Recapping COP28’s approved text: Following two weeks of negotiations that ran into overtime, the representatives of the 198 participating countries at COP28 signed the final document of the Global Stocktake (pdf) yesterday morning shortly after we hit send on our last issue, according to a statement. The final document underwent several changes in wording and targets, so let’s unpack what the revisions mean.

The approved text to the “beginning of the end”: The final agreement marks the first time in the summit’s history to see fossil fuels directly addressed in the final text. The revised text called for “transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner,” which was hailed as “the beginning of the post-fossil era,” the EU chief Ursula von der Leyen said.

Not a phase out, buta transition: Despite sidestepping a total phase out — which over 100 countries had been rallying for — the final text was able to drop the optional language of suggested changes, but it came at the expense of a more diluted version calling on “transitioning away” from fossil fuels. The text also called for the phase out of “inefficient fossil fuel subsidies that do not address energy poverty or just transitions, as soon as possible.”

Coal is here to stay: While the text kept the phasedown of coal as a goal, the adopted agreement skipped out on a date to achieve this phasedown or specific targets as to how this phasedown could come about. It also left a caveat for new coal-power generation projects.

But we have a more defined goal for methane: The text called for “accelerating and reducing” methane emissions by 2030 without stating by how much. This current goal is a slight regression from the goals in the previous drafts that called for reducing methane by 30% by 2030 and by 40% by 2035.

OVER ON THE FINANCE FRONT-

Loss and damage is now a matter of finance: The now operational Loss and Damage Fund was moved to the section under finance, where other climate finance mechanisms and funds are mentioned. Despite the significant official recognition of the fund as a means of finance, the section of the fund did not address the developed countries obligations nor the scale of the required loss and damage which is estimated to be over USD 400 bn annually. The section also did not refer to prioritizing funding for local communities, nor did it mention human rights, gender-responsiveness, the rights of Indigenous Peoples, youth and children.

The financing provisions fall short: The text’s stance on climate finance is “worrying” as it fell short of demanding developed countries commit to “provide public, new and additional, grant-based concessional finance,” ACT Alliance Climate Justice lead Julius Mbatia said, referring to the text’s exclusion of language that places responsibility on developed countries. The adopted text also excluded two paragraphs in previous drafts on “taking into account the priorities and needs” of vulnerable countries and ensuring that all finance flows are in line with the Paris Agreements. “The missing element, however, was a clear financial package for countries embarking on their energy transition as well as clarity about how to fill the adaptation finance gap,” E3G Senior Policy Advisor Laura Reyes said.

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