The 2023 United Nations Climate Change Conference (COP28) is set to take place in Dubai, United Arab Emirates from November 30 to December 12, 2023. The conference is expected to be a significant event to assess progress on the Paris Agreement, with the first-ever global stocktake scheduled to conclude at COP28. This stocktake will help align efforts on climate action.
Ahead of the conference, Vietnam is finalising reform commitments with G7 governments and multilateral lenders. This could unlock billions of dollars in loans to reduce the country's coal use. Under an agreement reached last year, Vietnam would receive $15.5 billion, largely in commercial loans at market rates over three to five years, to boost the use of renewables and cut dependence on coal.
The COP28 climate summit is also focusing on turning methane pledges into action. Over 150 countries have promised to reduce their methane emissions by 30% from 2020 levels by 2030 under the Global Methane Pledge. However, few have detailed how they will achieve this. The World Bank is expected to launch a fund for detection and cleanup programs in major methane emitting countries. The US, China, and the UAE plan to host a meeting to discuss funding for the World Bank scheme and other methane-focused efforts.
The United Arab Emirates presidency of COP28 is championing a Global Cooling Pledge that will be launched at COP28. Various Geneva-based organizations will also be engaged at the conference.
Small island developing states (SIDS) from the Pacific, Caribbean, African, Indian Ocean and South China Seas have gathered in Dubai ahead of COP28 to solidify priorities for coping with worsening climate change impacts. The Alliance of Small Island States (AOSIS) will focus on issues such as the Global Stocktake. AOSIS Chair, Ambassador Fatumanava-o-Upolu III Dr Pa'olelei Luteru, emphasized the need for developed countries, which contribute 80% of the world's carbon emissions, to lead on fossil fuel phaseout and make drastic cuts to reach net zero by 2050.