Page 24 - Cop 28 News Today

Each country should ideally have a fair share of the remaining global carbon budget and adequate access to climate finance.

KATHMANDU, Dec 16: The effects of climate change on mountains have been reflected in the decisions of the United Nations Conference on Climate Change (COP-28) for the first time.

It is the term unabated coal in the COP 28 outcome document that warrants focused discussion. The technical term unabated, although not widely understood outside this sector, will play a crucial role in shaping the dynamics of capital investment in coal sector in 2024 and going forward.

The Union minister said even though India decided to add 80 GW of coal-fired capacity by 2030, the countrys total thermal capacity will come down from nearly 70% in 2014 to about 33% in 2030, which will be one of the largest reductions by any country.

The delegate for Paraguay welcomes the agreement as “auspicous” but points out that “we need to see a big increase in climate financing”.

A transition away from fossil fuels finally found a global consensus in Dubai, but the UN climate conclave’s success depends on what gets implemented and whether rich countries help the rest.

Energy Transition: US efforts to transition to cleaner energy carry risks of mass layoffs in mature industries, say experts, who warn that policies to cushion the blow may not live up to hype. Of particular concern is a potential mass-layoff event such as the shuttering of an ICE assembly plant or an oil refinery.

The COP 28 ended with an incremental step of transitioning away from fossil fuels, which, the United Nations Climate Change claims, signals the “beginning of the end” of the fossil fuel era.

Activists in climate-vulnerable nations expressed disappointment with the COP28 agreement, which calls for a transition from fossil fuels but falls short of climate justice. Concerns include the lack of clear goals for transitioning away from fossil fuels and the role of transitional fuels like natural gas. While the launch of a loss and damage fund offers hope, there is less detail and funding for countries that are facing climate impacts and struggling with energy transitions.

The financial offering from rich states to poor is far too small since developing and poor nations have little to no capacity to invest in clean energy or adaptation in the near term, experts said