Daily News Analysis » December 2023 » The Outcome of COP 28 Summit : 21 Dec 2023

The Outcome of COP 28 Summit : 21 Dec 2023

Dubai, United Arab Emirates, hosted the UNFCCC's 28th Conference of Parties (COP).

Loss and Damage Fund 

  • A “Loss and Damage” (L&D) fund was agreed upon at COP-27, and at COP-28, the fund was operationalized.
  • The World Bank was assigned to manage and supervise the fund.

Global Stocktake 

  • It helps countries and other stakeholders to evaluate where they are and are not progressing as a group in achieving the objectives of the Paris Agreement.
  • Countries at COP-28 promised to increase their capacity for renewable energy by 2030.
  • More than 20 countries also pledged to triple their nuclear energy capacity.
  • Fossil fuels are only being phased out for usage in energy systems; the plastics, transportation, and agricultural industries can still use them.

Green Finance

  • At COP28, a new global green finance mechanism was established to assist developing countries in making the shift to sustainable practices. 
  • With $3.5 billion in assistance, the Green Climate Fund can now fund adaptation and mitigation projects in high-risk areas.

Alterra

  • The COP-28 Presidency unveiled ALTÉRRA, an investment program aiming to raise  $250 billion worldwide by 2030.

 

India’s Stand: 

  • India did not sign the UAE declaration on Climate and Health.
  • It acknowledges the benefits of Climate Action.
  • India also did not sign the Global Methane Pledge (GMP).
  • It might turn attention away from carbon dioxide and toward methane, a GHG with a shorter half-life.
    • India refrained from signing both declarations because of concerns that the development of healthcare facilities would be compromised. 
  • The focus would turn to methane which is dominated by methane emissions from livestock and agriculture.     

Why in news?

Dubai, United Arab Emirates, hosted the UNFCCC’s 28th Conference of Parties (COP).