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.