Navigating Climate Futures: A Deep Dive into COP28 and India's Role

COP28 gave hope and created optimism for the future when 198 countries signed the historic ‘Dubai Consensus’ agreement, agreeing to ‘transition away from fossil fuels in energy systems in a just, orderly and equitable manner’. Countries participated in these deliberations when the world was reeling from many catastrophic events. India's active participation and contributions underscore its role as a responsible global actor, committed to shaping a future where energy security and sustainable development go hand in hand. The journey towards a more sustainable and resilient world requires continued collaboration, innovation, and a shared commitment among all stakeholders to safeguard our planet for future generations.

Major achievements at COP28:

COP28 achieved many milestones on critical issues of mitigation, adaptation, finance, and loss & damage and most importantly, a change in language with respect to transitioning away from traditional fuels to take urgent action on climate action.

● The operationalization of the Loss and Damage Fund is a huge step in the right direction to compensate countries vulnerable to the disastrous impact of climate change.

● The signing of the Global Renewables and Energy Efficiency Pledge is another significant milestone for the global community and its commitment to achieve clean energy transition. Around 118 countries agreed to triple renewable power generation capacity to 11,000 GW and double the global average annual rate of energy efficiency improvements to over 4% by 2030.

● The conversation around climate finance witnessed a huge shift, recognizing the special needs of developing countries. Their needs are different due to the challenges and the necessity of welfare and economic growth. The focus has now moved to concessional, grant-based climate finance and blended finance to lower the risk of adaptation and mitigation projects.

● The completion of Global Stock Take (GST) has created a mechanism for accountability and transparency, motivating countries to take their net-zero emission goals seriously and submit a new and ambitious NDC before 2025.

● Countries agreeing on the ‘Global Goal on Adaptation (GGA)’ was another important decision taken at COP28 to motivate nations to protect their people and ecosystems from climate change.

India’s Contributions:

India has always played a critical role in advocating climate action based on equity and justice. India has consistently shown leadership and commitment to combat climate change by taking various initiatives such as starting the International Solar Alliance (ISA), Mission LiFE (Lifestyle for Environment) to encourage people towards sustainable living, and setting one of the world’s most ambitious clean energy transitions. India has established a formidable goal of achieving 500 gigawatts of renewable energy capacity by the year 2030. Additionally, there are strategic plans in place to decrease the emission intensity in India's gross domestic product (GDP) by 45% by 2030, measured from the levels recorded in 2005. The ultimate goal is to achieve net zero emissions by 2070 by reducing 1 billion tonnes of carbon emissions. Remarkably, India has surpassed its pledge from the Paris Summit, achieving 40% of its power capacity goals from non-traditional fuels a full nine years ahead of schedule. Globally, India has always stood for the cause and need of developing and vulnerable countries. The establishment of the Loss and Damage Fund, Global Goal on Adaptation, consensus on Climate Finance, and the GreenCredit Initiative are some of the major initiatives that were advocated by India.

Road Ahead

COP 28 has put emphasis on the power of collective action and collaboration among all the stakeholders. In the coming years it will be crucial to take decisive actions to keep the global temperature below 1.5 degree Celsius. Renewable energy has emerged as a revolutionary solution to not accelerate the energy transition but also help developing countries to achieve their development goals and provide energy security to its people. GEAPP can act as a catalyst to support emerging economies in their shift to a clean energy system through innovative financial instruments such as blended finance strategies, the adoption of Distributed Renewable Energy (DRE) models, and creating an ecosystem for innovation to create employment opportunities and change the future of energy for generations to come.