COP28: As the 28th meeting of the Conference of the Parties (COP) commences, India looks forward to a comprehensive roadmap on climate financing. World leaders, including Prime Minister Narendra Modi, are set to convene to devise strategies for climate mitigation.Foreign Secretary Vinay Mohan Kwatra highlighted the significance of climate finance and technology in global environmental efforts. The expectation is for COP28 to formulate a definitive roadmap on climate finance, crucial for achieving collective, quantified goals.Indias Stance on Coal ConsumptionResponding to queries about Indias position on reducing coal consumption, Kwatra emphasised that coal remains integral to Indias energy mix. While affirming proactive climate measures, he underlined the importance of green development aligned with Indias developmental priorities.Panchamrit Pledge and COP26 CommitmentsRecalling PM Modis ambitious Panchamrit pledge at COP26, India aims to reach 500 GW of non-fossil electricity capacity, generate half of its energy from renewables, reduce emissions by 1 billion tonnes by 2030, cut emissions intensity of GDP by 45%, and achieve net-zero emissions by 2070.COP28 Overview and IMF InsightsCOP28, scheduled from November 30 to December 12, 2023, in Dubai, is crucial for addressing climate challenges. The IMF notes the need for a significant rise in green investments, highlighting the requirement for emerging and developing countries to secure USD 2 trillion annually.Finance Minister Sitharamans Call to ActionFinance Minister Nirmala Sitharaman emphasised the need for concrete action on climate funding and technology transfer at COP28. India aims to showcase its achievements funded by its own resources, urging for tangible pathways for technology transfer and funding.Anticipating Direction at COP28While acknowledging the challenges for developing economies in funding climate initiatives, Sitharaman stressed the importance of COP28 showcasing a clear direction for both technology transfer and funding. Concrete actions, rather than mere discussions, are anticipated to drive global climate strategies.(With ANI Inputs)
