Following his participation in the Conference of Parties-28 (COP28) in Dubai on Friday, Prime Minister Modi arrived at Delhi airport late at night. He took to the X platform to share a video encapsulating the pivotal moments of the World Climate Action Summit. This video showcased glimpses of his bilateral meetings and exchanges with global leaders. During his visit to the UAE, PM Modi emphasized the immense impact of climate change on countries in the Global South.
Here are the latest updates on the COP28 Summit 2023:
A coalition of 36 countries, co-chaired by Germany and Chile, is ambitiously targeting industrial emissions reduction. Known as the "Climate Club," this coalition initially emerged at a Group of Seven summit last year and has now been formally inaugurated.
COP28 discussions shed light on the economic toll of loss and damage caused by climate change.
Vietnam unveiled its $15.5 billion spending plan, pledged by affluent nations, to expedite its transition away from fossil fuels. This initiative, part of the Just Energy Transition Partnership (JETP), was introduced at the U.N. Climate Change conference in Dubai.
Japanese Prime Minister Fumio Kishida made a commitment to halt new construction at coal-fired power plants that operate without emission control, showcasing a stronger resolve toward achieving net-zero emissions.
The COP28 presidency has mobilized $2.5 billion to support the food-climate agenda.
France and Kenya have announced the launch of a coalition advocating for the establishment of an international tax within two years. This tax aims to generate billions of dollars for developing nations most susceptible to climate change. French President Emmanuel Macron revealed the formation of an "international task force," involving Kenya, Barbados, and other nations, set to present its findings at next year's G20 summit in Rio.
European Commission President Ursula von der Leyen reported that over 110 countries participating in the COP28 climate negotiations support the adoption of a goal to triple renewable energy and double energy efficiency by 2030.
Prime Minister Narendra Modi proposed India's hosting of the UN climate conference in 2028. Additionally, he launched the 'Green Credit Initiative,' focusing on creating carbon sinks through community involvement.
An official loss and damage fund designed to assist vulnerable countries in coping with climate change's impacts has been inaugurated. The initial funding, estimated at $475 million, includes pledges from the host UAE ($100 million), the European Union ($275 million), the US ($17.5 million), and Japan ($10 million).
COP28: The annual United Nations (UN) climate meeting is currently taking place in Dubai, convening numerous world leaders to address climate change challenges. The summit, which commenced on November 30 and will continue until December 12, serves as a crucial platform for global climate discussions.
Purpose of the COP Summit:
The Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) is an international gathering where world leaders collaborate to devise solutions for combating climate change. With 198 Parties (197 countries plus the European Union) participating in the Convention, it represents near-global membership.
Significance of COP28:
COP28 endeavors to uphold the objective of capping long-term global temperature increases at 1.5°C. In 2015, all nations committed to fulfilling this pledge in Paris. Achieving the 1.5°C target is vital to mitigate the most detrimental effects of climate change. However, current projections indicate that the world is currently on a trajectory for temperature rises between 2.4°C to 2.7°C by 2100.