Upcoming COP28 summit will determine the road map of the climate struggle. More than 70,000 people are expected to attend the summit, taking place in Dubai between 30 November and 12 December. Among them will be government representatives, business leaders, experts, academics, youth groups and many non-governmental organisations. As SOCAR Türkiye, we will follow the climate agenda from the front with our representatives who will attend COP28.

So which topics are on the agenda? What are the expectations from COP28? Let's first briefly touch upon the recent history of the COP, and then take a look at the issues to be negotiated this year.

Why are COPs (Conference of the Parties) organised?

The United Nations Framework Convention on Climate Change (UNFCCC) is the first intergovernmental agreement against global warming. All countries party to the Convention come together at COP annually to review their climate targets. The reports submitted by the countries give insights into how progress is being made towards the goals of the Convention.

Announcement of the global stock assessment expected at COP28

This year, the 28th Conference of the Parties, COP28, will be organised. As the summit approaches, hopes for the future of the planet continue to increase. Especially COP28 has a critical importance compared to previous summits. Because at this year's summit, the results of the Global Stock Assessment (GST) will be announced for the first time.

The Global Stock Assessment (GST) decision was taken for the first time in the Paris Climate Agreement signed at COP21. It includes monitoring the process of emission reduction and adaptation to the impacts of climate change, as well as related implementation and support mechanisms. In this context, following the information gathering and evaluation of technical reports so far, the evaluation outputs will be discussed for the first time at this year's COP.

The decisions taken in the Paris Climate Agreement aim to keep the global temperature rise as low as possible below 2°C compared to pre-industrial times, and if possible at 1,5°C. The results of the Global Stock Assessment (GST) will show the progress made so far to reach the 1,5 °C target. Accordingly, it will also provide a solid basis for reviewing climate plans and identifying gaps.

What will be discussed at COP28?

The United Arab Emirates, the presidency of COP28, recently issued an announcement. According to the announcement , the issues to be prioritised at the summit are as follows:

Accelerate energy transition and emission reduction solutions:

COP28 aims to be a milestone for accelerating the phasing out of fossil fuels. At this point, it is expected to determine the ways and methods to be followed to increase renewable energy investments, ensure energy efficiency, and create financing and technologies that will enable energy security during the transition.

To develop a comprehensive framework for a new agreement on climate finance:

Since developing countries are inadequate to respond to the impacts of climate change, it is important to establish an adequate level of climate finance for them to adapt to this process. The call by the COP28 Presidency to "double adaptation finance by 2025" will be among the issues to be discussed at the summit. It is also expected to decide on concrete arrangements to make finance affordable, available and accessible for all developing countries.

"Since developing countries are inadequate to respond to the impacts of climate change, it is important to establish an adequate level of climate finance for them to adapt to this process."

To realise the arrangements for the Loss and Damage Fund:

The necessary steps for the operational implementation of the Loss and Damage Fund agreed at COP 27 are expected to be taken at COP28. During the negotiations, it is aimed to clarify many processes regarding the collection, management and operation of the fund.

Put nature, people, lives and livelihoods at the centre of climate action:

The COP28 Presidency aims to send a clear message to the world on how governments, industrial organisations and individuals can play their part towards climate goals. In this direction, it is expected to continue its calls for action to contribute to sustainable development.

Diversifying and consolidating investment and policy priorities for sustainable development

The COP28 Presidency is preparing to take a leading role in promoting inclusive policy, finance and technology solutions for nature, food and agriculture, health, water, aid and recovery. Throughout the Summit, it will focus on consolidating the path towards the goals of the Paris Climate Agreement by encouraging actors across sectors to build coalitions. It will also prioritise platforming by promoting initiatives to protect biodiversity and vital natural carbon sinks.

In summary, COP28 can lead all parties to take stronger steps on climate action by sharing the first results of the global stocktake. It can provide effective methods for governments to update their Nationally Determined Contributions (NDCs) to limit global warming to 1,5°C.

As SOCAR Türkiye, we will be a partner in the COP28 agenda with the awareness of our responsibilities towards people, society and the environment. By participating in the summit, we will closely follow the solution methods that will lead the energy transition and share our knowledge and experience with the participants. On this occasion, we aim to inspire the sector and the collaborations that will arise on the road to climate solution. We will continue to work today for a better tomorrow, fueled by our energy.