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What is COP 28?
COP 28, or the 28th Conference of the Parties, was the United Nations Climate Change Conference (UNFCCC) held in Dubai, United Arab Emirates from November 30 to December 13, 2023.
It was significant for a couple of reasons:
- It marked the completion of the first-ever "global stocktake" to assess the world's efforts in addressing climate change as outlined in the Paris Agreement.
- Negotiations resulted in a decision that signifies the "beginning of the end" of the fossil fuel era by laying the groundwork for a transition that's swift, equitable, and just.
Here are the Major OUTCOMES of COP-28:
Operationalization of the Loss and Damage Fund
WHY IMPORTANT?
- A loss and damage fund to help rescue and rehabilitation of vulnerable countries was officially launched at COP28 in Dubai.
- Loss and damage include economic and non-economic losses.
- It is difficult to assign a monetary value to non-economic loss and damage.
- In the initial phase, the loss and damage fund will be overseen by the World Bank.
Now, pay attention to the nuance here. Mobilisation of a sum of $83.9 billion for climate finance for the following funds:
Adaptation Fund
- The Adaptation Fund is for initiatives and programs that aid developing nations against climate change and is established in accordance with the Kyoto Protocol of the UNFCCC.
- The Global Environment Facility provides secretariat services to the Adaptation Fund Board.
Least Developed Countries Fund
- The Least Developed Nations Fund is the first dedicated facility to assist countries in adapting to new climate change.
- The LDCF and the Special Climate Change Fund implement the Paris Agreement, and the Global Environment Facility manages both funds.
Green Climate Fund
- The Green Climate Fund is a UN-sponsored fund that is part of the UN Framework Convention on Climate Change and assists developing countries with climate change adaptation and countermeasures.
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COP28 UAE Declaration on Agriculture, Food, & Climate
WHY IMPORTANT?
- COP28 prioritizes food systems and interlinks them with climate change.
- It can be done by aligning food systems and agriculture strategies with Nationally Determined Contributions under the Paris Agreement.
- Focus on phasing out fossil fuels because there is a high reliance of the food industry on high-carbon energy.
COP28 UAE Declaration on Climate and Health
WHY IMPORTANT?
- Facilitating collaboration by the One Health approach and research on the linkages among climatic factors, antimicrobial resistance and zoonotic spill-overs
- Emphasis is on the importance of climate-resilient development and climate-resilient health systems for the well-being of present and future generations.
- Comprehensive response to impacts of climate change mental health and psychosocial well-being along with loss of traditional medicinal knowledge.
- India is not a signatory.
COP28 UAE Declaration on Climate Relief, Recovery & Peace
WHY IMPORTANT?
- It was put forward by 80 countries to push climate finance into highly vulnerable areas for comprehensive financial and partnership solutions.
- The focus is also on countries and communities affected by conflict, fragility or humanitarian crisis.
- It will be supported by the Green Climate Fund.
COP 28 Gender-Responsive Just Transitions and Climate Action Partnership
WHY IMPORTANT?
- The aim is to be just and inclusive for transitions to advance gender equality.
- It will promote the Lima Work Program on Gender and its Gender Action Plan.
- Reaffirm the Beijing Declaration and the fifth goal of the 2030 Agenda for Sustainable Development.
India’s climate action initiatives at COP28
- Global River Cities Alliance- led by NMCG, in more than 11 countries.
- LeadIT 2.0 - Its aim is to co-develop and transfer low-carbon technology and financial assistance to emerging economies.
- Green Development Pact - to assist nations in their journey towards energy, climate, environment and disaster resilience-related objectives. One such example is the tripling of global renewable capacity by 2030.
- Green Credit Initiative - it aligns with Mission LiFE which aims to minimize per capita carbon footprint.
