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COP28: CLIMATE SUMMIT

COP28: CLIMATE SUMMIT

1. Context

The 28th Conference of the Parties (COP28) in Dubai concluded with mixed results, leaving the global community with a glimmer of progress amidst persisting challenges in tackling the climate crisis. This annual gathering of nations under the United Nations Framework Convention on Climate Change (UNFCCC) saw intense negotiations on crucial aspects like emissions reduction, adaptation strategies, financial support, and the responsibilities of developed and developing countries. While some areas witnessed advancements, others remained unresolved, prompting concerns about the future trajectory of global climate action.

2. COP28

COP28, the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, took place in Dubai from November 30th to December 12th, 2023. It was a significant event for the global climate movement, with a focus on accelerating progress towards the goals of the Paris Agreement.

Loss and Damage Fund Operationalized at COP-28

Following the consensus achieved at COP-27 to establish a 'Loss and Damage' (L&D) fund, the subsequent year was dedicated to negotiations on fund management and financing.
In a landmark decision, the Loss and Damage fund was officially operationalized during COP-28.
Despite the significant milestone, only a modest $790 million has been pledged thus far by a handful of nations. This falls significantly short of the required corpus, estimated to be between $100 billion to over $400 billion annually. Notably, the United States, the largest historical emitter, committed a relatively small sum of $17.5 million.
The World Bank has been designated to oversee and administer the fund. However, concerns have arisen from the experiences of developing countries, particularly regarding issues of legal autonomy, flexibility, and decision-making authority. Additionally, there is a general scepticism about the fund's agility in responding promptly to emergencies.
A prevailing sentiment among countries emphasizes the need for affected communities to directly access funding. Furthermore, there is a strong preference for such assistance to be in the form of grants rather than loans.
Challenges encompass questions about the Loss and Damage fund's ability to address emergencies swiftly and efficiently and doubts about the World Bank's suitability in managing the fund based on past experiences reported by developing nations.

3. About the Global Stocktake (GST)

The recent COP summit marked a significant milestone with the inaugural implementation of the Global Stocktake (GST). As defined by the UNFCCC, the GST serves as a tool for countries and stakeholders to collectively assess progress toward meeting the goals outlined in the Paris Agreement, highlighting areas of success and areas needing improvement.

Transition from Fossil Fuels and Renewable Energy Goals

During COP-28, participating countries made a pivotal decision to shift away from fossil fuels.
This transition was accompanied by a bold ambition to triple global renewable energy capacity by the year 2030.
Additionally, over 20 nations pledged to triple their nuclear energy capacity. However, the shift from fossil fuels is limited to the energy sector, allowing their continued use in plastics, transport, and agriculture.
The declaration also introduces the concept of 'transitional fuels,' such as natural gas, to ensure energy security.
Critics argue that this approach falls short of achieving true climate justice, as it permits industries to maintain a business-as-usual mode.

Challenges and Unproven Technologies

While the declaration called for an accelerated pace of climate mitigation, it referenced unproven and risky technologies like carbon capture and storage (CCS) and carbon removal.
CCS involves capturing emissions at the source and permanently storing them underground, preventing their release into the atmosphere.
Critics express reservations about the reliance on these technologies, emphasizing the need for proven and sustainable solutions for effective climate action.

4. Green Finance and COP-28 Developments

In the realm of green finance, the Global Stocktake (GST) implementation framework emphasizes the explicit responsibility of developed nations to lead in climate finance.
Acknowledging the financial shortfalls, the framework underscores the role of the private sector in supplementing grant-oriented, concessional finance to facilitate an equitable transition in developing countries.
However, specific details about the entities obligated to provide this grant-based finance remain unspecified.

Innovative Green Finance Mechanisms

COP-28 marked the establishment of innovative global green finance mechanisms designed to support developing nations in transitioning to sustainable practices.
Notably, the Green Climate Fund received a fresh injection of support amounting to $3.5 billion, enabling it to fund adaptation and mitigation projects in vulnerable regions.
An additional $188 million was pledged to the Adaptation Fund.
The summit also witnessed the formation of new partnerships between the public and private sectors, aimed at mobilizing investments in renewable energy, sustainable agriculture, and infrastructure.
Under the COP-28 Presidency, the introduction of ALTÉRRA, an investment initiative, aspires to globally mobilize an unprecedented sum of $250 billion by 2030.

Funding Gaps and Adaptation Challenges

Despite these initiatives, the available funds fall significantly short of the annual funding requirement for adaptation, estimated by the United Nations to be in the range of $194-366 billion. Bridging this funding gap remains a crucial challenge for the international community in achieving comprehensive and effective climate adaptation measures.

5. India's Position at COP-28

UAE Declaration on Climate and Health

At COP-28, the UAE declaration on climate and health emerged through collaboration between the COP-28 Presidency and the World Health Organization.
This declaration, recognizing the escalating health impacts of climate change, highlights the positive outcomes of climate action, such as reduced air pollution and lower healthcare costs.
Signed by 123 countries, the declaration collectively commits $1 billion to address the climate health crisis.
Notably, India did not sign this declaration, citing concerns that reducing greenhouse gas (GHG) emissions in the health sector might impact emissions from gases used for cooling.
India expressed the need to prioritize the expansion of its healthcare infrastructure to meet the demands of a growing population, particularly in rural areas.

