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
In anticipation of the upcoming COP28 global climate talks, India is poised to advocate for an expanded scope in the Loss and Damages Fund (LDF) to ensure comprehensive compensation for developing nations grappling with the impacts of climate change.
A senior UN official within the Indian delegation disclosed that discussions at COP28 will centre on key aspects of operationalizing the Loss and Damage Fund, including eligibility criteria, funding sources, and the potential role of the World Bank as an interim trustee.
India's stance is expected to focus on inclusivity for developing nations, urging for a broader scope in the Loss and Damages Fund. The nation is also aligning with the broader COP28 objective of tripling renewable energy targets by 2030.
The Loss and Damage Fund, established at COP27 last year, aims to provide financial assistance to developing nations coping with adverse climate change effects. The ongoing talks will scrutinise the fund's operationalization, with consideration for the World Bank as an interim host for an initial four-year period.
The climate summit, slated to run from December 1 to December 12, is set to host around 70,000 delegates from nearly 200 countries. Dignitaries such as 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.
A focal point of COP28 will be the Global Climate Action Summit on December 1 and 2, where leaders will actively engage in discussions. Key agenda items include increasing renewable energy targets, abandoning fossil fuels, securing financing for a just transition, and addressing challenges in maintaining global warming goals.
The conference will also feature the inaugural Global Stocktake (GST), providing a comprehensive assessment of progress since the adoption of the Paris Agreement. However, concerns persist, as recent reports indicate that national climate action plans fall short of the required 43 percent reduction in greenhouse gas emissions by 2030.
Climate finance remains a critical component of the discussions, with emphasis on replenishing the Green Climate Fund, doubling financial resources for adaptation, and operationalizing the Loss and Damage Fund. The UN Climate Change Executive Secretary, Simon Stiell, underscores the importance of COP28 in turning the renewables revolution into a reality through increased finance for developing countries.
As the global community convenes in Dubai, COP28 President Dr. Sultan Al Jaber emphasises the urgency of taking immediate action to reduce emissions, guided by the goal of keeping global warming within 1.5°C. The conference aims to build trust in various negotiation areas, laying the groundwork for an ambitious "New Collective Quantified Goal" for climate finance in the coming year.
COP28 President Dr. Sultan Al Jaber stated, "All parties should be prepared to deliver a high-ambition decision in response to the global stocktake that reduces emissions while protecting people, lives, and livelihoods."
Egyptian Minister of Foreign Affairs and COP27 President Sameh Shoukry stressed the importance of implementing previous agreements and achieving climate justice, particularly in terms of funding loss and damage. One of the primary outcomes anticipated from COP28 is the full operationalization and funding of the Loss and Damage Fund.