#188: CoP28 Key Terms
GS3: Environment
PM Modi was at CoP28 last week
Top news from CoP28 #UPSC🧵
• Global Stocktake
• Loss and Damage Fund
• Green Credit Initiative (GCI)
• Climate Investment ALTÉRRA
• Climate & Health Declaration
• Leadership group for Industry Transition (LeadIT)
1. Global Stocktake (GST)
• Process of countries examining the progress in curbing global warming
• Decided at Paris in 2015; had to start from 2023
• To happen every 5 years from 2023
https://x.com/CseWhy/status/1731658940302455140?s=20
UN published first report to confirm progress but 'not enough'
The results from GST will determine future action
UN Climate Change (UNCC) describes it as:
"A moment to take a long, hard look at the state of our planet and chart a better course for the future”
2. Loss & Damage Fund
• Global Financial Package to rescue & rehabilitate worst climate-affected countries
• It is believed that rich countries' industrial growth drove planet to climate crisis
• These countries shall pay poor ones with lower carbon footprint
• Poor countries are facing brunt of rising sea levels, droughts & other climate actions
How will the fund function?
World Bank oversees funding from rich nations
But there is no clarity on scale of the funds yet and how will they be distributed
Further, WB in picture raises doubts of richer nations owning control over finances
3. Green Credits Initiative
Aim:
Global collaboration, cooperation, and partnership with incentive of Green Credits
• Incentivizes voluntary pro-planet actions
• Plantations on wastelands earn Green Credits
• People's participation is encouraged to create carbon sinks
4. ALTÉRRA
UAE's Climate Investment Fund
• Aim: Mobilize $250bn by 2030
• Focus: To transform emerging markets via climate investments
While an initial investment will be made for projects in India,
ALTÉRRA will have 4 key verticals:
a) Energy transition
b) Sustainable living
c) Climate Technologies
d) Industrial Decarbonization
5. Climate & Health Declaration
First official acknowledgement of ill impacts of climate change on health
Aim:
• To place health at heart of climate action
• To accelerate development of climate-resilient health systems
With this, governments are to protect communities with improved healthcare systems
Note: 123 countries endorsed it (sans India)
6. Leadership group for Industry Transition (LeadIT 2.0)
Co-launched by India-Sweden at CoP28, it focuses on:
• Include & just industry transition
• Co-development of & transfer of low-carbon tech
• Financial support to emerging economic for industry transition
Features of LeadIT 1.0
• Launched in 2019, supported by WEF
• Aim: Carbon net-zero carbon emissions by 2050
• Members bat for energy intensive industry to progress on low-carbon pathways
Other pointers:
• Secretariat: Stockholm
• 38 members in total (countries & companies combined)
Note: Tata Steel joined LeadIT in 2023
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Which Article of Indian Constitution pushes Govt. of India to work towards protecting the environment? Reply in comments or to this email!