• UGI USER
  • Dec 08, 2023
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“Green Rising” initiative at COP28 Summit in Dubai

News

  • At today’s COP28 in Dubai, UNICEF’s Generation Unlimited and the Indian Ministry of Environment, Forests, and Climate Change will launch the “Green Rising” initiative.
  • The “Green Rising India Alliance” and the global “Green Rising” initiative are the result of a partnership between UNICEF, Generation Unlimited, and a wide range of youth, public, and private partners.
  • The primary objective is to inspire millions of youth across the globe to actively engage in green initiatives that address and mitigate the severe effects of climate change on their local communities.

About Green Rising initiative

  • As part of the global effort to address the severe impacts of climate change, the “Green Rising” initiative aims to mobilize youth for grassroots, impactful environmental actions.
  • Inspired by the Mission Life movement, the goal of the YuWaah campaign in India is to mobilize young people to spearhead grassroots environmental initiatives.
  • In the first seven days of the COP28, over 83 billion dollars have been raised, ushering in a new era of climate action.
  • At the conference, historic statements on efficiency, health, renewable energy, and food systems were made, along with plans to decarbonize heavy-emitting industries.
  • In response to the climate crisis, pledges totaling 726 million dollars were made for support against loss and damage.
  • Considerable financial increases totaling 5 billion dollars have been made to the Green Climate Fund, 133.6 million to the Adaptation Fund, and 129.3 million to the Least Developed Countries Fund.
  • The United Arab Emirates (UAE) has launched the $30 billion ALTERRA catalytic fund with the goal of raising an additional $250 billion to demonstrate its strong commitment to global climate action.
  • Significant financial support for climate-related projects was provided by the Multilateral Development Banks, which committed over 22.6 billion dollars, and the World Bank, which announced a 9 billion dollar annual increase for 2024 and 2025.
Loss & Damage Fund:

●   This fund is designed to provide financial assistance to nations especially susceptible to the negative impacts of climate change, aiding them in recovering from and dealing with losses and damages that surpass their capability to handle.

●   The concept of the L&D Fund was introduced at COP-27 in Egypt and activated in COP 28 in Dubai.

The Green Climate Fund (GCF):

●   It was created to help vulnerable societies adjust to the inevitable effects of climate change and to restrict or minimize greenhouse gas (GHG) emissions in developing nations.

●   It was created in 2010 as a financial support system for the Incheon, South Korea-based UNFCCC.

●   Through a cutting-edge funding window that combines a country-owned partnership approach, flexible financing options, and climate investment expertise, it supports programs, policies, projects, etc.

The Adaptation Fund (AF):

●   Itwas created in 2001 as part of the Kyoto Protocol for resilience and climate adaptation.

●   The Adaptation Fund Board (AFB) is in charge of overseeing and managing the Fund. The AFB meets twice a year at minimum and is made up of sixteen members and sixteen alternates.

●   Temporary trusteeship of the Adaptation Fund was provided by the World Bank.

ALTÉRRA fund:

●   ALTÉRRA aims to mobilize US$250 billion globally by 2030 and is now the largest private investment vehicle for climate change action in the world thanks to this US$30 billion commitment.

●   It seeks to nudge private markets in the direction of climate investments while concentrating on developing economies and emerging markets, where traditional investment has lagged behind because of the higher perceived risks in those regions.

●   With its headquarters located in the Abu Dhabi Global Market, ALTÉRRA was founded by Lunate, an independent global investment manager.

●   India and ALTERRA:

○   The development of more than 6.0 GW of new clean energy capacity in India has received immediate capital investment since the vehicle’s original commitment.

○   One of the projects included in this is the building of 1,200 MW of solar and wind farms, which will start generating clean energy by 2025.