The 28th Conference of the Parties of the United Nations Framework Convention on Climate Change (UNFCCC)(COP 28) was held in Expo City, Dubai, The United Arab Emirates(UAE) from 30th November to 12th December 2023.
On 1st December 2023, Narendra Modi, Prime Minister (PM) of India, attended the COP 28 Presidency’s session on “Transforming Climate Finance” in Dubai, the United Arab Emirates (UAE).
Highlights of the Presidency’s session:
During the event, leaders of member nations adopted the “UAE Declaration on a New Global Climate Finance Framework”.
- Objective: It includes elements which will help in achieving the commitments made in NDCs (Nationally Determined Contributions) by the respective nations along with expanding the sources of concessional finance for climate action.
PM highlighted the following issues related to Climate Finance at COP28 Presidency’s Session:
- Progress in New Collective Quantified Goal on Climate Finance.
- Replenishment of Green Climate Fund and Adoption Fund.
- Affordable Finance to be made available by MDBs (Multilateral Development Banks) for Climate Action.
- Developed Nations must eliminate their carbon footprint intensity before 2050.
India co-hosted with UAE the Global Green Credit Initiative at COP-28
On 1st December 2023, PM Modi along with Sheikh Mohammed bin Zayed Al-Nahayan(President of UAE), co-hosted the event on the “Green Credits Programme” at COP28 in Dubai (UAE).
Key Participants: Ulf Kristersson, PM of Sweden, Filipe Nyusi, President of Mozambique and Charles Michel, President of the European Council.
About Global Green Credit Initiative:
i.It provides a global platform for collaboration and exchange of innovative environmental methods.
ii.The Green Credit Initiative provides a mechanism to incentivize the voluntary efforts of an individual or group of individuals in safeguarding the environment.
iii.Under the initiative, Green Credit will be issued for tree plantations on wastelands, and river catchment areas, which will promote afforestation as it helps in rejuvenation and revival of the environment.
Key Focus areas: Water Conservation, Afforestation and Biodiversity Conservation.
Global Green Initiative Portal: It is a web portal launched during the Green Credits Programme at COP28. It would maintain a repository of policies and best practices that incentivize environment-friendly actions.
PM Modi Launched the LeadIT2.0 initiative with focus on inclusive industry transition
PM Narendra Modi launched the LeadIT2.0 initiative at COP28 which was held in Dubai(UAE). The main focus of the initiative is on inclusive and just industry transition.
- It aims to provide the co-development and transfer of low-carbon technology while providing financial assistance to emerging economies.
About LeadIT(The Leadership Group for Industry Transition):
Originally, LeadIT was established in 2019 which is a collaborative effort of 18 countries and 20 industry–leading companies dedicated to achieving net-zero emissions from industry by 2050.
- It was launched jointly by the PMs of India and Sweden and is supported by the World Economic Forum(WEF).
India proposed to host the UN Climate Conference in 2028
During his address at the COP28 meeting, PM Modi proposed to host the 33rd edition of COP(COP33) in India. He was accompanied by COP28 President Sultan Al-Jaber and UN Climate Change Executive Secretary Simon Steill.
- PM highlighted the global climate initiatives launched by India are: the International Solar Alliance(ISA), Coalition of Disaster Resilient Infrastructure(CDRI) and Lifestyle for Environment (LiFe)Campaign.
- Since the inception of the annual meeting of the United Climate Change Conference (UNFCCC) COP, India hosted the annual climate change conference only once (in the year 2002 of COP8).
IREDA launched the Retail Division and Advocates Sustainable Investment at COP28
Indian Renewable Energy Development Agency(IREDA), a Mini Ratna Category I Public Sector Undertaking(PSU) under the Ministry of New and Renewable Energy(MNRE) has launched its retail division.
- The announcement was made during the Leaders Dialogue on “Acting Solutions for Global Sustainable Development and Governance” held in Dubai(UAE).
- The event is organized by CEEW(Council on Energy, Environment and Water) and CII(Confederation of Indian Industry) on the sidelines of COP28.
- According to IREDA Retail Division, loans will be provided to borrowers under the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) scheme for rooftop solar and other Business-to-Consumer(B2C) sectors.
- Under IREDA’s Retail Division 1st loan of Rs 58 crore was sanctioned under KUSUM-B.
- IREDA proposed a significant stride towards sustainable investment by incorporating 1% to 2% Asset Under Management(AUM) allocation for domestic and insurance funds into Renewable Energy(RE) bonds.
About PM KUSUM scheme:
i.It was launched by the Ministry of New and Renewable Energy.
ii.It provides subsidies to the farmers for the installation of solar pumps and grid-connected solar and other renewable plants.
Target: To increase renewable capacity by 25750 MW(Mega Watt) by 2022.
