COP 28 Summit

Held every year, the Conference of Parties (COP) brings together global stakeholders to align on transformative and tangible climate action. This year’s COP has been no different, with COP28 beginning with significant pledges made to COP27’s Loss and Damage fund, with the funds now amounting to USD725 million. Eight new declarations were announced in the subsequent days, including the first ever declarations on health as part of climate action and food systems transformation. 118 countries have so far committed to tripling renewable energy capacity by 2030.

The Prime Minister of India addressed various events on Day 2, including the opening session of the day where he lauded COP28’s agenda and announced India’s Green Credit Initiative. He also shed light on India’s NDC progress, concluding with India’s proposal to host COP33 in India in 2028. Across various sessions, the PM highlighted the need for emerging economies disproportionately impacted by climate change to access climate finance and low-carbon technologies. He also emphasized the need for public-private government partnerships to achieve an inclusive and just climate transition.

So far, COP28 has made history and mobilised over USD57 billion for the climate agenda. Discussions in the next few days focusing on the first ever global stock take, carbon financing mechanisms and climate adaptation are anticipated to deliver even more positive outcomes.

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