Climate finance is gaining Centre stage at the 28th United Nations Framework Convention on Climate Change (COP28), which is set to take place in Dubai from November 30 to December 12, 2023. The Council recently passed conclusions emphasizing the critical relevance of climate financing in addressing the climate problem.
The United Nations Framework Convention on Climate Change (UNFCCC), which originated from the Rio Summit over three decades ago, has been the driving force behind annual conferences of member countries under the name of the Conference of the Parties (COP). These gatherings are held to define the level of ambition, share responsibilities, and review the effectiveness of climate action. The critical COP21 resulted in the Paris Agreement, which united governments around the world in their resolve to limit global temperature rises to 1.5°C above pre-industrial levels by 2100 and adapt to present climate change impacts.
The promise of industrialised countries, including the EU, to raise USD 100 billion per year in climate funding until 2025 is a significant focus of the Council’s conclusions. Surprisingly, this aim is expected to be met for the first time in 2023, indicating developed nations’ commitment to assisting less-developed countries in their fight against climate change.
The Global Stocktake, the Mitigation Work Programme, the Global Goal on Adaptation, and financial arrangements for Loss and Damage are among the prominent agenda issues for COP 28. These themes highlight the multifaceted approach required to tackle climate change, including mitigation, adaptation, and financial assistance to the most vulnerable countries.
The COP28 President-designate, Sultan Al Jaber of UAE, has sent a rallying cry to the G20 nations, pushing them to take the lead in the global fight against climate change. Alarming indications, such as record-breaking temperatures, biodiversity loss, and rising food poverty, highlight the critical need for coordinated action.
The way to success in this pivotal decade demands reversing biodiversity loss, rejuvenating agricultural lands, preserving forests, safeguarding coastlines, eradicating hunger, and securing lives and livelihoods globally. Prioritising food system change and sustainable land use is critical. Doubling adaptation money by 2025 is a crucial first step, but adaptation must receive a significant percentage of all climate finance. Acknowledging that many vulnerable countries, particularly small island developing states and least developed countries, are already dealing with climate change consequences that exceed their adaptation capacities is critical. COP28 is more than a conference; it is an opportunity to redefine our climate trajectory, and the G20 must lead the way with unity and purpose.
