Date : 15/12/2023

Relevance: GS Paper 3- Environment - Climate change

Keywords: COP, UNFCCC, Loss and Damage Fund, Paris Agreement, Kyoto Protocol

Context-

• The COP28 climate meeting concluded with a mix of significant strides and lingering shortcomings, adding to the ongoing global climate discourse.
• Despite marking a pivotal moment with acknowledgments on fossil fuel transitions, methane emission reductions, the establishment of a Loss and Damage Fund, and progress on the global goal for adaptation, COP28 fell short of fully meeting the expectations.

Expectations: The Crucial Global Stocktake

• COP28 arrived amidst an urgent need to address the escalating threat of climate change, as 2023 set the record as the hottest year ever recorded.
• The primary agenda was the Global Stocktake (GST), a vital assessment mandated by the Paris Agreement, aiming to evaluate the global fight against climate change and set the course for future actions.
• The expectation was for COP28 to be the last opportunity to align efforts with the 1.5-degree Celsius warming threshold and catalyze ambitious climate action, especially between 2023 and 2030.

COP28 Outcomes:

Fossil Fuel Transition:

• The issue of fossil fuel phase-out dominated COP28 discussions, exposing the challenges in addressing the role of fossil fuels in global warming.
• The final agreement urged countries to contribute to transitioning away from fossil fuels, targeting net-zero emissions by 2050.
• However, the absence of specific timelines and targets left room for discontent. The term "fossil fuel phase-out" itself was a point of contention, with some countries disappointed by its omission.
• The agreement's impact on near-term production and consumption of fossil fuels remains uncertain, emphasizing the importance of concrete actions.

Renewable Energy Tripling:

• One notable achievement was the agreement's call for countries to contribute to tripling the global installed capacity of renewable energy by 2030.
• This commitment, alongside doubling annual improvements in energy efficiency, holds the potential to avoid emissions equivalent to 7 billion tonnes of CO2.
• However, the global nature of the target raises questions about its implementation at the individual country level, necessitating further clarity on the mechanisms to ensure effective tripling.

Coal Phase-Down:

• Despite coal being a fossil fuel, COP28 reiterated the phase-down commitment established at the Glasgow conference in 2021.
• Notably, attempts to mandate carbon capture and storage facilities in new coal-fired power plants faced resistance from key nations, leading to a retention of the Glasgow language. The absence of specific metrics for measuring this phase-down and determining baselines raises concerns about the practicality and effectiveness of this commitment.

Methane Emission Reduction:

• Addressing methane emissions emerged as a critical aspect of COP28 discussions. The agreement emphasized the need to "substantially reduce" methane emissions by 2030, acknowledging its significant role as a greenhouse gas.
• However, the absence of explicit targets for 2030 reflects this issue's sensitivity, particularly in countries like India, where agriculture and livestock contribute substantially to methane emissions. Striking a balance between emission reduction goals and respecting diverse national priorities remains a challenge.

Loss and Damage Fund:

• For vulnerable countries, the operationalization of the Loss and Damage Fund at COP28 marked a crucial outcome.
• The fund, initially decided upon in Sharm el-Sheikh, gained momentum with commitments surpassing $800 million by the end of the conference.
• Designed to provide financial assistance to nations recovering from climate-induced disasters, this development represents a step forward in addressing the disproportionate impact of climate change on vulnerable communities.

Financial Support and Equity:

• The final draft fell short in addressing the crucial issue of financial support by developed nations. Despite acknowledging the shortfall in the earlier commitment of $100 billion per year by 2020, the draft did not present fresh targets.
• The estimated financial needs for developing countries, amounting to $5.8-$5.9 trillion for the pre-2030 period, with specific allocations for adaptation and clean energy transition, were highlighted, yet concrete steps towards meeting these financial requirements were notably absent.

Global Goal on Adaptation

• The establishment of a global framework for adaptation, a key demand from developing countries, marked an essential step at COP28.
• The two-year work programme initiated at the Glasgow conference resulted in the identification of common adaptation goals.
• These encompassed areas such as climate-induced water scarcity reduction, resilience in food and agricultural production, and mitigation of health impacts.
• While adopting the framework is noteworthy, the agreement's current lack of financial provisions necessitates continued efforts to strengthen it in the coming years.

Conclusion

COP28, while delivering crucial acknowledgments and commitments, leaves room for reflection on the balance between ambition and practicality. The absence of specific timelines in fossil fuel transitions and methane emission reductions raises concerns about the urgency of action. Tripling renewable energy capacity offers hope, but the mechanics of global targets at the national level require clarification. The Loss and Damage Fund and the global adaptation framework are positive steps, yet the need for financial provisions and detailed indicators remains. As the world grapples with the escalating impacts of climate change, COP28 prompts a collective call for greater ambition, tangible action, and continued collaboration in the pursuit of a sustainable future.

Source- The Hindu