Global Methane Pledge

The Global Methane Pledge, previously launched at COP-26, gained renewed attention at COP-28.
The Climate and Clean Air Coalition assumed the role of the new secretariat, and partners of the pledge announced over $1 billion in new grants for projects to reduce methane emissions from agriculture, waste, and gas sectors.
Although more than 150 countries signed the pledge to address methane pollution, India did not join.
India's decision was influenced by its emphasis on carbon dioxide over methane, given the latter's shorter atmospheric lifetime.
Additionally, India's methane emissions are predominantly from rice cultivation and enteric fermentation (livestock rearing), supporting the livelihoods of small and marginal farmers.

6. Key Takeaways from COP-28

Positive Developments

The declaration on climate and health marked a significant milestone, recognizing the health impacts of climate change.
Acknowledgement of the role of nature-based solutions for both biodiversity conservation and climate resilience.
A noteworthy commitment to transition away from fossil fuels, reflecting a global recognition of the need for sustainable energy solutions.
Agreement by 134 countries on a landmark declaration to transition toward sustainable and resilient food systems.

Persistent Challenges and Differences

Disagreements, particularly between developed and developing countries, on the issue of phasing out fossil fuel subsidies. Developing countries, including India, expressed concerns about the implications on economic growth and development.
Recognition of the social implications of a fossil fuel subsidy phase-out, considering communities reliant on fossil fuels (such as coal in India) for employment.
Ongoing debates on increasing the flow of climate finance and technologies, emphasizing the principles of common and differentiated responsibilities. Developing countries called for just job transitions and inclusive development.
Disputes over market mechanisms, financial resource allocation, the role of the World Bank in managing the Loss and Damage (L&D) fund, and private sector engagement in climate action.

Mixed Bag of Outcomes

A positive step forward with a commitment to ramp up renewable energy targets, indicating a collective effort toward sustainable energy solutions.
Challenges remain in areas such as L&D metrics, fund management and disbursal, market mechanisms, adoption of risky technologies, continued use of fossil fuels in various sectors, and the role of natural gas as a transitional fuel.

7. The Way Forward

COP-28 presented a mix of positive strides and lingering challenges, with commitments to renewable energy contrasting with unresolved issues related to climate finance, fossil fuel subsidies, and various contentious matters.

For Prelims: Cop28, UNFCCC, World Health Organisation, Global Stocktake, Loss and Damage (L&D) fund, World Bank, Climate Change, Paris Agreement

For Mains:

1. Discuss the role of green finance in facilitating a just transition for developing countries in the context of COP28. What are the challenges and opportunities in mobilizing finance for climate action? (250 Words)

2. Discuss the role of the private sector in climate finance. What are the challenges and opportunities in mobilizing private investments towards sustainable projects in developing countries? (250 Words)

Previous Year Questions

1. The UN Framework Convention on Climate Change (UNFCCC) has announced which country to host the 28th Conference of the Parties (COP28) in 2023? (SSC CGL 2023)

A. UAE B. US C. UK D. Russia

2. The United Nations Framework Convention on Climate Change (UNFCCC) is an international treaty drawn at (UPSC 2010)

A. United Nations Conference on the Human Environment, Stockholm, 1972

B. UN Conference on Environment and Development, Rio de Janeiro, 1992

C. World Summit on Sustainable Development, Johannesburg, 2002

D. UN Climate Change Conference Copenhagen, 2009

3. UNFCCC (United Nations Framework Convention on Climate Change) entered into from - (Sr. Teacher Gr II NON-TSP G.K. 2018)

A. 21 March 1994 B. 5 June 1992 C. 12 May 1991 D. 5 June 1993

4. The 'Paris Agreement' adopted in Conference of the Parties (COP 21) in December 2015 will be effective provided the document is signed by: (UPSC CAPF 2016)

A. 51 UNFCCC parties accounting for at least 51% of global greenhouse gas emission

B. 51 UNFCCC parties accounting for at least 55% of global greenhouse gas emission

C. 55 UNFCCC parties accounting for at least 55% of global greenhouse gas emission

D. 75 UNFCCC parties accounting for at least 51% of global greeenhouse gas emission

5. The term ‘Intended Nationally Determined Contributions’ is sometimes seen in the news in the context of (UPSC 2016)

(a) pledges made by the European countries to rehabilitate refugees from the war-affected Middle East
(b) plan of action outlined by the countries of the world to combat climate change
(c) capital contributed by the member countries in the establishment of Asian Infrastructure Investment Bank
(d) plan of action outlined by the countries of the world regarding Sustainable Development Goals

6. With reference to the Agreement at the UNFCCC Meeting in Paris in 2015, which of the following statements is/are correct? (UPSC 2016)

The Agreement was signed by all the member countries of the UN and it will go into effect in 2017.
The Agreement aims to limit the greenhouse gas emissions so that the rise in average global temperature by the end of this century does not exceed 2°C or even 1.5°C above pre-industrial levels.
Developed countries acknowledged their historical responsibility in global warming and committed to donate $1000 billion a year from 2020 to help developing countries to cope with climate change.

Select the correct answer using the code given below.

(a) 1 and 3 only (b) 2 only (c) 2 and 3 only (d) 1, 2 and 3

Answers: 1-A, 2-B, 3-A, 4-C, 5-B, 6-B

Mains

1. ‘Climate change’ is a global problem. How India will be affected by climate change? How Himalayan and coastal states of India will be affected by climate change? (UPSC 2017)

2. Describe the major outcomes of the 26^th session of the Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC). What are the commitments made by India in this conference? (UPSC 2021)

Source: The Hindu

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UPSC Article

COP28: CLIMATE SUMMIT

UAE Declaration on Climate and Health

Global Methane Pledge

Positive Developments

Persistent Challenges and Differences

Mixed Bag of Outcomes

Mains

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