COP28 in Dubai in 2023 was not only the largest climate conference of all time, but probably also the COP facing the highest expectations since the Paris Climate Agreement was signed. In particular, negotiations were centred on the Global Stocktake (GST), seeking to evaluate progress made to date towards achieving the Paris Agreement while setting the framework for the global community's future commitments.

Thanks to the skilful preparations by the host country, the United Arab Emirates, negotiations were able to register success on the very first day, by successfully agreeing on the operationalisation of the Loss and Damage Fund. However, tough and tedious negotiations characterised the further course of the climate conference, and almost collapsed before an agreement was almost surprisingly hammered out in key areas. 

On the central issue of fossil fuels, a consensus was reached on "transitioning away" from fossil fuels, which fell short of the demand for a "phase-out", but now seals the end of the fossil fuel era for the first time – a remarkable step compared to previous climate conferences. In the shadow of this major point of contention, however, there was no breakthrough on other issues: limited or no results were achieved in negotiations on emissions trading, adaptation to climate change and financing. The task ahead is to prepare for an agreement in these areas before COP29 in Azerbaijan.

Read the entire Monitor: "COP28: Too Big to Fail? The World Climate Conference: A Litmus Test for the Paris Climate Agreement and a Guiderail for Future Climate Policy" from our Sustainability series here as a PDF.