After the first agreement draft at COP28 received backlash on Monday, intensive negotiations continued into late Tuesday and the early hours of Wednesday, revealing a revised version of the draft. The revised document, the global stocktake, was introduced, mentioning “fossil fuels” twice in its 21 pages and was received with approval. French Minister for Energy, Agnès Pannier-Runacher, called it a “victory” and emphasized the need to develop a plan to transition away from fossil fuels. Norway’s climate and environment minister, Escpen Barth Eide, highlighted that it was the first time the world united around a clear call to transition away from fossil fuels.
While the approved text was considered stronger than previous versions, there were concerns that it fell short in mobilizing the financing needed to meet climate targets. Many financial issues are scheduled for discussion in upcoming climate conferences, with the United Nations estimating that developing nations need $194-366 billion annually to adapt to climate impacts. The events of the last day reflected the challenges and complexities of addressing climate issues on a global scale.