UN Climate Summit Secures Compensation for Developing Nations, Launches Key Initiatives
In a significant victory for developing nations, the recent UN Climate Summit (CoP-27) saw them successfully advocate for compensation for climate-related disasters, despite their minimal contribution to the crisis. The conference also marked several key initiatives aimed at combating climate change and aiding vulnerable nations.
India, which suffers an annualized average loss of $93 billion (3.35% of its GDP) from climate-related hazards, will benefit from these developments. The summit launched the Sharm el-Sheikh Adaptation Agenda, a comprehensive global plan for adaptation by 2030, which emphasizes integrating climate risk and adaptation planning into core business strategies.
The Breakthrough Agenda, formed by a coalition of 45 countries, including India and the US, aims to make clean technologies cheaper and more accessible by CoP-28. This agenda complements the Global Financial Alliance for Net-Zero's (GFANZ) guidance for financial institutions to plan net-zero transitions. Meanwhile, the First Movers Coalition, now with over doubled members since CoP-26, targets decarbonizing hard-to-abate industrial sectors.
CoP-27 concluded with a decision to establish a loss-and-damage fund for vulnerable countries, to be operationalized by CoP-28 in 2023. Additionally, a 'new collective quantified goal on climate finance' will be set in 2024, considering the needs and priorities of developing nations.
These developments at CoP-27 signal a significant step towards addressing the climate crisis and aiding vulnerable nations. They demonstrate a collective commitment to scaling up affordable clean technologies, enhancing adaptation efforts, and providing compensation for climate-related disasters.
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