The 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) concluded in Dubai, United Arab Emirates.

On December 13th, 2023, local time, the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) closed in Dubai, United Arab Emirates. The conference adopted the final agreement, calling on all countries to "reduce the dependence of energy systems on fossil fuels in a just, orderly and fair way". According to public reports, this is the first time in nearly 30 years since the United Nations Climate Change Conference, countries have unanimously agreed to transition away from fossil fuels.

This conference reached consensus on the first global inventory of the Paris Agreement, mitigation, adaptation, capital, loss and damage, fair transformation and many other issues. As of December 13th, 130 countries have promised to triple the installed capacity of renewable energy by 2030. More than 50 companies, accounting for more than 40% of the global oil production, have signed the Charter of Oil and Gas Decarburization, and the loss and damage fund has raised more than 700 million US dollars. The following excerpts show the achievements of COP28.

1. More than 97,000 delegates registered to attend this conference, more than twice as many as COP27, making it the largest conference of the Parties in history. On December 1st and 2nd, 156 heads of state and government attended.

2. According to public reports, more than 2,450 participants in COP28 are representatives of the fossil fuel industry, which is about four times that of COP27.

3. 130 countries committed to:

By 2030, the installed capacity of global renewable energy generation will be tripled to at least 11000GW.

The global average annual energy efficiency has doubled, from about 2% to over 4%.

4. On December 2, local time in Dubai, during COP28, the United Arab Emirates and Saudi Arabia jointly launched the Oil&Gas Decarbonization Charter, which stipulates that the oil and gas industry will achieve zero net emission and zero methane emission by 2050. More than 50 oil and gas companies have joined the charter, and their oil and gas production accounts for more than 40% of the world.

5. On the opening day, COP28 reached a landmark agreement on the loss and damage fund, and the loss and damage fund began to operate from that day.

Nineteen countries have pledged a total of $726 million to the fund and financial arrangements related to losses and damages, including $100 million from the United Arab Emirates. COP27 established a loss and damage fund to help developing countries that are particularly vulnerable to climate change.

6. During COP28, the United Arab Emirates, as the host country, announced that it would donate 30 billion US dollars to set up a new climate fund to accelerate the global transition to a low-carbon economy and help poor countries mitigate climate disasters. This new fund will adopt a dichotomy structure, of which $25 billion will be used for climate strategic investment; Another $5 billion is used to stimulate investment flows into countries in the global South.

7. The World Bank announced an annual increase of $9 billion in 2024 and 2025 to fund projects related to climate change.