The overall outcome of COP28 was hopeful in terms of commitments made to move away from fossil fuels, tripling renewable energy, and providing additional funds for the South. Another encouraging development was the announcement made by Brazil, the host of COP30 in 2025, to establish the ‘Tropical Forests Forever’ investment fund, aiming to encourage conservation of tropical forests and strongly discourage deforestation and forest degradation. The fund aims for an initial capital of 250 billion dollars.
However, there was also cause for concern about the outcome of COP28. The tripling of renewable energy will stimulate the large-scale use of biomass, with a considerable risk of converting primary forests into plantations. Additionally, the lack of progress on Article 6 is concerning for the future of voluntary carbon markets, although it leaves room for bilateral agreements.