Outcomes of the COP-28 climate summit

• The recently concluded COP-28 focused on addressing the global climate crisis, covering various aspects.
• These include loss and damage fund, global stocktake, green finance etc.

Loss and Damage Fund

• The Loss and Damage (L&D) fund, operationalized at COP-28, received only $790 million in pledges.
• This falls significantly short of the required $100 billion to $400 billion per year.
• Concerns were raised about the World Bank overseeing the fund, including
  • issues of legal autonomy, decision-making authority, and the fund's responsiveness to emergencies.
• Calls were made for affected communities to directly access funding, preferably in the form of grants.

Global Stocktake (GST)

• COP-28 witnessed the first Global Stocktake (GST), evaluating progress toward the goals of the Paris Agreement.
• Countries pledged to transition away from fossil fuels and triple renewable energy capacity by 2030.
• However, the transition is limited to energy systems, allowing continued use of fossil fuels in other sectors.
• The declaration also refers to ‘transitional fuels’, such as natural gas, for ensuring energy security, raising concerns about a true transition.

Green Finance

• The financial segment of the GST implementation framework emphasized developed nations' responsibility in climate finance.
• The Green Climate Fund received $3.5 billion in fresh support, and the Adaptation Fund received an additional $188 million.
• New partnerships were formed to mobilise investments in renewable energy, sustainable agriculture and infrastructure.
• However, available funds still fall short of the estimated $194-366 billion annual funding requirement for adaptation.

India's Performance

• India did not sign the UAE declaration on climate and health.
• It cites concerns about compromising healthcare infrastructure growth due to emissions reduction commitments.
• India did not join the Global Methane Pledge as it shifts focus from carbon dioxide to methane, a GHG with a lower lifetime.
• Also, India's emissions primarily come from rice cultivation and livestock rearing.

COP 28 Takeaways

• COP-28 outcomes included historic firsts, such as
  • The climate and health declaration
  • The acknowledgement of nature-based solutions for biodiversity and climate
• Challenges and differences between developed and developing countries remain.
  • These include issues of fossil-fuel subsidies, market mechanisms, financial resource allocation, and private sector engagement in climate action.
• The commitment to ramp up renewable energy targets was noted as a significant step forward.
• However, concerns linger regarding loss and damage metrics, fund management, risky technologies, fossil fuel use and natural gas as a transitional fuel.