By Mr Sameer Jain

The outcomes of COP28 evoke a mixed sentiment, reflecting intricate challenges inherent in global climate negotiations. COP28 once again brings back focus on how difficult it is to draw a common ground between National priorities and climate goals. It also throws light on the importance of ‘common but differentiated responsibilities’ among Nations, once again bringing the role of culprit and victim nations to the forefront.

While the conference witnessed commendable steps in fostering dialogue and setting ambitious climate goals, the absence of unanimous agreements on crucial declarations like the ‘Global Renewables and Energy Efficiency Pledge’ underscores the complexity of aligning diverse national interests.

The final climate agreement on COP28 is more ambitious than its predecessors as it calls for a tripling of renewable energy and a doubling of energy efficiency by 2030, though encouraging, it in most ways was an expected outcome. What is also interesting to see is the greater mention of climate adaptation and an agreement on the framework for global goal. Not enough can be stressed on importance of climate adaptation measures for nations suffering from climate impact. However, the agreement again doesn’t talk about how will such measures be funded? The discussion on climate adaptation without mentioning funding sources is no good for nations grappling with the after effects.

After much deliberations, the discussions spoke of transitioning away from fossil fuels, so as to achieve net zero by 2050, marking a significant but contentious shift in climate negotiations after 28 years. The final agreement called upon countries to contribute towards “transitioning away or phasing down (Repeat: Glasgow)” from fossil fuels, so as to achieve net zero by 2050. But where are the targets? Where are the timelines? Are we again committing to taking action in future not seen and known? Shouldn’t there have been some short-term targets and time schedules? Same is true for phasing down of coal. Having met major resistance from countries like India and China in past, the question of phasing out of this fossil fuel will still take long to find its way into a COP agreement.

The approval of the “Loss and Damage Fund” (the decision to set up the fund was taken last year, but no money was set aside for it) meant to provide financial help to countries trying to recover from climate-induced disasters was a crucial step, yet the pledged funds fell short of meeting the necessary amount, raising concerns regarding climate justice and support for vulnerable communities. Worries arose as countries struggled to meet emission reduction targets outlined in the Paris Agreement, highlighting the urgent need for comprehensive global action. A global adaptation framework focusing on common goals like reducing climate-induced water scarcity and enhancing resilience in food, agriculture, and health sectors. However, the agreement still lacks defined indicators and financial constraints impeded advancements in renewable energy adoption, particularly in developing nations, prompting widespread calls to restructure the global finance system for equitable climate justice.

Additionally, COP28 witnessed numerous international commitments spanning oil company emissions reduction, renewable energy enhancement, food system improvements, and integrating climate efforts with biodiversity, alongside discussions extending beyond negotiations, encompassing protests, and ongoing crises like Israel-Gaza, serving as stark reminders of the complex challenges intertwined with climate action. As COP28 closed, there was a cautiously optimistic feeling about the agreement reached, seen as the “beginning of the end” for fossil fuels. The “Global Stocktake” approved at the conference aims to review and accelerate climate efforts by 2030 to limit global temperature rise to 1.5°C. This step sets the stage for future preparations leading up to COP29.

Highlights with respect to India

At COP-28, India led the creation of the ‘Global River Cities Alliance’ (GRCA), bringing together representatives from nine nations, including India, Egypt, the Netherlands, Denmark, Cambodia, Japan, Bhutan, Australia, and Ghana. Prime Minister Narendra Modi urged developed countries to reduce their carbon footprint by 2050 and invited global participation in India’s “Green Credit initiative,” a project to store carbon without profit. He also restated India’s reliance on coal for electricity but highlighted the simultaneous increase in renewable energy production. PM Modi emphasized a careful approach to climate agreements, aligning with India’s aims to cut emissions and reach net zero by 2070. India chose not to sign the COP28 Declaration on Climate and Health because it wanted to balance its development needs while shifting to renewable energy, especially in its healthcare sector. Similarly, it did not sign the Global Renewables and Energy Efficiency Pledge, which aimed to triple renewable-energy generation capacity by 2030 and halt new investments in coal, despite having ambitious renewable energy goals and its earlier commitment during its G20 presidency. Further, while India welcomed the Dubai Consensus document and its focus on methane reductions, it did not join the consensus as a signatory, due to potential impacts on agricultural practices and patterns in the country.

Overall, while there have been a few successes associated with COP 28, this edition of Conferences of Parties, could have done better, especially because it was being held in a year that is breaking climate records for heat and also causing higher than ever extreme weather events. It gives a sense that the developed countries are still being requested to act, and are not being held accountable for their actions in past and commitments of future. There is also an absence of a roadmap and short term targets to commitments made for 2050.

(The author is Managing Director, Primus Partners)

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