COP28: Loss and damage fund, climate finance among India's key focus at climate summit, says Env min

Environment Minister Bhupendra Yadav said on Thursday that the ’loss and damage fund’, climate finance and issues related to nationally determined contributions to reduce emissions will be the focus areas of discussions that India will be taking up during the COP28. Speaking at the opening ceremony of the Indian Pavilion at COP28, he underscored the importance of everyone coming together to fight climate change. “We have seen India’s commitment towards its environment-friendly policies… There are many issues to discuss here…there is loss and damage, also the issues of the last COP like article 6 and the climate finance associated with developing countries, those issues will also be discussed at the COP,” he said. Article 6 regulates voluntary cooperation among countries to achieve their Nationally Determined Contributions (NDCs) to reduce emissions. It incorporates both market mechanisms and non-market approaches, including cooperation in areas such as finance, technology transfer and capacity building. He did not respond to questions from PTI on what stand India is expected to take on the Loss and Damage fund. However, it has been learnt that India is expected to advocate for a bigger scope in the Loss and Damage Fund (LDF) to compensate developing nations for climate change to ensure inclusivity for them. At COP27 last year, the Loss and Damage Fund was agreed to by the Parties to provide financial assistance to developing nations suffering from adverse climate change impacts. The operationalisation of the global loss and damage fund (Loss and Damage Fund) will be a key focus at COP28, including consideration of eligibility requirements, funding sources, the scope of the fund and whether the World Bank will serve as interim trustee and host of the fund for an initial four year period, a senior UN official told PTI. A pivotal focus for COP28 lies in tripling renewable energy targets by 2030, with India fully committed to this ambitious goal and well-positioned to achieve it, the official, who did not want to be identified, said. The present COP Presidency has prepared a draft proposal to operationalise the loss and damage fund which confirms what the Loss and Damage Fund technical committee had recommended in its last meeting that the World Bank be the interim host of the fund. It also said that if the board which would be set up to supervise the fund finds the work of the World Bank satisfactory then it will become the permanent host. Dubai is abuzz with activity as the highly anticipated annual climate talks, COP28, begin in full swing here. About 70,000 delegates from nearly 200 countries are expected to participate in the global conference which is set to commence on Thursday and run through December 12. Heads of state and governments, including Prime Minister Narendra Modi, King Charles III of England, Brazilian President Lula da Silva, and Spanish Prime Minister Pedro Sanchez, are expected to be present at the climate summit. The leaders will be actively engaged on December 1 and 2, taking part in the Global Climate Action Summit. Subsequent days will witness closed-door discussions among officials and experts, with significant high-level political decisions anticipated in the final days to shape the resolution. With inputs from PTI.