• UGI USER
  • Dec 21, 2023
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COP-28 CLIMATE SUMMIT OUTCOMES

Why in the News?

  • The 28th COP convened in Dubai, focusing on global climate crisis actions.
Source: ETN

Key Outcomes:

Loss and Damage Fund:

  • L&D Fund was Initiated COP-27 and operationalized at COP-28

Concerns:

  • Only $790 million pledged, far from the required $100 billion to $400 billion annually.
  • Concerns raised about World Bank’s oversight, autonomy, and agility in fund response.

Global Stocktake (GST):

  • First Global Stocktake (GST) introduced to assess Paris Agreement goals.
  • Declaration allows the use of “transitional fuels” and mentions unproven technologies like carbon capture.

Concerns:

  • Transition away from fossil fuels pledged, but limited to energy systems, excluding other sectors.

Green Finance Initiatives:

  • Green Climate Fund received $3.5 billion, and Adaptation Fund gained $188 million.
  • ALTERRA initiative aimed to mobilize $250 billion globally by 2030.

Initiation :

  • COP-28 featured firsts like climate and health declaration, emphasis on nature-based solutions, and commitment to sustainable food systems.

India’s Position at COP-28:

  • India abstained from signing the climate and health declaration, citing potential impacts on healthcare infrastructure.
  • The Global Methane Pledge, focusing on methane reduction, didn’t include India due to a shift from carbon dioxide.

Key Challenges:

  • Contentious issues remain, including fossil-fuel subsidies, market mechanisms, and private sector involvement.
  • Commitment to renewable energy targets is significant, but challenges in fund management, technology, and fossil fuel use need resolution.