Context:

• The 28th edition of the Conference of Parties (COP) of UNFCCC, which is set to unfurl over two weeks in Dubai next month (30 November to 12 December 2023), has stirred a unique controversy centered around its president, Sultan Al-Jaber.

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• His position as head of one of the world’s largest oil companies, Abu Dhabi National Oil Company, has drawn criticism —primarily from the West  that he would as  Conference of Parties (COP) President be less inclined to push the world away from fossil fuels.
• Majid Al-Suwaidi, Director-General, COP-28, denies any conflict of interest in UAE, an oil producer, hosting the event; he says it’s the COP for Asia and if it works for India it will work for many others.
• COP28 will feature a “global stocktake,” where participating countries will report on their progress in meeting their voluntary emissions reduction commitments and discuss strategies for closing the gaps.
• The World Meteorological Organisation says one of the next four years — perhaps 2023 will almost certainly breach the 1.5 degree Celsius threshold.

India Has a Critical Role in the 28th edition of the Conference of Parties (COP-28)

• India is  the third-largest emitter of greenhouse gases and India is also one of the most vulnerable countries to the impacts of climate change.
• India’s leadership: India played a significant role in the previous 27th edition of the Conference of Parties (COP27) by championing the establishment of the Loss and Damages Fund to compensate countries affected by climate change.
  • However, there remains a lack of consensus on the funding of this initiative, despite estimates suggesting a minimum requirement of $500 billion for the Loss and Damages Fund.
• Prioritizing adaptation and equity: India will likely prioritize adaptation and equity at COP28. Developing countries need at least $215 billion yearly to do meaningful adaptation work, but barely $21 billion is flowing in (the Adaptation Gap report). 
• Phase-down of Fossil Fuels: The issue of phasing down or phasing out fossil fuels will likely be discussed at COP28.
  • There is no consensus on this issue, and India has called for a phase-down of all fossil fuels and not just coal in the official “cover text” of the COP27.
• Renewable energy: India is also expected to showcase its progress on renewable energy. India has set an ambitious target of reaching 500 gigawatts of renewable energy capacity by 2030. 
• Climate finance: India is likely to call for developed countries to provide more climate finance to developing countries.
  • Rich countries have promised to mobilize $100 billion in climate finance every year from 2020  a promise they have not met.
  • However, the real challenge would be making progress on finalizing a new amount, over and above the $100 billion figure, that has to be raised every year, starting next year.
• India’s leadership at COP28 is crucial for the global effort to address climate change. India can help to ensure that the COP28 outcomes are fair and equitable and that they address the needs of the most vulnerable countries.

Source: The Hindu