COP28: India may bat for compensating developing nations for climate change

India is expected to advocate for a bigger scope in the Loss and Damages Fund (LDF) to compensate developing nations for climate change to ensure inclusivity for them, a senior UN official has said, ahead of the global climate talks that begin in Dubai on Thursday.

At COP27 last year, the Loss and Damage Fund was agreed to by the parties to provide financial assistance to developing nations suffering from adverse climate change impacts.

The operationalisation of the global loss and damage fund (Loss and Damage Fund) will be a key focus at COP28, including consideration of eligibility requirements, funding sources, the scope of the fund and whether the World Bank will serve as interim trustee and host of the fund for an initial four year period, a senior UN official told PTI.

The UN official, who is part of the Indian delegation, said India is expected to advocate to call for a bigger scope in the Loss and Damages Fund (LDF), urging inclusivity for developing nations.

PM Modi to address opening session

India expects a clear roadmap on climate financing during the COP28 starting on Thursday, where world leaders, including Prime Minister Narendra Modi, will converge to chalk out strategies for climate mitigation.

“Climate finance and climate technology are a very crucial segment of all the global efforts to address this challenge of environmental degradation. We expect a clear roadmap to be agreed upon at COP28 on climate finance, which would be important for delivering on the new, collective, quantified goals,” Foreign Secretary Vinay Mohan Kwatra told media in New Delhi.

Climate finance typically refers to any financing that seeks to support mitigation and adaptation actions that will address climate change

Asked what India’s stance on the reduction of coal consumption for its energy requirements was, Kwatra said, “Coal is and will remain an important part of India’s energy mix; it has always been, as we move forward to meet our developmental priorities in the country.”

“We are proactive in taking practical climate action measures and basing them on a firm conceptual understanding and a very firm belief that our development has to be a green development,” he said, adding that it would be subject to India’s own developmental priorities.

India also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.

Kwatra said Prime Minister Narendra Modi will address World Climate Action Summit and will take part in three high-level side events in Dubai on Friday. During a media briefing on PM Modi's visit to UAE for the COP28 World Climate Action Summit, Kwatra said the prime minister will deliver his address at the opening session of the World Climate Action Summit.

“Besides his address to the COP28, the prime minister will also be participating in three high-level side events of which two are being co-hosted by India. The first high-level event being co-hosted by India and the UAE is the launch of the Green Credits Initiative,” Kwatra said, as quoted by ANI.

Renewable energy targets

A pivotal focus for COP28 lies in tripling renewable energy targets by 2030, with India fully committed to this ambitious goal and well-positioned to achieve it, the official, who did not want to be identified, said.

The present COP Presidency has prepared a draft proposal to operationalise the loss and damage fund which confirms what the Loss and Damage fund technical committee had recommended in its last meeting — that the World Bank be the interim host of the fund.

It also said that if the board which would be set up to supervise the fund finds the work of the World Bank satisfactory then it will become the permanent host.

Dubai is abuzz with activity as preparations for the highly anticipated annual climate talks, COP28, are in full swing here which will kickstart from Thursday.

About 70,000 delegates from nearly 200 countries are expected to participate in the global conference which is set to commence on Thursday and run through December 12.

Heads of state and governments, including Prime Minister Narendra Modi, King Charles III of England, Brazilian President Lula da Silva, and Spanish Prime Minister Pedro Sanchez, are expected to be present at the climate summit.

The leaders will be actively engaged on December 1 and 2, taking part in the Global Climate Action Summit. Subsequent days will witness closed-door discussions among officials and experts, with significant high-level political decisions anticipated in the final days to shape the resolution.

Landmark events in offing

The COP28 promises several landmark events, including the inaugural Global Stocktake (GST), offering a comprehensive assessment of progress since the adoption of the Paris Agreement. This crucial evaluation aims to align global efforts on climate action, addressing gaps in progress, a senior UN official said.

The key agenda items include the progressive abandonment of fossil fuels, securing adequate financing for a just transition, and navigating the challenge of maintaining global warming goals amid a growing lack of trust in government commitments, particularly between affluent nations and the Global South, noted another official.

A report recently published by UN Climate Change shows that national climate action plans (known as nationally determined contributions, or ‘NDCs’) would collectively lower greenhouse gas emissions to 2 per cent below 2019 levels by 2030, while the science is clear that a 43 per cent reduction is needed.

“Over 160 world leaders are headed to Dubai because only cooperation between nations can get humanity back in this race. But COP28 cannot be just a photo-op. Leaders must deliver – the message is clear,” said UN Climate Change Executive Secretary Simon Stiell.

“And as leaders leave Dubai after the opening summit, their message to their negotiators must be equally clear: don’t come home without a deal that will make a real difference,” he added.

Climate finance stands at the heart of this transformation. Replenishing the Green Climate Fund, doubling financial resources for adaptation and operationalising the Loss and Damage Fund are key to keeping 1.5°C within reach while leaving no one behind.

“The reality is that without much more finance flowing to developing countries, a renewables revolution will remain a mirage in the desert. COP28 must turn it into a reality,” Stiell said.

(With agency inputs)