Dubai: India and China, two large economies and among the two top coal consumers, last week stayed away from a pledge taken by 118 nations on the sidelines of COP28 climate summit to work towards trebling the global renewable energy generation capacity to at least 11,000 GW and doubling the average annual rate of energy efficiency by 2030.
The abstention was in keeping with the stance of India which, despite having made rapid strides in boosting its non-fossil fuel energy generation capacity including solar, wind and hydel, has been loath to bind itself to commitments on massively cutting its reliance on coal-fired power plants - its mainstay for generating electricity - at a time when demand is rapidly rising.
Modi offers to host 33rd session in 2028
Continuing with India's proactive approach towards the climate cause, PM Modi proposed to host COP33 in India in 2028 and gave a call to world leaders to join the ‘Green Credit’ initiative, recently launched by India, as part of larger global mitigation action. Making a vigorous pitch for the Green Credit initiative, Modi said, “Going beyond the commercial mindset of 'carbon credit' (system), this (Green Credit) initiative is a movement to create a carbon sink with people's participation." He was addressing global leaders at the inauguration of the high-level segment of heads of state/government at COP28.
Loss and Damage Fund cleared
On the first day of COP 28, member countries agreed to make operational a Loss and Damage (L&D) fund that is meant to compensate countries already dealing with climate change. To be based at the World Bank but managed by an independent secretariat, commitments worth at least $450 million have already been made by countries though billions of dollars are still needed to meet its purpose.
The L&D fund was first announced at the conclusion of COP-27 in Sharm El-Sheikh, Egypt, last year, but it has taken five separate meetings since then, via ‘transitional committees,’ to get to a position where countries could unanimously agree on a text that was then passed by COP-28 President, Sultan Ahmed Al Jaber. The genesis of the need to have such a fund is nearly three decades old.
Financial commitments have been made by the United Arab Emirates $100 million – the host country, Germany $100 million; the United States $17 million, the United Kingdom $50.6 million (approx.), and Japan $10 million as part of the L&D. The European Union also committed to $145 million, over and above the German contribution. Some 170 world leaders are attending this year’s COP - a record for a climate conference according to the UAE, the host country.
King Charles urges leaders to act
King Charles kicked off the COP 28 with a rallying cry for world leaders -including his prime minister Rishi Sunak - to meet their promises to the world. “I pray with all my heart that COP28 will be a critical turning point towards genuine transformational action,” said the British head of state as he delivered an opening address.
Sunak was among those in the audience. While retaining Britain's headline carbon reduction goals, the Conservative prime minister has stressed that the shift to net zero should not hit voters in the pockets. In September, Downing Street announced plans to loosen a series of shorter-term targets meant to ease the transition away from fossil fuels. The government has also doubled down on domestic oil and gas exploration.
Speaking to reporters ahead of the King's speech on his flight to Dubai, the prime minister said he would “walk around very proudly" at COP, talking up £1.6 billion in UK backing for international climate finance projects - and downplaying any suggestion of a split with the King.