NEW DELHI: Amid intense last-round discussions leading up to climate meet — Conference of Parties (COP) 28 — in the UAE, India is among the countries pitching for opening up loss and damages fund (LDF) for developing nations like itself and not limit it to small island and least developed nations.
India feels that it must be acknowledged that there are other developing nations “vulnerable” to and experiencing extreme consequences of climate change, officials in the know said. For instance, this year’s Himachal Pradesh floods, Sikkim’s glacial flood disaster due to overall global warming, Pakistan’s 2022 floods, etc.
LDF is to be given to nations vulnerable to/impacted by climate change consequences, as agreed after tough negotiations at COP 27 in Egypt in 2022. COP 28 is expected to finalise and declare the rulebook on the structure of LDF.
The issue, deadlocked between developed and developing nations, is headed for final rounds of November 3-4 talks. It will be critical for COP 28 that will open in Dubai in month-end.
While climate finance has been a sticky point in every COP, LDF is a keenly fought battleground, with global north and global south on opposite sides. Another contentious issue is LDF housing.
While developed countries want the fund to be vested with the World Bank, developing nations are seeking it be housed under the UN Framework Convention on Climate Change, which is considered more alive to the issue of historical responsibility and Common But Differentiated Responsibility vis-a-vis the global north.
LDF apart, the ‘Global Stocktake’, progress made on Paris climate agreement targets, will be a key highlight of the UAE COP 28 presidency. India is expected to come out reasonably well on that front.
A major delivery area for COP 28 will be trebling renewable energy targets by 2030. India is on board with its amplification and is comfortably placed to achieve it, officials in the know across ministries maintained.
The Global Goal on Adaptation will be another target area, with UAE COP president Sultan Al-Jaber pointing out this week that adaptation is not being adequately financed.
Need for technology transfer and climate finance are being underlined by developing nations, positions on these are likely to be more pronounced at the COP 28 meeting.
While India showcased ‘LiFE’ mantra at COP 26 in Glasgow, India may highlight its new green credit framework to incentivise climate friendly actions at the UAE meet.
A possible bilateral with the US is also under discussion at the COP 28 sidelines, ET has learnt.