Now accepting applications for Fast Company Middle East’s Best Workplaces For Women 2023. Click here to register.

At COP21 in 2015, leaders reached a consensus on the Paris Climate Agreement, aiming to limit global warming to 1.5 degrees Celsius. As the UAE approaches COP28 on November 30 this year, the current status reveals that the world has warmed by 1 degree Celsius.

A recent United Nations report cautions that the world may be on track for a 2 degrees Celsius increase, emphasizing the urgency for leaders to take more ambitious actions during COP28. The report notes that nations are currently making only “baby steps” in addressing climate change, which it deems insufficient. It further states that the existing plans need to meet the goals set in the Paris Climate Agreement.

Executive Secretary of UN Climate Change, Simon Stiell, highlights that governments must make “bold strides forward at COP28 in Dubai to get on track.” “This means COP28 must be a clear turning point. Governments must agree on what stronger climate actions will be taken and start showing exactly how to deliver them.”

Industry leaders will evaluate the progress made so far at the climate summit and strategize to achieve the goals outlined in the Paris Agreement, per the UN’s global stocktake.

The NDC synthesis report, issued under the United Nations Framework Convention on Climate Change (UNFCCC), examined the nationally determined contributions (NDCs) of 195 parties to the Paris Agreement, including 20 additional NDCs submitted by September 25. Despite projections of emissions decreasing after 2030 compared to 2019, the report indicates that current efforts are falling short of the goals, and a “rapid downward trend” is imperative in this decade.

By 2030, emissions are projected to be 2% below 2019 levels, indicating a rise in global emissions during this decade.

The report emphasizes that implementing the conditional elements of the NDCs relies heavily on access to increased financial resources, technology transfer, technical cooperation, capacity-building support, and the availability of market-based mechanisms. These factors are crucial for achieving a peak in emissions before 2030.

Dr. Sultan Al Jaber, COP28 President-designate, also echoed these statements, stating there is no time for delay. “COP28 must be a historic turning point in this critical decade for parties to seize the moment of the global stocktake to commit to raising their ambition and to unite, act and deliver outcomes that keep 1.5 degrees Celsius within reach while leaving no one behind,” said Al Jaber.