8 biggest takeaways for India from COP28 climate summit

The UAE Consensus was backed by 198 participating countries, including India. (Photo Credit: Dubai Photo Official COP28)

COP28, the 28th UN Climate Change Conference, concluded on December 12 in Dubai. The conference marked significant progress towards tackling climate change and building a sustainable future.

India, too, played its role in shaping the global climate conversation, by making its position heard and showcasing its own commitment to climate action. Here are some of the key highlights:

1. PM Narendra Modi launches the Green Credits Initiative: This market-based mechanism aims to incentivise individuals, communities, and organisations to undertake voluntary environmental actions beyond their obligations. They earn green credits for actions such as planting trees, conserving water, practicing sustainable agriculture, and waste management. These can then be traded to offset carbon emissions or sold to entities seeking to reduce their environmental footprint. Unlike traditional carbon credits, green credits reward a broader range of environmental actions, promoting holistic sustainability.

2. India-led Global River Cities Alliance (GRCA) launched: This ambitious initiative aims to leverage the collective power of river cities worldwide to address shared challenges and promote sustainable river management practices. It builds upon the success of India’s River Cities Alliance (RCA), established in 2021, which promotes collaboration on river restoration, pollution control, and water conservation efforts. The GRCA is currently made up of India, Egypt, Netherlands, Denmark, Ghana, Australia, Bhutan, Cambodia, Japan, and river-cities of The Hague (Den Haag) from the Netherlands, Adelaide from Australia, and Szolnok of Hungary.

3. PM Modi pitches to host the 2028 edition of COP in India: During his address at COP28, PM Modi formally proposed that India host the 33rd edition of the annual climate summit in 2028. While the decision ultimately rests with the other signatories to the UNFCCC and the venue is typically decided at least two years in advance, the proposal does raise interesting possibilities for India as a host. The last time India hosted the summit was in 2002, and it was a sombre affair with only small ministerial delegations in attendance.

4. Operationalisation of the Loss and Damage Fund: The climate summit opened with a historic breakthrough: the adoption of an agreement for a new Loss and Damage Fund. This landmark fund will provide financial assistance to vulnerable countries, including India, who are already experiencing the devastating impacts of climate change, such as rising sea levels, extreme weather events, and mass displacement.

Housed with the World Bank for at least the initial four years, the fund will be governed by a board with equal representation from developed and developing countries. Open to all developing nations party to the UNFCCC, the fund aims to be operational by 2024 with an initial corpus exceeding $400 million.

5. Refusal to sign the global cooling pledge and climate health declaration: It was controversial, but India had its reasons. The country remains heavily reliant on coal for its energy needs, and there were concerns that signing the pledges could hinder its development plans, particularly in the short term.

India also emphasised the need for a more holistic approach to climate change, one that balances the need for clean energy with the development aspirations and well-being of a growing nation. It also expressed concerns regarding the feasibility of meeting the ambitious targets set, particularly in a short timeframe.

6. Spending on adaptation to climate change is 5.6 percent of Indian GDP: India’s latest submission to the UNFCCC showed that it spent a staggering Rs 13.35 lakh crore in 2021-22 towards climate adaptation measures, representing just over 5.5 percent of its GDP. It also plans to invest an additional Rs 57 lakh crore over the next seven years, highlighting its long-term commitment to adaptation. This bold move places India among the leading nations in terms of climate adaptation funding, setting a strong example for other countries.

7. India insists on equity and climate justice: At COP28, environment minister Bhupender Yadav firmly emphasised the need for “equity and climate justice” in global climate negotiations. India argued that developed countries bear the lion's share of historical responsibility for greenhouse gas emissions, which has led to the current climate crisis. So, they should take the lead on net-zero emissions and contribute more to climate finance.

It also pointed out that developing nations, including India, are disproportionately vulnerable to the impacts of climate change despite having contributed minimally to the problem. Also, recognising the different capacities and contributions of various nations, it called for differentiated action to address climate change. It stated that, as a developing country, it should not be forced to cut its energy-related emissions.

8. India backs “historic” Global Stocktake outcome: COP28 concluded with a landmark agreement, called the UAE Consensus, which was backed by 198 participating parties. For the first time, a COP outcome document explicitly called for a transition away from fossil fuels, marking a turning point in the global conversation on climate change. An immediate fossil fuel phase out, however, didn’t pan out, given the concerns of countries such as India, who felt it would cripple its economy and people. Other key focus areas in the document included tripling global renewable energy and doubling energy efficiency improvements by 2030; substantially reducing non-CO2 emissions, especially methane, by 2030; phasing out inefficient fossil fuel subsidies; and achieving net-zero emissions by 2050.

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