So, what’s this COP28 all about?
By Faith Woon
Faith Woon, a Bachelor of Commerce student and Global Voices Fellow, shared her thoughts ahead of attending the COP28 UN Climate Change Conference in Dubai.
If you asked me at the beginning of my degree what COP28 stood for, I probably wouldn't have been able to tell you. Fast forward a few years, and I'm on my way to this year's United Nations Climate Change Convention, otherwise known as the 28th Conference of the Parties (COP28), held in Dubai.
The conference serves as an international forum where world leaders, politicians, scientists, NGOs, company representatives, and civil society convene to discuss how to collectively tackle the urgent challenge of climate change.
At the heart of these conferences are the multilateral negotiations, aimed at fostering greater ambition across countries in addressing climate change. For example, the Paris Agreement, the first legally binding commitment to keep the world at 1.5°C below pre-industrial levels, was agreed upon at COP21, the 21st annual summit held in 2015.
This year, key items on the agenda include commitments to scale up climate finance, the operationalisation of the Loss and Damage Fund, and the conclusion of the first Global Stocktake to assess progress towards the Paris Agreement, among many others.
If one thing is clear, it’s that countries are not on track to limit global warming to 1.5°C. The alarm bells are already going off around the world, with 2023 set to be the hottest year recorded in human history, accompanied by an unprecedented number of extreme weather events causing widespread devastation and leaving millions of people displaced. Dramatic action will be required to keep the 1.5°C goal within reach. Undoubtedly, the negotiating teams face a formidable challenge ahead as they strive to reach a consensus around a ‘just transition’ in light of this increasing climate urgency.
Notably, this year’s discourse will see increased sway from oil and gas corporations. The proceedings will be led by Sultan Al Jaber, the CEO of the Abu Dhabi National Oil Company (ADNOC), and for the first time, OPEC will host its own dedicated pavilion – a space traditionally reserved for countries and scientific bodies to showcase their efforts, initiatives and plans going forward. While it is important to have all voices at the table, we can certainly expect to see a lot more greenwashing and push-back on the phase-out of fossil fuels from the oil and gas sector, whose primary interests are at direct odds with the imperative of climate change mitigation.
Global Voices is a youth-led Australian not-for-profit committed to developing the next generation of leaders by providing practical experience in policymaking, international relations and diplomacy. Throughout the year, Fellows complete a policy fellowship; an extensive process where they develop a policy paper with key recommendations for domestic implementation. Their policy paper topics are closely related to the themes of the multilateral forum they will be engaging with. As part of this process, Fellows will liaise with Australian government officials, senior academics, and global policy experts. Find out more about Global Voices here.
As tempting as it is to shun these companies for what they’ve done in the past, we can’t just neglect the entire sector and focus our attention purely on the cleaner, more sustainable areas of the transition. Meeting the goals of the Paris Agreement will require us to tackle the fossil fuel problem head-on, through meaningful change and transformation. Previous activist efforts have been successful in placing much-needed pressure on oil and gas companies but have fallen short in inciting substantial action within the industry. This is because calling for the phase-out of fossil fuels only addresses one part of the puzzle. The crucial question remains: what will become of these companies? How can governments, investors and civil society support the industry in forging more credible transition pathways from fossil fuels to clean energy?
This is the focus of my policy paper, which I will be presenting at COP28 and publishing early next year.
As we head into COP28, a lot is at stake. It is natural to feel disheartened in the face of the climate crisis and question the effectiveness of such large multilateral conferences. However, we should not lose sight of the substantial progress that has been made thus far, as well as the meaningful actions that occur outside of these high-profile events. A remarkable example is the initiative led by a group of Pacific Island law students from Vanuatu in successfully rallying more than 130 nations to adopt a UN General Assembly Resolution earlier this year. The resolution seeks clarity from the International Court of Justice on the legal obligations of countries to take action on climate change – and the consequences if they do not.
The world needs more young individuals who are committed to tackling the problem of climate change.
Young people are not only victims of climate change. They are also valuable contributors to climate action. They are agents of change, entrepreneurs and innovators. United Nations Youth in Action
For this to be realised, we need to view the energy transition as an opportunity, rather than a burden. Already, a vast range of new jobs and opportunities are being created as the world transitions to cleaner energy systems. There are many fascinating areas that relate to commerce disciplines, such as climate tech, impact investing, clean energy finance, mergers and acquisitions, and so on, alongside the growing need to drive sustainable practices in the business world.
Below is a non-exhaustive list of resources I hope will be of some use:
- A Guide to the Energy Transition provides an accessible overview of Australia’s transition to a clean energy transition, written for students by students
- Emissions Gap Report is the UN Environment Programme’s annual report tracking progress towards the Paris Agreement
- Email newsletters like RenewEconomy, CTVC, and Util
- Podcasts like Climate Talks by Melbourne Climate Futures
- Australia-specific analysis has been conducted by the Australian Corporate Centre for Social Responsibility (ACCR), the Institute for Energy Economics and Financial Analysis (IEEFA), the Grattan Institute, and The Australia Institute
- Opportunities available to students include Global Voices, Wattle Fellowship and Ripple Job Board
- Instagram accounts like @theclimatecouncil, @projectplanetaus and @environment
I’m certainly unable to do justice to all the amazing work out there, but hopefully, this gives you a place to start on your climate journey (if you haven’t already)!
Faith Woon is a fourth-year Bachelor of Commerce student, majoring in finance and economics. She has been selected as one of six Global Voices Fellows to attend the UNFCCC COP28 Climate Conference. The Faculty of Business and Economics is proud to support her continued endeavours with the Global Voices Fellowship and her passion for sustainability and climate change.