What is COP?

Definition of COP

• COP (Conference of Parties) is the supreme governing body of the United Nations Framework Convention on Climate Change (UNFCCC), an international treaty signed in 1992.
• The UNFCCC’s main goal is to stabilize greenhouse gas concentrations to prevent dangerous human-induced interference with the climate system.
• There are currently 198 parties (197 countries and the European Union) to the UNFCCC.

Role of COP

• COP reviews national communications and emission inventories submitted by member states.
• It assesses the effects of measures taken by parties and the progress towards the ultimate objective of the Convention.

Key Milestones of COP

COP3: Kyoto Protocol (1997)

• At COP3 in Kyoto (1997), the Kyoto Protocol was adopted, placing obligations on rich and industrialized countries to reduce greenhouse gas emissions by set amounts.
• The treaty targeted a 4.2% reduction by 2012, based on 1990 levels.

COP15: Copenhagen Accord (2009)

• COP15, held in Copenhagen (2009), failed to establish a successor to the Kyoto Protocol.
• Instead, the Copenhagen Accord was agreed, which set a 2°C temperature rise limit and referenced the 1.5°C goal.
• It also included commitments for developed countries to provide financial support for climate mitigation and adaptation.

COP21: Paris Agreement (2015)

• At COP21 in Paris (2015), the landmark Paris Agreement was adopted by 196 parties.
• The treaty aims to limit global temperatures to below 2°C, preferably 1.5°C, and requires parties to submit nationally determined contributions (NDCs).

COP26: Glasgow Pact (2021)

• COP26, held in Glasgow (2021), resulted in the Glasgow Pact, with key commitments to phase down coal use (originally phrased as “phase out”) and reduce inefficient fossil fuel subsidies.
• This was the first UN climate agreement to explicitly mention coal.

COP28: Loss and Damage Fund (2023)

• COP28 in Dubai (2023) saw the launch of a Loss and Damage Fund to provide financial assistance to countries affected by climate-related disasters.

Criticisms of COP

Climate Finance Shortcomings

• One of the major criticisms of COP has been its failure to provide adequate climate finance to developing nations.
• In 2009, wealthy nations promised to raise $100 billion annually from 2020 to help developing countries, but this promise has not been fulfilled.

Underachievement in Limiting Global Warming

• Despite many pledges, experts argue that countries have not done enough to limit global warming to 1.5°C.
• A 2021 report by the International Energy Agency (IEA) revealed that the world is on track to exceed the 1.5°C threshold.

Expectations for COP29

Climate Finance and the NCQG

• At COP29, the New Collective Quantified Goal (NCQG) is a top priority. This aims to mobilize more funds than the $100 billion annually promised at COP15.
• However, negotiations over the NCQG have been marked by deep divisions regarding the amount of money, contributors, and the types of financing.

Carbon Credit Standards

• COP29 also saw the adoption of standards for creating carbon credits under Article 6.4 of the Paris Agreement.
• This allows countries to offset emissions by investing in emission-reducing projects elsewhere, marking a breakthrough after years of deadlock.

Conclusion

COP plays a critical role in global climate negotiations, working towards sustainable solutions and financial support for climate action. While there have been significant milestones, the effectiveness of COP is often criticized, particularly in terms of financing and progress in limiting global warming. COP29 will be crucial in addressing these issues and setting the stage for more ambitious climate goals.