✅ COP 28 has been concluded:
– Here is everything you need to know about it :
1. Loss and Damage Fund
2. UAE climate investments – ‘ALTERA’
3. Green Credit Initiative – launched by India (PM Modi).
4. Global StockGate
# PM Modi pitches for 2028 edition of COP in India.
✅ Loss and damage Fund approved at COP28 summit.
– The fund will help developing countries that are vulnerable to the consequences of climate change.
– A few crucial details, however, remain unclear,as when will this fund be replenished.
– The need of the hour is several trillion dollars, according to some economists
✅ UAE Climate investments : ‘ALTERRA’
– $30-billion commitment to an investment fund .
– The privately managed fund aims to mobilise $250 billion globally by 2030.
– Aim : ALTERRA will have 4 key verticals;
1. Energy Transition
2. Industrial Decarbonisation
3. Sustainable Living
4. Climate Technologies
✅ Green Credit Initiative :
– The Green Credit Initiative has been conceptualized as a mechanism to incentivize voluntary pro-planet actions, as an effective response to the challenge of climate change.
– It envisions the issue of Green Credits for plantations on waste/degraded lands and river catchment areas, to rejuvenate and revive natural eco-systems.
✅ Global Stocktake:
– The first Global Stocktake (GST) was conducted, which is a comprehensive assessment of progress made towards the goals of the Paris Agreement.
– The GST found that while there has been some progress, it is not enough to limit global warming to well below 2 degrees Celsius, let alone 1.5 degrees Celsius.
✅ Summary of the Summit:
– The COP 28 Presidency released a
“UAE Thematic Program” that outlines the key themes of the summit.
These themes include:
◦Accelerating mitigation ambition
◦Enhancing adaptation action and addressing loss and damage
◦Strengthening collaboration on climate finance
◦Promoting innovation and technology for climate action
◦Fostering inclusive climate action
✅ Conclusion:
Overall,
COP 28 was a successful summit that made progress on a number of important issues.
However, there is still a long way to go to achieve the goals of the Paris Agreement. Parties must continue to work together to increase their ambition and take urgent action to address climate change.