COP28 concluded with an agreement that signals the "beginning of the end" of the fossil fuel era by laying the groundwork for a swift, fair and equitable transition underpinned by deep emissions cuts and increased financing. In a show of global solidarity, negotiators from nearly 200 contracting parties met in Dubai to agree on the world's first "global inventory" to accelerate climate action by the end of the decade - with the ultimate goal of keeping the global temperature limit of 1.5°C within reach.

"While we have not turned the page on the fossil fuel era in Dubai, this result is the beginning of the end," UN Climate Change Executive Secretary Simon Stiell said in his closing remarks. "Now all governments and businesses must turn these promises into real economic results without delay."

The Global Inventory is considered a central outcome of COP28 – as it contains every element that was negotiated and countries can now use it to develop stronger climate action plans to be implemented by 2025.

This balance sheet recognizes the science that suggests global greenhouse gas emissions need to be reduced by 43 % by 2030 compared to 2019 levels to limit global warming to 1.5°C. However, he notes that the parties are not in line with the goals of the Paris Agreement. (Rachel Cooper)