BDB Network – Your Business in the World


15 February 2024
Dorin Popescu

Amid the buzz surrounding COP in recent months, we’re excited to be your guides, bridging the gap between curiosity and clarity. Join us as we delve into the heart of COP, ensuring you’re not just a spectator, but an integral part of the discussion. Let’s kick things off by uncovering the essence of COP and then journey together to explore the impactful outcomes of COP28, held last year in the vibrant city of Dubai.

What is COP ?

COP stands for ‘Conference of the Parties’. It is a global summit where representatives from around the world gather to discuss and negotiate actions to address climate change. The term COP has come to be connected with the meetings of one particular committee: that is created after the signing of the United Nations Framework Convention on Climate Change (UNFCCC).

Each year, a new country assumes the role of the COP president, responsible for orchestrating and managing the year’s conference. Consequently, the host city typically changes annually, reflecting the diverse global participation in the event. Any new agreements made during COP often bear the name of the host city.


COP28 took place in Dubai, UAE, from November 30 to December 12, 2023. This historic conference marked the largest UN climate change gathering to date, uniting 85,000 participants, including 150 heads of state, and delegates from nearly 200 countries.

Major things that happened in COP28


The Loss and Damage Fund

Leaders of vulnerable nations called for a global solidarity in reducing greenhouse gas emissions and more financial support. After extensive negotiations, the Loss and Damage Fund was successfully launched on the first day of the Dubai summit to aid climate-vulnerable nations facing crises beyond adaptation. Despite the fund’s initiation, only approximately $700 million was contributed, insufficient compared to the projected $580 billion in climate-related damages by 2030.


Agriculture joins the COP28

One hundred and fifty nine nations, covering nearly 80% of the world’s land, signed the COP28 UAE Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action, committing  to integrate food and food systems into their Nationally determined contributions (NDCs) by 2025. All countries must now incorporate food and food systems into their next round of NDCs and arrive at COP29 and COP30 with real progress in hand.


The launch of CHAMP Initiative

On December 1st, during COP28, the Coalition for High Ambition Multi-level Partnerships (CHAMP) was unveiled. This initiative seeks to foster a more ambitious and sustainable approach toward fulfilling the goals of the Paris Agreement. It calls upon nations to engage in dialogue with their local and regional governments to shape national climate objectives and provide resources for the implementation of ambitious climate initiatives. Already, 72 nations have committed to this pledge, showcasing collaboration among national leaders, mayors, and governors worldwide in pursuit of innovative climate solutions aligned with global temperature targets, as highlighted by the Global Stocktake.


Fossil Fuels to Clean Energy

The UAE Consensus appealed to the world “transition away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050.” This indicated a swift transition away from fossil fuels in the short term, while also setting the course for a zero-carbon future in the long term.

It held particular significance as it signalled the culmination of the initial ‘global stocktake’ assessing the globe’s endeavour’s to combat climate change under the Paris Agreement. The assessment revealed that progress across various fronts of climate action, surrounding greenhouse gas emission reduction, resilience building against climate impacts, and provision of financial and technological aid to vulnerable nations, was regrettably slow.

In response, countries planned to expedite action across all fronts by 2030. This plan includes urging governments to rush the transition from fossil fuels to renewable energy sources like wind and solar power in their forthcoming climate commitments.

In summary, COP28 ended in a resounding success, marking an unexpected turning point towards the end of the fossil fuel era, among other significant advancements. We trust you are now well-versed in the latest from COP. Stay informed by following our social media, ensuring you receive timely updates and insights into ongoing developments, particularly those unfolding in Dubai.

Credits: Kiyyaa Dadi Hundie