COP28 takes place in Dubai between Nov. 30-Dec. 12. Follow S&P Global Commodity Insights’ coverage of impacts on energy and commodity markets, including the global stocktake, alternative fuels and climate finance.
The United Nations Framework Convention on Climate Change (UNFCCC) was ratified in 1994, with 198 countries signing up to act on global warming.
Over 20 years later, at COP21 in Paris, the parties agreed a landmark treaty covering climate change mitigation, adaptation and finance, with the key commitment to limit global warming to well below 2 C on pre-industrial levels.
COP27, held in Sharm el-Sheikh, Egypt, took place amid geopolitical instability and a crisis around energy security and prices. The outcomes of the conference were mixed. Only 35 nations came to the event with new or updated pledges to cut emissions, known as nationally determined contributions, or NDCs, and world leaders did not make further progress on agreeing a phase out of all fossil fuels. But negotiators achieved a landmark agreement to establish a fund on loss and damage.
COP28 in the UAE will mark the conclusion of the global stocktake, a two-year process under the Paris Agreement that aims to assess collective progress and identify a roadmap of actions to accelerate and supercharge efforts to tackle climate change. Delegates will also tackle issues including how to make progress on the charged issue of a fossil fuels phase out; the setting of ambitious renewable energy targets and financing goals; and international carbon trading and accounting.
Since the beginning of the year, government ministers, company officials and representatives of multilateral organizations have been preparing for COP28 through high-profile events like the G7 and G20 meetings and regional climate summits. The timeline below shows the major events that laid the groundwork for the event.
Can government and industry leaders come together and deliver greater ambition in policy based on a first global carbon stocktake? This special interactive report looks at the key issues facing the climate and commodity markets at COP28.Launch report
Countdown to COP28
DAC and CCUS both capture CO2 and store it, but there is a key difference between them.View infographic
DAC vs CCUS
Explore the critical resources driving energy transition through maps and data visualization.Explore
Atlas of Energy Transition TM