ReNew Signed MoU with ADB for USD 5.3 billion
ReNew Energy Global Plc (ReNew), a leading decarbonisation solution company, signed a Memorandum of Understanding (MoU) with the Asian Development Bank(ADB) worth USD 5.3 billion for investing in projects that help mitigate climate change.
- The MoU, a first of its kind in the Indian RE sector, will help ADB achieve its funding ambition of USD100 billion in green energy projects by 2030.
Signatories: The MoU was signed by Sumant Sinha, Chairman and CEO of ReNew and Suzanne Gaboury, Director General of the Private Sector Operations department, ADB.
NMCG launched the Global River Cities Alliance at the UN Climate Change Conference
The Global River Cities Alliance (GRCA), led by the National Mission for Clean Ganga (NMCG) under the Ministry of Jal Shakti, Government of India, was launched at COP28 in Dubai, UAE.
- Its main aim is to foster international collaboration between organizations, and countries for river conservation and sustainable water management.
About the Alliance:
The alliance includes more than 275 global rive-cities in 11 countries, global funding agencies and knowledge management partners.
- Partner countries: India, Egypt, The Netherlands, Denmark, Ghana, Australia, Cambodia, Japan.
- River-Cities: Den Haag(The Netherlands), Adelaide(Australia), Szolnok(Hungary).
- International Agencies: World Bank, ADB, Asian Infrastructure Investment Bank(AIIB).
- Knowledge Management Institutions: KPMG(Klynveld Peat Marwick Goerdeler)
Background of River Cities Alliance(RCA):
It was launched in 2021 by NMCG in association with the National Institute of Urban Affairs(NUA). It was launched to promote the sustainable development of river cities.
- Until now, RCA has been expanded to include 143 member cities in India.
- A Memorandum of Collaboration (MoCP) was signed between Namami Gange and the Mississippi River Cities and Towns Initiative(MRCTI).
CDRI launched a platform to estimate risks with respect to Climate related Hazards
Coalition for Disaster Resilient Infrastructure(CDRI) has launched a data platform named-“Global Infrastructure Risk Model and Resilience Index(GIRI)” on the sidelines of the COP28 summit. It is the world’s 1st publicly available risk model with respect to major climate-related risks.
Objective: To predict risks and enhance countries’ ability to absorb, respond and recover from disasters.
About CDRI:
It was launched in 2019 at the UN Climate Action Summit in New York, The United States of America(USA) to promote the resilience of new and existing infrastructure systems to climate and disaster risks in support of sustainable development.
Global Stocktake and its Significance and India’s Positions:
Global Stocktake is a process which collates the data and determines the progress of NDCs(Nationally Determined Contributions) made by member countries of UNFCCC at the Paris Climate Change Summit in 2015. The Global Stocktake takes place every 5 years, with the 1st ever-stocktake text set to conclude at COP28.
- It guides the member countries to accelerate their efforts in order to meet the set targets of NDCs.
- India is one of the few countries in the world on track to achieve its Nationally Determined Contributions(NDCs).
- 5th iteration of the GlobalStocktake(GST) was released at COP28. It suggested 8 steps which can help to limit the global temperature rise to 1.5 degree Celsius.
Points to note:
i.To Triple the renewable energy capacity by 2030 and collectively double the global energy efficiency improvements from around 2% to 4% every year until 2030.
ii.Phasing-down the usage of Coal in industries.
iii.Accelerating efforts globally towards net-zero by around mid-century.
iv.Accelerating zero and low emissions technologies.
v.To Achieve Net Zero emission by 2050.
vi.Reduce non-carbon dioxide emissions, for example: Methane emissions globally 2030.
vii.To reduce emission from road transport.
viii.Phasing out of inefficient fossil fuel subsidies.
India’s position in Global Stocktake:
BASIC bloc led by India advocated for GlobalStocktake to set accountability of developed countries which failed to meet their NDCs.
- India at COP27 which was held in Egypt in 2022, proposed to shift priority from phasing-down to phasing-out. It urged the member countries to consider phasing out of all fossil fuels, not just coal.
Note: BASIC bloc is a group of 4 emerging economies which include countries: Brazil, South Africa, India and China.
Multilateral Development Banks(MDBs) unlocked over USD 180 billion climate finance at COP28
Multilateral Development Banks(MDBs) came together at the COP28 climate summit in Dubai(UAE) to unlock over USD180 billion in climate finance.
Major announcements made by MDBs:
i.Inter-American Development Bank(IDB) announced that it will triple its climate lending to USD 150 billion over the next decade. Also, it pledged to provide USD 5 billion as additional financing for sustainable projects in the Amazon.
ii.Islamic Development Bank(IsDB): pledged USD 1 billion for climate finance. It aims to support adaptation in conflict-affected countries.
iii.African Development Bank launched a USD 175 million facility for green infrastructure in Africa as well as USD 1 billion facility to provide insurance against climate impacts to over 40 million farmers across Africa.
