Explained | What are the key issues in the upcoming COP28 summit in UAE?

All eyes are set on the COP28 climate summit which will be held in the United Arab Emirates (UAE) from Nov 30 to Dec 12. The summit will be held at the Expo City, Dubai. This year, the COP28 will face a set of controversial issues for countries that are working to find a common ground in tackling climate change. The UAE's Sultan Sultan Al Jaber, who is the president of the forthcoming summit, said that he was "cautiously optimistic" that the pivotal talks will be successful, the news agency AFP reported.

"I am cautiously optimistic. You can see and feel the great momentum we have -- the transitional committee (responsible for setting up a fund to help vulnerable countries cope) has resulted in a very positive outcome," Jaber told AFP last Saturday (Nov 25).

"I want a high-ambition outcome at COP28. And I do expect that we will be able to collectively agree on a tangible climate action plan," he added.

What are the key issues in this year's summit?

> One of the main tasks at the COP28 is the first-time assessment of countries' progress towards meeting the 2015 Paris Agreement's goal of limiting the global temperature rise to well below 2 degrees Celsius while aiming for 1.5 degrees Celsius, the news agency Reuters reported on Monday (Nov 27).

> The toughest talks at the climate summit might focus on the future role of fossil fuels, and whether countries should commit to phasing out the use of CO2-emitting coal, oil and gas. The United States, the European Union (EU) and many other climate-vulnerable countries have been insisting on a final COP28 deal which commits to phase out fossil fuels.

> Reuters reported that the UAE and other countries whose economies depend on fossil fuels want COP28 to include a focus on nascent technologies designed to capture and store CO2 emissions underground. While the International Energy Agency (IEA) said these technologies are crucial for meeting global climate goals, they are also expensive and not currently used on a large scale. The EU and others have expressed concerns the technologies will be used to justify continued fossil fuel use.

Also read: Top UAE oil company executives working with COP28 team, show leaked documents

> During the summit, countries will also consider setting goals to triple renewable energy capacity and double energy savings by 2023. This proposal has been made by the US, the EU and the UAE. Some major G20 economies including China are already supporting the renewable goals. But the EU and some climate-vulnerable countries have insisted on pairing this pledge to boost renewables with phasing out fossil fuels.

> Another core issue is the financing required for tackling climate change and its consequences, which will be far more than what the world has budgeted so far. Developing countries will need at least $200 billion every year by 2030 to tackle climate change, the United Nations (UN) said. Additionally, they will also need funding to help replace polluting energy with clean sources. 

> There will also be costs of damage that are already being caused by climate disasters. Reuters reported that at the summit in Dubai, countries will be required to set up a "loss and damage" fund to fund these costs. Vulnerable countries demand that more money should be spent on adapting to a world that will surely become warmer over the next decades. They want wealthy countries, whose past CO2 emissions largely caused climate change, to pay up.

> The US and the EU said they would provide money for the COP28's climate fund. However, they said that there is a need for private finance too. 

> Some side deals are also expected to take place during the summit. Reuters reported that the UAE is planning to launch a voluntary pledge from oil and gas companies to cut emissions. Some other initiatives on the sidelines of the climate summit include pledges to curb emissions of methane limit emissions from air conditioning and restrict private finance for coal plants.

Trouble for host UAE ahead of summit?

Days before the COP28 summit will begin, a report by the BBC citing leaked documents said that host UAE planned to exploit meetings with foreign governments arranged due to strike fossil fuel deals. The leaked documents showed that the UAE's state oil company ADNOC was "willing to jointly evaluate international LNG (liquefied natural gas) opportunities" in Mozambique, Canada and Australia.

The documents also showed that the country prepared talking points for meetings with 20 countries including the US and the United Kingdom (UK) on commercial opportunities for state renewable energy company Masdar.

Also read: Pope urges climate action in COP28, decries 'irresponsible' Western lifestyle

COP28 president Al Jaber is the chief executive officer (CEO) of both ADNOC and Masdar.

Speaking to the news agency AFP, a COP28 spokesperson said the leaked documents were inaccurate and were not used by the summit in meetings. "It is extremely disappointing to see the BBC use unverified documents in their reporting," the spokesperson said. 

(With inputs from agencies)