- Annual Climate Summit: The United Nations Framework Convention on Climate Change (UNFCCC) hosted the 28th session of the Conference of the Parties (COP28) in Dubai.
- Expectations are high: There were high anticipation that governments would take decisive action to address the climate catastrophe.
- Discussions at COP28 focused on mitigation, adaptation, finance, and the contrasting obligations of developed and developing countries.
Early Developments:
- COP27 Loss and Damage Fund Agreement Follow-up: After agreeing to establish the ‘Loss and Damage’ (L&D) fund at COP27, COP28 concentrated on its implementation.
- Funding Obstacles: Despite the need for significant money, contributions have been modest, with the United States contributing only $17.5 million.
- Concerns about administration and access: The World Bank’s position in supervising the fund generated concerns about access, legal autonomy, and emergency response.
Energy Transition and Emissions Reduction
- Findings of the First Global Stocktake (GST): The first global stocktake (GST) analysed progress towards the Paris Agreement targets.
- Transition away from fossil fuels in energy systems: A commitment was made to increase renewable and nuclear energy capacity by 2030.
- Continued Use in Other Sectors: Fossil fuels are still used in industries such as plastics, transportation, and agriculture.
- Climate Justice and Transitional Fuels: Acceptance of natural gas as a transitional fuel was viewed as a climate justice compromise.
Climate Action Financial Mechanisms
- Wealthy Nations’ Responsibility: The GST framework emphasised wealthy nations’ leadership in climate finance.
- Private Sector Participation: The relevance of private investment in closing financial gaps was recognised.
Green Finance Initiatives:
- To assist sustainable practices in developing nations, new mechanisms were devised, including a $3.5 billion injection to the Green Climate Fund.
- India’s Position on the Climate and Health Declaration
- UAE Climate and Health Declaration: This declaration, which was developed in collaboration with the World Health Organisation, was signed by 123 nations but not by India.
- Concerns in India: India declined to agree due to potential consequences for its expanding healthcare infrastructure and the necessity to prioritise healthcare needs.
The Global Methane Pledge and India’s Reaffirmed Position
- Concentrate on Methane: With almost $1 billion in new incentives for methane reduction projects, the commitment gained attention.
- Non-Participation by India: India did not join the promise, instead focusing on carbon dioxide emissions and the economic implications of methane reduction in agriculture.
COP28 Evaluation: Achievements and Shortcomings
- Positive developments include the climate and health declaration, an emphasis on nature-based solutions, and commitments to sustainable food systems.
- Disagreements remained over fossil-fuel subsidies, the World Bank’s involvement in the L&D fund, and private sector participation in climate action.
- Mixed Results: While renewable energy targets shown improvement, unresolved difficulties related L&D, fossil fuel use, and transitional fuels revealed that challenges remained.
Source: https://www.thehindu.com/sci-tech/energy-and-environment/cop28-outcomes-decisions-explained/article67656914.ece#:~:text=The%20COP28%20outcomes%20had%20a%20lot%20of%20firsts%2C%20such%20as,transition%20away%20from%20fossil%20fuels.