Bloomberg New Energy Finance Scorecard for COP28

COP28 turned out to be a pleasant surprise. An agreement to transition away from fossil fuels was reached for the first time. But the COP28 deal did not contain an explicit agreement for the phase out of fossil fuels, with only the aim “to achieve net zero by 2050 in keeping with the science.

Most welcome was the fact that a $100 billion climate finance commitment pledge was met for the first time.  

Nearly 200 countries also agreed on a loss and damage fund. 

But it is not clear how the target of doubling adaptation finance by 2025 to $40 billion we be met. COP28 agreed to prepare a report by next year’s COP.

Approval of a high-quality carbon offset system has been delayed.

BNEF gives COP28 3.8 out of 10. Slightly down on COP27 but 2 points below COP26.

• Countries are still not on track to limit warming to 1.5C or even 2C.
• Emissions need to fall 43% by 2030 compared to 2019 levels to keep global warming on track.
• A doubling of the rate of renewable investment to an average of $1.18 trillion per year through 2030 is required.