COP 28: World leaders convene to address critical themes—technology, inclusion, frontline communities, and finance—to push for a sustainable future
Starting November 30, the Government of the United Arab Emirates (UAE) is hosting the 28th Conference of Parties (COP) in Dubai, determined to carry forward the momentum set in Sharm El Sheikh, Egypt, which witnessed breakthrough agreements on aiding vulnerable countries struck by climate disasters as also for securing additional financial support for developing nations.
The Presidency for COP 28 calls on governments and key climate stakeholders to focus on four areas: (a) fast-tracking the energy transition; (b) fixing climate finance; (c) emphasising nature, people, lives, and livelihoods; and (d) promoting total inclusivity.
Accordingly, this edition of COP has identified four cross-cutting themes: technology and innovation, inclusion, frontline communities, and finance. The objective to build on the Sharm El Sheikh outcomes should see the following areas taking precedence:
Technology and Innovation:
COP 28 recognises the vital role of technology and innovation in addressing climate change. Critical green solutions, including green hydrogen and carbon capture and storage, are anticipated to be discussed.
With over 2,200 climate tech companies, India is emerging as a vibrant hub in the domain. The G20 Summit in New Delhi led to the Global Biofuel Alliance (GBA), fostering collaboration among 19 countries and 12 international organisations to boost biofuel supply and demand.
Inclusion:
The interdependence between climate change and social inequality requires greater appreciation. Climate change-induced calamities, such as rising sea levels, floods, and droughts, impact different sections of society unevenly. Although high-income households contribute the most to carbon emissions, low-income groups often suffer the most.
Advocating for pro-poor policies, supporting a just transition, and addressing carbon inequality is crucial at COP 28. The proposed loss and damage fund from COP 27 represents a positive step forward.
Frontline Communities:
COP 28 is expected to prioritise populations most vulnerable to climate change, aligning with the objectives of Nationally Determined Contributions (NDCs) introduced in COP 21. While most countries have established their NDCs, only some have revised them. India's latest NDC, announced at COP 26, aligns with its long-term goal of achieving net zero by 2070.
Finance:
Mobilising Green Finance for developing countries has been a persistent goal at recent COPs. Despite commitments falling short, 8 percent annual growth in 2020 exceeded previous year's. India's strides in sustainable finance, including sovereign green bonds, demonstrate progress. COP 28 anticipates renewed vigour in addressing finance for climate action.
COP 28, including the first Global Stocktake, must drive significant progress towards global and national climate goals. Uniqus will closely monitor developments and analyse impacts on governments and businesses.
(Anu Chaudhary, Partner, Global Head of ESG Consulting, Uniqus Consultech. Views are personal.)