COP -28

✅ 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.

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