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The curtains have fallen on COP28, leaving behind a spectrum of perspectives in the battle against climate change.
While some hail it as a notable leap forward with fresh commitments, critics, exemplified by the Alliance of Small Island States (AOSIS), decry it as a 'litany of loopholes.'
Key Milestones from COP28:
List of Services
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Transition from Fossil Fuels.List Item 1
The conclusive text earns the moniker of 'historic', by explicitly urging nations to "transition away from fossil fuels in a just, orderly, and equitable manner." This puts the onus on the most developed nations to expedite their departure from fossil fuel usage.
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Increased Finance for Climate Action.List Item 2
A resolute commitment has been made to elevate climate finance to $100 billion annually by 2025. This crucial step acknowledges the shortfall of developed countries in fulfilling their financial commitments to aid developing nations in climate action. Notably, it marks a $20 million increase from the preceding commitment.
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Enhanced Ambition for Nationally Determined Contributions (NDCs).List Item 3
Nations are summoned to present new, more ambitious NDCs in early 2025. These contributions play a pivotal role in determining the world's trajectory toward the 1.5°C target.
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Strengthened Global Stocktake.
The conclusive text includes a commitment to fortify the global stocktake—a periodic review of the collaborative efforts of nations to combat climate change.
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Declaration on Climate, Relief, Recovery, and Peace
A momentous declaration was embraced, recognizing the intricate links between climate change, disasters, and conflict.
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Launch of the Resilience Initiative for Small Island Developing States (SIDS).
The conference inaugurated the Resilience Initiative for Small Island Developing States (SIDS), aimed at providing essential resources for SIDS to navigate the challenges posed by climate change.
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Global Adaptation Fund's New Window for Least Developed Countries.
A new funding window for Least Developed Countries was set in motion, offering additional financial support for adaptation projects.
In summary, the final text of COP28 stands as a positive stride in the fight against climate change. Nevertheless, there remains a considerable amount of work to be undertaken to ensure alignment with the pivotal 1.5°C target.
Decisions by global leaders at COPs wield substantial influence over business operations, environmental adaptation, and innovation prospects. As iterated before, numerous organisations are already taking proactive steps, guided by the priorities of their customers, investors, employees, and a broader spectrum of stakeholders.
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