COP28: A Tale of Money, Fossil Fuels, and Divisions
16 November 2023
A research briefing. COP28 is likely to see an international community more divided than ever on how to address the threats posed by climate change as the world is still in a > 2,4°C warming trajectory in the most optimistic scenarios. The European Union (EU) is calling for a fossil-fuel phase-out while the United Arab Emirates (UAE), China, India, and Saudi Arabia, are advocating a “phase down”. Developed countries are being requested to ramp up their contribution to climate finance, and more specifically to the Loss and Damage Fund – but the United States (US) is reluctant to engage in this. Europeans are quite isolated and losing influence, while the “Global South”, especially African countries, is increasingly in a position to set the tone and the agenda. Meanwhile, private sector coalitions remain very active, such as on finance, or hydrogen.