

While the current text of the agreement avoids the contentious terms ‘phase out’ and ‘phase down’, the wording still requires countries to reduce their fossil fuel production; however, the text has been criticized for being “grossly insufficient.”

“We can’t accept the text,” Minister Eamon Ryan reportedly said, adding: “That ‘could’ kills everything”.

Other news made headlines from the negotiations at the climate summit:

• The High-Level Champions and the Marrakech Partnership have released a report called '2030 Climate Solutions: An Implementation Roadmap.' It contains a set of solutions on measures that must be scaled up and replicated in order to halve global emissions, address adaptation gaps and increase climate resilience.
• Next year’s COP – COP29 – is to take place in Baku, Azerbaijan.

Article

• COP28 draft agreement drops phaseout of fossil fuels (Financial Times)
• Elements of new Cop28 text are ‘fully unacceptable’, say EU climate chiefs (The Guardian)
• ‘We can’t accept this’ – Eamon Ryan says proposed Cop28 agreement needs to be ‘radically’ improved (Irish Independent)

Podcast

In the second of two special episodes from ICAEW, Insights In Focus shares news and views from COP28 in Dubai. guest host Mark Rowland is joined by Sarah Reay, ICEAW Climate Change Manager, ICAEW; Jessica Fries, Executive Chair, A4S; and Mardi McBrien, Chief of Strategic Affairs and Capacity Building, IFRS Foundation. 

Counter

The Climate Action Commitment Counter, published today by COP organisers, has provided a breakdown of financial pledges and contributions so far:

• Loss and Damage:$726 million
• Green Climate Fund:$3.5 billion (up to $12.8 billion)
• Adaptation Fund:$134 million
• Least Developed Countries Fund:$129.3 million
• Special Climate Change Fund (SCCF):$31 million
• Renewable Energy:$5 billion
• Cooling:$57 million
• Clean Cooking:$30 million
• Technology:$568 million
• Methane:$1.2 billion
• Climate Finance:$30 billion from UAE, $200 million in Special Drawing Rights, and $31.6 billion from Multilateral Development Banks (MDBs)
• Food:$3.1 billion
• Nature:$2.5 billion
• Health:$2.9 billion
• Water:$150 million
• Gender:$2.8 million
• Relief, Recovery and Peace:$1.2 billion
• Local Climate Action:$467 million

Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre.