The annual United Nations climate conference COP28 kicks off today (Nov. 30) in Dubai, UAE, where delegates from all around the globe will gather to discuss solutions for combating global warming and reducing carbon emissions.

The main task for participants at the COP28 will be assessing the progress made by countries as per the 2015 Paris Climate Agreement, and the goal to keep global temperature rise under 2 degrees Celsius.

At the heart of this year’s climate summit are oil and gas companies, as burning fossil fuel is the main driver of greenhouse gas emissions and a cause for global warming.

“We have a world which has more fossil fuels than ever,” said Ani Dasgupta, president of the World Resources Institute, a climate NGO, per Reuters. “What we should be looking for is a commitment to actually reduce fossil fuels.”

And while phasing out fossil fuels has not yet been agreed on, countries like the UAE with economies dependent on fossil fuels will be focusing on new technologies such as carbon capture, in a move to reduce the harmful effects of GHG emissions.

The UAE’s COP28 presidency, alongside the European Union and the United States, have made a proposal to boost green energy capacities trifold, as well as to double energy savings by 2030. This goal is likely to receive support from most players, “with G20 major economies including China already backing the renewables goal,” Reuters reports.

Addressing climate change requires a significant financial commitment, surpassing current global allocations. Developing countries project a need for a minimum of $200 billion annually by 2030 for adaptation and clean energy transition. The discussion at COP28 will revolve around establishing a “loss and damage” fund to address existing climate-related costs, with developing nations advocating for a $100 billion target by 2030.