COP28: Climate Summit 2023

COP 28 Conclusions

Finally, a very positive agreement has been reached in Dubai to drive fowrward the energy transition. For the first time, there has been an explicit call to move away from fossil fuels under strict conditions: accelerating climate action in this decade, achieving net zero emissions by 2050 and basing action on science. In addition, a target of tripling renewable capacity and doubling energy efficiency improvements by 2030 has been set.

A call has been made to all countries to reduce emissions from road transport through the deployment of electric charging infrastructure and the use of zero and low-emission vehicles. 

In addition, the 1.5°C temperature increase scenario was reaffirmed through concrete actions around emissions reductions, coupled with a reduction of coal use, methane emissions and eliminating inefficient fossil fuel subsidies, leading to accelerated deployment of zero and low emission technologies. The results achieved will guide the review of countries' climate plans (NDCs) at COP30 in Brazil in 2025. 

In addition to these agreements, technical aspects and financial contributions linked to climate change adaptation, the fund to help developing countries cope with climate change impacts (Loss and Damage Fund) and contributions to climate finance such as the replenishment of the Green Climate Fund by developed countries have also been approved.

Iberdrola's participation in COP28

Once again this year, the Iberdrola Group, a world leader in the fight against climate change, is actively participating in COP28, showing our commitment to a sustainable energy model that generates opportunities and presenting climate action as the central axis of our strategy for sustainable development and respect for the environment.

Following the presentation of its Climate Transition Plan to the United Nations and the recognition of the UN during the Climate Action Summit convened by Antonio Guterres in September in New York, we are once again positioned as leaders in climate action, a leadership that we will also exercise at the Dubai summit. At Iberdrola, we are working intensively with our network of alliances, the United Nations and the Presidency of COP28 (United Arab Emirates) to make ourselves as visible as possible as leaders in the fight against climate change, supported by our Climate Transition Plan and its ambitious investment strategy.

In Dubai, we support the goal of tripling renewable capacity by 2030 by joining the most relevant campaigns, our own activities as well as participating in different forums and meetings. In addition, among the other key issues we address at this year's COP, we focus on capacity building for young people to promote green employment opportunities, biodiversity-positive renewable deployment and the promotion of the energy infrastructure needed to meet COP28 energy targets. In each of these lines of action, we collaborate with organisations such as the United Nations Climate Change, UNICEF, the International Energy Agency, Birdlife, Corporate Leaders Group...

The COP28 Unite.Act.Deliver.

Dubai will become the global epicentre of climate change dialogue at this summit. Under the theme Unite.Act.Deliver, COP28is a milestone in the global climate agenda of this decade with the presentation of the world's first global stocktake on global progress following the adoption of the Paris Agreement, adopted in 2015 at COP21.

The vision of the COP28 Presidency, the United Araba Emirates, is articulated around 4 main lines of action. 

• Accelerating the energy transition and reducing emissions by 2030: the objetive of tripling renewable capacity by 2030 is one of the major goals of this summit. It also aims to double the energy efficiency ratio, increase electrification and reduce methane emissions by 2030 as well as the use of fossil fuels. 
• On climate finance: delivering on promises made and laying the groundwork for a new global climate finance agreement. Finance is a key issue in a year of debate on reforming the multilateral financial system to better respond to the needs of developing countries. Important elements are ensuring that the target of doubling adaptation finance by 2025 is met, as well as making progress in laying the groundwork for the New Collective Measurable Climate Finance Goal to be adopted in 2024 to meet the needs of developing countries. 
• Putting nature, people, lives and livelihoods at the centre of climate action. COP28 is expected to launch the Loss and Damage Fund adopted in Egypt last year and one of the main outcomes of COP27, as well as to make progress on the adoption of a robust framework for the Global Goal on Adaptation. For the first time at a COP, a ministerial meeting on the climate-health nexus will be held.
• Mobilise all actors to organise the most inclusive COP in history. A very high participation of young people is expected, as well as delegations with parity and representation of indigenous communities. 

The organisation of COP28 in the EAU

COP28 will take place between 30 November and 12 December 2023 at the Expo City Dubai congress centre in the emirate city of Dubai, under the presidency of the United Arab Emirates. The conference is expected to bring together more than 70,000 participants, including heads of state and government, government officials, representatives of international organisations, business leaders, academics and civil society representatives.

The host country wants the size and characteristics of the venue to serve as an inclusive platform for dialogue, offering a dedicated space for accredited parties and observer delegates (Blue Zone) as well as one for civil society (Green Zone).

All the latest information on COP28 External link, opens in new window.

First Global Stocktake: first global stocktake of progress on climate action

This first global diagnosis will certify that we are still far from meeting the targets for no more than one and a half degrees of global temperature rise by the end of the century, but will help align efforts to accelerate climate action, including recommendations on measures that need to be put in place to close the gaps in progress on climate action.

Seven years from Paris and another seven years from 2030, the date by which greenhouse gas emissions must be reduced by 43 % compared to 2019 levels, this first diagnosis marks a turning point and an opportunity to redirect the course towards greater ambition. Its results will help countries to update their climate commitments, known as Nationally Determined Contributions, by revising their targets upwards.