COP-28 Summit

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COP-28 Summit

GS III >> Environment >> Climate Change

Context: The 2023 UN Climate Change Conference is scheduled to take place from November 30 to December 12, 2023, in Dubai, UAE.

Overview of COP-28 Summit:

• Conference duration: The 2023 UN Climate Change Conference is scheduled to take place from November 30 to December 12, 2023, in Dubai, UAE.
• Key components: The conference encompasses several crucial meetings, including the 28th Conference of the Parties (COP 28), the fifth meeting of the COP serving as the Meeting of the Parties to the Paris Agreement (CMA 5), and the 18th meeting of the COP serving as the Meeting of the Parties to the Kyoto Protocol (CMP 18).
• Additionally, it includes the 59th meetings of the Subsidiary Body for Implementation (SBI 59) and the Subsidiary Body for Scientific and Technological Advice (SBSTA 59).
• Presidency designate: Sultan Ahmed Al Jaber, the Minister of Industry and Advanced Technology and UAE Special Envoy for Climate Change, has been appointed as the President-Designate for COP 28.
• Objectives of COP 28: The overarching goals of COP 28 include driving global transformation towards a low-emission and climate-resilient world.
• The conference aims to foster ambitious climate action and facilitate the effective implementation of climate-related initiatives, with a focus on providing necessary support.
• Global collaboration: The conference provides a platform for global collaboration, bringing together nations, leaders, and experts to address climate challenges collectively.
• Midpoint in 2030 Agenda: COP 28’s significance is heightened as it aligns with the mid-point in the implementation of the 2030 Agenda for Sustainable Development, including climate action.

Key Highlights of COP-28 Summit:

• Adoption of agenda and early decisions: Successful adoption of the agenda, early decisions on loss and damage, and immediate fund capitalization set the stage for collaborative action.
• Sectoral commitments to reduce emissions: Countries pledged new sectoral commitments, addressing methane, non-CO2 gases, and coal, aligning with IPCC Sixth Assessment Report.
• Global Stocktake (GST) progress: Call for an ambitious GST decision beyond COP28, with leaders contributing to assessing global climate goals in high-level GST events.
• Global goal for adaptation: Leaders highlighted the need for an impactful Global Goal for Adaptation, prioritizing adaptation focus alongside mitigation efforts.
• Climate finance prioritization: Emphasis on making climate finance more available, accessible, and affordable, recognizing its crucial role in meeting Paris Agreement goals.
• New Climate Finance Framework: COP28 UAE Declaration outlined 10 principles for a Global Climate Finance Framework, transforming the architecture for an equitable transition.
• Global Decarbonization Accelerator (GDA): Comprehensive COP28 energy package launch, including GDA, with strong commitments for a just and equitable energy transition.
• Private sector engagement: Leaders focused on unlocking private sector potential, announcing bold steps and incentives, including the $30BN ALTERRA climate fund by the UAE.
• Sustainable agriculture and climate-health declarations: 137 countries committed to food systems transformation, and 125 endorsed the COP28 UAE Declaration on Climate and Health, with $1BN for solutions.
• Nature and biodiversity protection: Increased political will for climate action on nature and biodiversity, with landmark investment plans from forest-rich and ocean-rich countries.
• Business and Philanthropy Engagement: Over 850 businesses and philanthropies announced $5BN in new funding to accelerate the climate transition, demonstrating strong private sector support.
• Continued collaboration and momentum: Outcomes built on Marrakech Partnership for Global Climate Action, setting the direction for continued collaboration toward COP28 in Dubai.

India’s stance at COP-28:

• COP33 hosting offer: PM Modi proposes India to host COP33 in 2028, urging developed nations to vacate carbon space before 2050. Approval from UNFCCC signatories is required for India’s second hosting, the first being in 2002.
• Green Credit Initiative: Introduces India’s “Green Credit initiative” as a non-commercial effort to create a carbon sink. Aims to incentivize voluntary environmental actions, generating credits for plantations on waste lands.
• Reiteration of COP-26 commitments: Reiterates India’s commitments from COP-26, including reducing emissions intensity and achieving net-zero by 2070.
• Approval of Loss and Damage Fund: Welcomes COP-28’s approval of the Loss and Damage Fund with over $500 million in financial commitments.
• Appreciation for UAE’s Climate Investment Fund: Appreciates the UAE’s $30 billion Climate Investment Fund.
• Call for New Climate Finance Target: Calls for finalizing a new target on climate finance (NCQG) and emphasizes developed nations’ commitments to the Green Climate Fund (GCF) and Adaptation Fund.
• Elimination of carbon footprint by 2050: Urges developed countries to commit to carbon footprint elimination by 2050.

Way forward:

• Assessment and reporting: Decision to assess progress every five years, starting in 2023, to ensure accountability.
• Paris Agreement goals: Limit global warming to below 2 degrees Celsius, with efforts to stay below 1.5 degrees Celsius.
• First Global Stocktake (GST) results: UN publishes a technical report in September 2023 on the initial GST findings. Acknowledgment of global efforts but emphasis on the need for accelerated implementation across all sectors.
• Climate crisis response: Emphasis on the urgency to respond to the climate crisis and the importance of collective action.
• Average global temperature increase: Noting the alarming rise in the average global temperature by almost 1.2 degrees Celsius since pre-industrial times.
• Accelerating implementation: Expectation for COP28 to address the need for accelerated implementation of climate goals.

Source: https://www.newindianexpress.com