COP28, hosted in the UAE, was characterised by more transparency than ever before. It started with a historic agreement on how to fund reconciliation projects for losses and damage caused by climate change.
It ended with broad agreement on issues that was widely claimed to herald the ‘beginning of the end’ of the global dependence on fossil fuels.
Nations came together on issues such as the Global Goal on Adaptation (GGA) and the need to unify efforts on climate and biodiversity crises.
Amid this progress, in a significant step to address the global $18trillion investment gap, His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, announced the $30 billion fund for global climate solutions that the government hoped would attract $250 billion of investment by 2030.
Now the torch has been passed to the Azerbaijan government which has been on the road to shifting from an oil resilient economy for a while. The National Priorities for Socio-Economic Development initiative has set a target of increasing the non-oil contribution to GDP by 130% by 2026 through digitalisation, signifying a turn towards a green economy. We can see the efforts in that capacity are acknowledged by the global community.