The three core components of any global summit, including Cop 28, which is being held in the United Arab Emirates till December 12th, are “financing,” “oil,” and “carbon.”

While no area is immune from extreme weather events, as well as global temperatures and greenhouse gas emissions continuing to exceed records, many experts and observers see this as a genuine opportunity to have meaningful discussions about the crisis.

Financing:

“CNBC” sees that climate project financing raises always-hot discussions in UN conferences, as financing is an important thing to support the ambitious reductions in emissions and the developments in the climate change issue.

The talks, taking place in Bonn, Germany, have reached a deadlock on support and financing. Low-income countries refuse to reduce emissions unless there is an equal focus on how rich countries provide money to them.

As per “CNBC,” however, data published by the Organization for Economic Co-operation and Development in mid-November showed that rich countries have finally fulfilled their promise to provide 100 billion dollars annually to low-income countries, albeit two years after the deadline. It is expected that this will enhance good faith in the summit.

Alex Scott, E3G’s Program Lead, an independent climate change think tank, told “CNBC” that it is the responsibility of COP28 to determine the ambitious political direction of the climate. She also indicated that climate change is an important thing, but without financing and economic confidence, the countries will not be able to act as required.

“CNBC” also indicates that operationalizing the loss and damage fund is another main financial issue. This fund is one of the main outcomes of the COP27 held in Egypt over the past year.

Though they are responsible for the largest part of greenhouse gas emissions globally, the rich countries have been opposed to creating a fund to compensate the low-income countries for losses and damages caused by them.

Advocates, however, see that it is essential to consider the climate effects, including hurricanes, floods, and wildfires, or the slow-onset impacts, like rising sea levels, because they may be unavoidable or unbearable risks for countries.

At COP27, the loss and damage fund was supposed to be a potential historical turning point in the climate crisis, but many main details were left unsolved, like payment amounts and money management.

Oil and carbon:

Melanie Robinson, Director of the Global Climate Program at the World Resources Institute, told “CNBC” that the climate summit will offer the best chance for accountability on climate action, with fossil fuels at the center of the talks.

The use of coal, gas, and oil is seen as a major contributor to the climate catastrophe. Robinson foresees numerous important conversations on this topic, including the “phasing out” or “gradual reduction” of fossil fuels. The World Resources Institute thinks these talks must make it clear that the world is rapidly shifting away from being entirely dependent on fossil fuels.

The second point, which Robinson believes is debatable, is how such phased reductions will be accomplished. While the effectiveness of carbon capture technology in lowering emissions is up for question, some oil and gas corporations are attempting to argue that carbon capture and storage allow for the continued use of fossil fuels while still achieving climate targets. Robinson contends that there is no plausible scenario that permits continuing the use of fossil fuels with carbon capture and storage and that the scientific evidence unequivocally demonstrates that this is unsustainable. This holds for the growing gas and oil sectors as well. As a result, COP28 needs to acknowledge that carbon capture and storage technologies will only have a limited impact.

Course correction:

One of the unique elements of climate talks in Dubai is the conclusion of the first global evaluation since the historicalParis Agreement, signed in2015, aiming to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) above pre-industrial levels.

Scientists say that the global temperature has risen by about 1.1 degrees Celsius after more than a century of fossil fuel burning, as well as the unequal and unsustainable use of energy and land. This increase is the main reason for a series of extreme weather events around the world.

The evaluation process is the main tool by which the progress made under the Paris Agreement is evaluated, following the United Nations Global Assessment Synthesis Report issued in early September. Transformational change is likely to be enough to get the world back on track to achieve its climate targets.