Prime Minister Narendra Modi addressed COP-28 and opted against making fresh commitments to curb global temperature rise. Instead, he extended an invitation to host the 33rd edition of the annual summit in India in 2028. Emphasizing that developed countries should "vacate the carbon space" before 2050, he advocated for global participation in India's "Green Credit initiative." This initiative, characterized as a "non-commercial" endeavor, aims to establish a carbon sink, and the Prime Minister urged nations worldwide to align with India in this environmental effort.
Approval from other signatories to the United Nations Framework Convention on Climate Change (UNFCCC) is necessary for a proposal to host the Conference of the Parties (COP). The decision on future COP venues is usually made only two years ahead. If India were to host the summit, it would mark the second time after 2002 when it hosted the 8th edition. During that period, the event was a relatively subdued affair with only small ministerial delegations in attendance.
Although Mr. Modi described the Green Credit scheme as "non-commercial," an October 2018 Environment Ministry notification described it as an "innovative market-based mechanism designed to incentivize voluntary environmental actions across diverse sectors by various stakeholders.
Participating in at least three public engagements during his one-day visit, Mr. Modi emphasized India's commitments outlined in COP-26 at Glasgow. These commitments include a 45% reduction in the emissions intensity of India's GDP and an increase in the share of non-fossil fuels to 50% by 2030, with the ultimate goal of achieving net zero by 2070.
He expressed satisfaction with the approval of the Loss and Damage Fund by COP-28 on Thursday, which has garnered financial commitments of at least $500 million, describing it as something that has elevated the hopes of all.
Applauding the announcement of the $30 billion Climate Investment Fund by the UAE, the host of COP, Mr. Modi urged countries to finalize a new target on climate finance. This target, known as the New Collective Quantified Goal (NCQG), refers to the ongoing negotiations for a new commitment by developed countries to developing nations, aiming to expedite the global transition from fossil fuels. Originally set in 2009, the initial goal was to transfer nearly $100 billion annually to developing countries through the Green Climate Fund (GCF). Still, only a small fraction of this amount was realized.
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