The UN Climate Conference (COP28) in Dubai made genuine strides forward when 198 countries agreed for the first time on a roadmap for “transitioning away from fossil fuels” but it wasn’t bold enough for the changes required to combat climate change.

Slowing down the catastrophic effects of climate change requires ending fossil fuel use or at least clear resolve to cut investments to achieve a “phase out” of oil, gas and coal. But that did not happen despite a 24-hour extension to the conference and heated negotiations during the three final days.

UN chief Antonio Guterres, who is leading the international community’s fight against the potentially disastrous impacts of climate change, couldn’t hide his frustration.

But he recognized the consensus agreement as significant progress after 40 years of negotiations. It broke through the block some governments, especially the major producers, had placed on making turning away from fossil fuels official international policy. But the agreement wasn’t bold enough.

“The era of fossil fuels must end – and it must end with justice and equity,” Guterres said. “To those who opposed a clear reference to a phase out of fossil fuels in the COP28 text, I want to say that a fossil fuel phase out is inevitable whether they like it or not. Let’s hope it doesn’t come too late.”

“The world cannot afford delays, indecision, or half measures…It is essential to come together around real, practical and meaningful climate solutions that match the scale of the climate crisis,” he warned.

COP28 results were disappointing because they fell far short of actions required to implement previous government commitments to limit global heating to 1.5°C by doing whatever it takes to achieve global net zero emissions by 2050.

That means cutting greenhouse gas emissions to as close to zero as possible, with any remaining emissions re-absorbed from the atmosphere, by oceans and forests. This could be supplemented by new methods to capture carbon and reduce methane emissions.

Science tells us that limiting global heating to 1.5°C will be impossible without the phase out of all fossil fuels. Limiting global heating to 1.5°C is the key target set in the historic 2015 Paris Agreement on climate change.

Several other strides were made at COP28. Negotiators agreed on commitments to triple the capacity of renewables like wind and solar energy while doubling energy efficiency by 2030. Using energy more efficiently by improving technologies and preventing waste is seen as a central pathway to combatting climate change.

Significant progress was made on other thorny issues, such as providing finance and technology to poorer countries to adapt and transition away from fossil fuels. A decision was also taken to start operations of a Loss and Damage Fund to compensate very poor countries for the damage caused by natural phenomena like hurricanes and worsened floods linked to climate change.

Financing issues are of the utmost importance because many vulnerable countries are drowning in debt and some small island nations are at risk of drowning in rising seas.

But the needs are gigantic and will run into trillions of dollars every year. That requires profound reform of the international financial architecture, including changes in the business model of multilateral development banks like the World Bank.

Massive increases must be made in the banks’ capital to reassure poorer countries of sufficient financial support and leverage far more private finance at reasonable cost for climate-friendly investments in those nations.

Reforming the international financial architecture will open many political minefields and could also weaken US influence over multilateral banks. It may be very slow going in times of rising international burdens on American taxpayers to finance and support the wars in Ukraine and Gaza and also build effective deterrence against Iran and China.

COP28 pledges to a global Green Climate Fund now total a record $12.8 billion for the most climate vulnerable communities around the world. And a new framework on adaptation provides a measurable set of new targets to drive their actions to mitigate climate change.

Over the next two years, governments are required to prepare new economy-wide national climate action plans aligned with the 1.5°C goal and covering all greenhouse gases.

Importantly, there is clear guidance on the next round of national climate action plans for 2025 – or Nationally Determined Contributions — which all governments must now begin preparing.

These and other COP28 results represent laudable intentions but long delays are likely in their implementation despite the urgency of dealing with climate change.