COP 28 Summit, Details, Role of India, Purpose

COP 28 Summit: The UN Climate Change Conference (COP 28) is hosted by the United Arab Emirates (UAE) from November 30 to December 12, 2023. Expecting over 70,000 delegates, the conference aims to accelerate the shift to renewable energy and reduce emissions.

What is a COP?

• Attendees include governments that have signed the UN Framework Convention on Climate Change, the Kyoto Protocol, and/or the Paris Agreement, as well as representatives from civil society, the private sector, international organizations, and the media.

Goals of the Paris Agreement:

• Keep global average temperature rise below 2°C, with efforts to limit it to 1.5°C above pre-industrial levels.
• Adapt to climate change and build resilience.
• Align finance flows with a pathway towards low greenhouse gas emissions and climate-resilient development.

COP28 Details

• COP28 is hosted by the United Arab Emirates (UAE) from November 30 to December 12, 2023, in Dubai.
• The host country appoints a president, in this case, Dr Sultan al-Jaber, who will lead the talks and play a crucial role in brokering agreements.
• Controversy surrounds Dr Sultan al-Jaber's role due to his position in the fossil fuel industry, raising concerns about impartiality.
• COP 28 is more important due to increased geopolitical tensions following the Israel-Hamas conflict and Russia's ongoing military operation in Ukraine.
• COP decisions are made by consensus, making the agreement process meticulous and emotionally charged.

PM Modi in COP28

• Offers to host the 33rd edition of COP in India in 2028, urging developed countries to vacate carbon space before 2050.
• Advocates India's "Green Credit initiative," a non-commercial effort to create a carbon sink.
• The proposal to host COP requires approval from UNFCCC signatories and, if accepted, would be India's second hosting after 2002.
• Modi criticizes the exploitation of nature by a few, impacting the entire world, especially the Global South.
• Describes the Green Credit scheme as non-commercial, aiming to incentivize voluntary environmental actions across sectors.
• The global Green Credit scheme generates credits for plantations on waste lands to rejuvenate natural ecosystems.
• Reiterates India's commitments from COP-26, including cutting emissions intensity and achieving net zero by 2070.
• Welcomes COP-28's approval of the Loss and Damage Fund with over $500 million in financial commitments.
• Appreciates the UAE's $30 billion Climate Investment Fund, calls for finalizing a new target on climate finance (NCQG).
• Emphasizes developed countries' commitments to the GCF and the Adaptation Fund, urging carbon footprint elimination by 2050.

Loss and Damage Fund of COP 28

• The fund, announced during COP27, saw contributions from host UAE ($100 million), the European Union ($275 million), the US ($17.5 million), and Japan ($10 million).
• The loss and damage fund aims to compensate nations facing climate crises due to global warming caused by industrial growth, with changing climate affecting lives, livelihoods, biodiversity, and cultural traditions.
• Adelle Thomas of IPCC notes loss and damage includes economic impacts like infrastructure costs and non-economic impacts like trauma from cyclones or loss of community.
• Research indicates 55 vulnerable countries suffered $525 billion in climate crisis losses in the last 20 years, expected to rise to $580 billion annually by 2030.
• The World Bank will oversee the fund initially, financed by rich nations and some developing countries, with the scale and replenishment cycle yet unclear, but a need for trillions of dollars.
• Initially, developing nations were hesitant about the World Bank's involvement, but they have accepted the arrangement.

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