COP28’s Success Marks Just a Tiny Upgrade on COP27 Results
BloombergNEF gave COP28 in Dubai a 3.8 out of 10 success rating — 2.2 points below its overall score for the Glasgow conference in 2021.
This year’s COP28 in Dubai is concluding with a pleasant surprise: an agreement among 200 nations to transition away from fossil fuels. It marks the culmination of two weeks in which tensions flared over the future of coal, oil and gas. While the text isn’t final, it’s already being hailed as a “turning point” in the climate fight.
The future of fossil fuels was the most critical issue on the COP28 docket, but just one of many under discussion. To help cut through the noise, BloombergNEF in November identified 10 areas where governments needed to make progress at COP28 in order to take a meaningful step toward the goals of the Paris Agreement. Each area is scored out of 10 based on how much headway was made in Dubai, and assigned a weighting based on importance and urgency.