Recently, the 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) was held in Dubai, United Arab Emirates. One of the key activities was the operationalization of the Loss and Damage (L&D) fund designed to compensate countries grappling with climate change impacts. World Bank would serve as the “interim host” of this fund for four years. Every country is invited to contribute voluntarily with a specific percentage dedicated to the Least Developed Countries and Small Island Developing States.
The Global Stocktake Text: A Step Towards Sustainable Climate
The fifth iteration of the Global Stocktake (GST) text was introduced and adopted at COP28. GST is a review mechanism established under the Paris Agreement in 2015. The text contains a set of eight steps aimed at keeping the global temperature rise within 1.5 degrees Celsius. These steps encompass a myriad of strategies such as tripling renewable energy capacity, accelerating efforts towards net-zero emissions, transitioning away from fossil fuels, and phasing out inefficient fossil fuel subsidies. It also maintains continuity with COP26 objectives and balances the diverse energy needs of various countries.
Climate Change and Impacts: A Global Concern
Global climate change has raised concerns for developing and poor countries, who have been asking for significant changes in the GST at COP28. They argue that, having consumed over 80% of the global carbon budget, developed nations should let them use their fair share of future emissions. They emphasize principles of common but differentiated responsibilities and capabilities (CBDR–RC) in fighting climate change.
Global Renewables and Energy Efficiency Pledge
The Pledge calls for collective action to triple the world’s installed renewable energy generation capacity by 2030 and double the global average annual rate of energy efficiency. It also includes commitments to reduce cooling-related emissions across all sectors by at least 68% globally.
Climate Finance: The Need for Economic Equity
The United Nations Conference on Trade and Development (UNCTAD) estimates that developed nations owe developing countries USD 500 billion in 2025 under the New Collective Quantified Goal (NCQG) for climate finance, with an expected increase to USD 1.55 trillion by 2030. Experts suggest reforming the global financial system to promote sustainable development.
Global Goal on Adaptation (GGA)
The draft text on GGA proposes enhancing climate change adaptation through increased awareness and better funding for countries’ adaptation needs. It focuses on three significant areas: climate-induced water scarcity reduction, climate-resilient food production, and strengthening resilience against climate-related health impacts.
Coal Transition Accelerator & Other Initiatives
At COP28, France introduced the Coal Transition Accelerator, advocating transitions from coal to clean energy. In addition to this, several other initiatives were launched, such as the declaration to triple nuclear energy, Powering Past Coal Alliance (PPCA), and Coalition for High Ambition Multilevel Partnership (CHAMP) for Climate Action.
India Led Initiatives at COP28
India introduced two major initiatives at the conference: The Global River Cities Alliance (GRCA) and Green Credit Initiative. GRCA aims to promote sustainable river-centric development and climate resilience, while the Green Credit Initiative focuses on promoting voluntary environment-friendly activities like tree planting, water conservation, and waste management by incentivizing them for big corporations and private companies.