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January 5, 2024 • 1-minute read
The 2023 United Nations Climate Change Conference (“COP28”) reached a significant development in international climate policy, ending with the “first Global Stocktake” calling for a “transition away from fossil fuels in energy systems.” In addition, COP28 resulted in an agreement to create a loss and damage fund for countries vulnerable to the impacts of climate change, further negotiations to adopt a new climate finance goal, and the establishment of a framework for a Global Goal on Adaptation.
While the Global Stocktake has been hailed as “historic” and represents a large step toward climate action since the Paris Agreement—the outcome of COP21 which aims to limit temperature increases to 1.5 degrees Celsius above pre-industrial levels—it remains to be seen whether it will be able to achieve its intended impact, particularly in light of the role of carbon markets and growing gaps in financing climate adaptation that will be central to COP29 negotiations.
Download the full summary below.
This information is provided by Vinson & Elkins LLP for educational and informational purposes only and is not intended, nor should it be construed, as legal advice.
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