As COP28 reaches a critical juncture, negotiators are struggling to find common ground on issues related to fossil fuels and climate adaptation.
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The UN climate talks in Dubai open with an early agreement on establishing the Loss And Damage Fund to compensate developing nations. The fund will support vulnerable communities and countries affected by climate change. Despite disagreements over issues like the fund’s administrator and mechanisms, countries have made financial pledges, including contributions from the UAE, Germany, the UK, the US, and Japan.
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Prime Minister Narendra Modi has called for ensuring requisite climate financing and technological transfer to developing countries at the COP28 meeting in Dubai. He emphasized the need for a collective global response and expressed optimism for fresh momentum in effective climate action. PM Modi highlighted the strong partnership between India and the UAE in shaping a greener and more prosperous future.
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Dubai prepares to host COP28 climate talks as world leaders signal they won’t attend due to the ongoing Israel-Hamas war. Over 70,000 attendees, including heads of state, are expected. King Charles and Pope Francis will be present. President Joe Biden, focused on the conflict, won’t attend, but a US climate team will be present.
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The main task at COP28 is a first-time assessment of countries’ progress towards meeting the 2015 Paris Agreement’s goal of limiting global temperature rise to ‘well below’ 2 degrees Celsius, while aiming for 1.5C.
COP28 President-designate Dr. Sultan Al Jaber on Sunday praised India, the current hosts of the Presidency of the G20, for its energy transition vision even as he acknowledged the critical need for a “new paradigm” in climate finance to ensure every country across global south adopts low carbon development.
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The UAE hosts a pre-COP meeting with a high turnout of ministers and delegations to garner support for its climate agenda ahead of COP28. India is seen as a crucial partner in achieving a successful outcome. The Dubai COP is considered the most important climate meet since Paris in 2015. The UAE presidency aims to agree on a roadmap to restrict temperature rise to 1.5°C.
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India is unlikely to sign a global pledge to reduce cooling-related emissions at COP 28, citing the need for affordable cooling. The pledge requires investments in sustainable cooling technologies, potentially raising the cost of cooling products. India’s decision is crucial as one of the world’s most populous countries. It aims to reduce power demand for cooling by 20%-25% by 2038, but is hesitant to commit to additional targets. India’s per capita emissions and energy consumption are low, and its cooling requirements are expected to grow multifold.
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As EU countries agree on their negotiating stance at UN climate talks, divisions and tensions emerge over phasing out fossil fuels. The faultlines fall between wealthier EU members calling for rapid climate action and poorer economies concerned about the cost of quitting fossil fuels. The disagreements foreshadow the challenges that lie ahead at COP28, where major fossil fuel-producing and consuming nations will confront Europe’s call for a fossil fuel phase-out. The prospects for an ambitious climate deal at COP28 remain uncertain.
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The G20 leaders have expressed support for the Paris Agreement targets but are pessimistic about phasing down coal. They recognize the need for climate finance and the importance of sustainable biofuels. The agreement to triple renewable energy capacity was seen as a significant step towards meeting climate goals. However, no specific progress was made on phasing out unabated fossil fuels. The G20 leaders called for MDB reforms and a second replenishment process of the Green Climate Fund.