COP28 calls for adapting to warmer world without resolving how to pay
How to adapt to the impacts of climate change was one of the many difficult questions addressed at the COP28 talks in Dubai — and how to pay for it has yet to be answered.
The final deal from the U.N. climate summit in Dubai on Wednesday was vague on where much-needed finance would come from — a topic picked up by a number of countries as they commented on the deal.
“Adaptation is really a life and death issue,” the Bangladesh climate envoy Saber Hossain Chowdhury said. “We cannot compromise on adaptation. We cannot compromise on lives and livelihoods.”
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”
Related Knowledge Center: Climate diplomacy: COP 28
The 28th Conference of the Parties on climate change is planned for Nov. 30 through Dec. 12, 2023, in Dubai.