Two Years After COP28.. The UAE Compact Remains a Roadmap for Climate Action

The historic UAE Compact remains a roadmap for climate action.

                         

Two Years After COP28.. The UAE Compact Remains a Roadmap for Climate Action

Today, Saturday, December 13, marks the second anniversary of the announcement by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, and the UAE Special Envoy for Climate Change, of the historic UAE Compact at the conclusion of the COP28 Conference of the Parties, a pivotal moment in global climate action.

Thanks to the visionary leadership of the UAE and its unwavering support, the Compact successfully united the efforts of the 198 Parties to the UN Framework Convention on Climate Change (UNFCCC) to agree on a comprehensive and unprecedented set of practical measures across mitigation, adaptation, and finance, aimed at reducing emissions, enhancing decarbonization efforts, and protecting individuals and communities most affected by the impacts of climate change. 

These measures included a commitment to triple global renewable energy capacity by 2030, double energy efficiency, and reduce deforestation. COP28 also achieved a historic milestone by successfully establishing a fund to address the impacts of climate change for the first time at a Conference of the Parties.

COP28 also achieved positive outcomes beyond the negotiated results through the Presidency's Action Plan. It successfully mobilized the private sector in an unprecedented and effective way for decarbonization. 

Pioneering initiatives, such as the Oil and Gas Emissions Reduction Charter (OGRC), the most comprehensive private sector partnership for decarbonization to date, brought together global and national oil companies representing 40 percent of global oil production in a charter aimed at significantly reducing methane emissions and carbon emissions from their production operations. 

The Altera Fund, the world's largest climate-focused investment fund, was also launched at COP28, with the goal of mobilizing $250 billion by 2030 to finance global climate action solutions on a large scale.

The outcomes of COP28 contributed to consolidating the UAE’s position and enhancing its active role in bridging differences and supporting joint action by uniting the efforts of governments, the energy, industry, and finance sectors, and civil society organizations to build a global consensus, prioritizing partnership over polarization, and dialogue over division.