Key announcements by World Bank:
i.World Bank announced to increase their climate finance target to 45% by 2025(means to provide USD 40 billion annually for climate finance by 2025). ii.It includes an additional USD9 billion per year for the next 2 years.
iii.It also committed to providing USD5 billion to support 100 million people in Africa with clean energy access in the next 7 years.
iv.It announced to support 15 countries with national programs to reduce methane emissions of up to 10 million tons over the next 5-7 years from rice production, livestock and waste.
v.It also announced to support of carbon credit certification for forestry in 16 countries with the target of generating 24 million credits by 2024 and 125 million in 5 years.
ADB launched USD 2 billion Nature Solutions Finance hub at COP28
On the sidelines of COP28, ADB launched a Nature Solutions Finance hub for Asia and the Pacific, with an investment of USD 2 billion. It will provide investment to projects that have nature-based solutions.
- The hub will facilitate various financing measures to decrease the risk in nature-based solutions projects.
- Various international organisations lend support to the initiative are:
The Organization of Petroleum Exporting Countries(OPEC) Fund for International Development, Association of Southeast Nations (ASEAN) Catalytic Green Finance Facility, International Union for Conservation of Nature(IUCN), Worldwide Fund for Nature(WWF), Bird International and many other.
Over 110 countries set to join COP28 deal to triple renewable energy by 2030
More than 110 countries at the COP28 summit held in Dubai(UAE), pledged to triple the world’s installed renewable energy by 2030.
- European Union, USA and UAE were the main countries which lent unwavering support to the pledge.
- India abstained from signing the pledge to triple renewable energy by 2030.
Significance: According to global think-tank Ember, by tripling the renewable energy sources and doubling energy savings will help in reducing 85% of the fossil fuel usage in this decade.
Climate Summit COP28 embraces Artificial Intelligence(AI), with reservations
Entrepreneurs and researchers across the world participated at the COP28 summit, predicted that AI (which is the fastest growing technology) could help in accelerating the world’s efforts to mitigate climate change.
- But, they have apprehensions about the AI potential to exploit energy and harm humans and planet.
- The United Nations(UN) in partnership with Microsoft declared to develop AI tool to track the progress of countries in achieving their set goals to reduce fossil fuel emissions.
The G7 Climate Club was launched at COP28
G7 Climate Club which is led by Germany and Chile was officially launched at COP28 climate change summit in Dubai, UAE. It has support of 36 member nations including: Kenya, The European Union, Switzerland and others. Its main aim is to develop policies for decarbonizaton.
- Currently, Germany and Chile serve as the co-chairs of the club. The co-chairs will have tenure of 2 years.
- It is based on three pillars :
i.Pillar1: Advancing ambitions and transparent climate change mitigation policies.
ii.Pillar2: Transforming industries.
iii.Pillar3: Boost international cooperation and partnership
Challenge Launched at COP28 to Harness AI for Climate Action in Developing Countries
The UN Climate Change Technology Executive Committee(TEC) in collaboration with Enterprise Neurosystem (non-profit open-source AI company) has launched the AI Innovation Grand Challenge to promote and support the development of AI-powered solutions for climate action in developing countries.
- It was launched as a part of COP28 summit organized by the UN Climate Change Technology mechanism with COP28 UAE.
Technology Mechanism was launched by UNFCCC. It includes the UNFCCC Technology Executive Committee(TEC) and Climate Technology Center and Network(CCTN) which is hosted by UNEP(United Nations Environment Programme).
- The TEC and CCTN jointly launched the #AI4 Climate Action initiative.
Mocha among” most impactful” global cyclones in 2023: WMO report at COP28
World Meteorological Organisation(WMO) released its annual report titled “Provisional State of the Global Climate 2023” at the COP28 summit.
- The report mentioned Cyclone Mocha(in the Bay of Bengal) was one of the most severe cyclones in 2023 in the world.
- It caused 1.7 million displacements across the sub-region from Sri Lanka to Myanmar and through India and Bangladesh.
COP ends with call to “transition away” from fossil fuels
COP-28 concluded with the adoption of “Dubai consensus” resolution. It aimed at the urgent need to transition away from fossil fuels and achieve net-zero greenhouse gas emissions by 2050.
Additional info:
i.Azerbaijan will host COP29 from November 11 to 22, 2024.
ii.Brazil will host COP30 from November 10 to 21, 2025.
About Indian Renewable Energy Development Agency(IREDA):
Chairman– Pradip Kumar Das
Established– 1987
Headquarters– New Delhi, Delhi
About Asian Development Bank(ADB):
President– Masatsugu Asakawa(Japan)
Headquarters-Manila, Philippines
Member nations– 68
