Why in News?
Recently, the 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) was held in Dubai, United Arab Emirates.
What are the Key Highlights of the COP28?
1.Loss and Damage (L&D) Fund:
COP28, member countries reached an agreement to operationalize the Loss and Damage (L&D) fund aimed at compensating countries grappling with climate change impacts.
- The World Bank will be the “interim host” of the fund for four years, aligning with UNFCCC and the Paris Agreement.
- All developing countries are eligible to apply, and every country is “invited” to contribute voluntarily.
- A specific percentage is earmarked for Least Developed Countries and Small Island Developing States.
2.Global Stocktake Text:
- The Global Stocktake (GST) is a periodic review mechanism established under the Paris Agreement in 2015.
- The fifth iteration of the Global Stocktake (GST) text was released at COP28 and adopted with no objection.
3. India Led Initiatives at COP28:
- Global River Cities Alliance (GRCA): It was launched at COP 28, led by the National Mission for Clean Ganga (NMCG) under the Ministry of Jal Shakti, Government of India.
- Green Credit Initiative India launched the Green Credit Initiative here at COP28, to create a participatory global platform for exchange of innovative environmental programs and instruments.
4.Groundbreaking Health Day:
On December 3, the global health landscape marks a historic turning point as the climate-health nexus takes center stage at COP28 climate summit, a first in 28 years of climate change negotiations.
