• UGI USER
  • Dec 02, 2023
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INDIA’S OFFER TO HOST COP-33

India’s PM , at COP-28, offers to host the 33rd edition of the climate summit in 2028 in India.Awaits approval from other signatories to the UNFCCC.

Source: Iberdrola

Highlights

  • The PM urged developed countries to vacate the carbon space before 2050.
  • Advocates for global participation in India’s “Green Credit Initiative.”
  • COP Hosting Approval Process:
    • Hosting COP requires approval from UNFCCC signatories.
    • India hosted the summit previously in 2002.
  • PM highlighted the cost borne by humanity due to exploitation of nature.Stresses the impact on inhabitants of the Global South.
  • Green Credit Scheme Description:
    • Although PM terms it “non-commercial,” the Environment Ministry’s notification refers to it as an “innovative market-based mechanism.”
    • Incentivizes voluntary environmental actions across sectors.
  • India’s Commitments from COP-26:
    • Includes cutting emissions intensity and increasing non-fossil fuel share by 2030.
  • Aims for net zero emissions by 2070.
  • Approval of Loss and Damage Fund:PM welcomes COP-28’s approval of the Loss and Damage Fund.Financial commitments worth at least $500 million received.
  • Welcomes the $30-billion Climate Investment Fund announced by the UAE.
  • Calls for finalizing a New Target on Climate Finance (NCQG) and emphasizes the need for affordable finance for developing countries.
  • Urges developed countries to eliminate their carbon footprint before 2050.

Reiteration of Commitments to GCF and Adaptation Fund:

  • PM emphasized the importance of developed countries fulfilling their commitments to the Green Climate Fund (GCF) and the Adaptation Fund.
  • Urges Multilateral Development Banks to ensure affordable finance for developing countries.