COP28, when urgency meets hope

Did you know that this week is not an insignificant one? From November 30 to December 12, 2023, COP28 is taking place in Dubai, United Arab Emirates (UAE). This event is all the more important as it is intended to take stock of the Paris Agreement adopted during COP21.

Enerfip tells you everything about the purpose of COP28, the objectives achieved or not, the key figures, the ambitions for the years to come, France's commitment...

The COP28 debrief
– A COP is a gathering of countries whose purpose is to take action on a global scale on climate change.
– COP28 takes place in Dubai, United Arab Emirates (UAE), from November 30 to December 12, 2023.
– Eight years after COP21, it aims to draw up the first global assessment. 265 French delegates are present at COP28.
– COP28 is controversial because of its President, the country in which it is taking place, certain invited guests and the extreme working conditions of the workers.

What is a COP?

COP or Conference of the Parties (Conferences of the Parties).

In 1992, following warnings from the scientific community about the urgency of global warming, the United Nations (UN) and its member states took action on a global scale. How did this take shape? Through the establishment of the United Nations Framework Convention on Climate Change (UNFCCC). Its mission is to more closely monitor the phenomenon of climate change on a global scale.

Who are the stakeholders?

Around the table, 198 signatories (197 states and the European Union) with different legal, economic, social, and political systems met to negotiate and provide guidance on the future of the Earth. Since 1998, they have also had a scientific body: the Intergovernmental Panel on Climate Change (IPCC).

The Paris Agreement

Are you familiar with COP21? It was during this event that international discussions resulted in the Paris Agreement. In 2015, 194 Parties (193 States and the European Union) ratified it. What is its principle based on?The fact that all countries commit to reducing their greenhouse gas emissions by setting their own targets. Why?To keep global warming between 2 and 1.5 degrees.

What is COP28?

COP28 Background

From November 30 to December 12, 2023, COP28 will take place in Dubai, United Arab Emirates (UAE). A global hub and engine of growth for sustainability, technology, business, trade, and tourism, this country was not chosen at random! It benefits from a unique geographical position, ideal for fostering consensus to accelerate inclusive climate progress.

Chaired by Dr. Al Jaber, CEO of Abu Dhabi National Oil Company (ADNOC), COP28 is intended to be a highlight of the climate negotiations. Why? Because an initial global assessment of the commitments made by States at COP21 in Paris in 2015, known as the Global Stocktake, will be established.

Key figures

• More than 100,000 people are expected in Dubai for COP28.
• +7.2% of annual CO2 emissions worldwide between 2015 and 2022.
• 48% of global CO2 emissions are linked to energy production.
• Emissions linked to electricity production increased by 10.91% between 2015 and 2022.
• 265 French delegates are present at COP28.

The controversies

This year, the COP is more controversial than ever! Among the various controversies, the President of COP28 is no exception. Known for being the CEO of the Abu Dhabi National Oil Company, Sultan Ahmed Al Jaber plans to use these climate negotiations to conclude agreements for his oil companies. Furthermore, he recently declared: "I agreed to come to this meeting to have a sober and mature conversation. I am in no way signing up for an alarmist discussion. I am factual here and I respect the science. There is no science or scenario that claims that phasing out fossil fuels will achieve [the target of] 1.5°C." A phrase that resonates in the newspapers and casts doubt on his real involvement. Especially since the United Arab Emirates (UAE) is the fifth largest emitter of CO2 per capita on the planet, with 20.3 tons per capita per year. Indeed, the Emiratis consume a lot. If only that were all, but no! They also promote numerous ecological aberrations like indoor ski slopes or miles of artificial beaches. Other scandals include the inhumane working conditions of migrant workers, the absence of some major leaders, the numerous fossil lobbyists present, and the invitation of Syrian President Bashar al-Assad, the target of an international arrest warrant issued by France for complicity in crimes against humanity. In short, a contradictory COP28.

What are the objectives?

Eight Years after COP21, all eyes are on Dubai for the first global review. It addresses several major challenges, namely assessing progress made, encouraging states to further develop their national actions, and intensifying national cooperation. Following these explanations and negotiations, a new course will be set to make it possible to limit the temperature rise to 1.5 degrees. So what progress is expected?

• Accelerate the phase-out of fossil fuels.
• Redirect financial flows.
• Support women's access to jobs in the energy transition.
• Practicalize the agreement reached at COP27, namely to finance the losses of countries affected by climate disasters.
• Adopt ambitious targets for the deployment of non-fossil fuels.
• Design new strategies to encourage the transition from coal to clean energy.

France's role during COP28

The French delegation is, of course, present throughout COP28 to participate in the climate negotiations. At the same time, it is leading a French Pavilion that offers thematic sessions, press meetings, public policy presentations, etc. These two weeks focus on various themes such as:

• health and peace;
• youth and education;
• food and agriculture;
• urbanization and transport;
• Gender equality and finance…

Committed by nature, Enerfip actively contributes to building a sustainable and clean investment model by promoting the development of renewable energies, sustainable mobility solutions, and energy efficiency. Thanks to a meticulous selection of green projects, your investment portfolio will become a driver of positive change while optimizing your financial return. If this idea appeals to you, don't wait any longer and make an appointment with the Investor Relations department!