The breakthrough agreement at the 27th Conference of the Parties (COP27) of the United Nations Framework Convention on Climate Change (UNFCCC) to set up a Loss and Damage Fund, which will provide financial assistance to the most vulnerable nations for loss and damage caused by climate-related disasters, is a major leap forward on climate action.
While the finer details to operationalise the fund are yet be worked out, the commitment in concept is a big step forward, beyond just the financing aspect. This comes as a big win for the global south, which is believed to be more vulnerable to climate-related disasters while historically not having been a major emitter.
Also, India’s Long-term Low Emission Development Strategy (LT-LEDS) submitted to the UNFCCC at COP27 reiterates its commitment to climate action and provides a roadmap for achieving nationally determined contributions and net-zero emissions by 2070.
LE-LEDS rightly focuses on rational utilisation of national resources and energy security, low-carbon development of the transport sector, sustainable and climate resilient urban development, and energy efficiency in industrial processes, especially in hard-to-abate sectors.
That said, COP27 could not reach a conclusive agreement on a tentative coal peak. Besides this, the focus still remains on phasing out coal and not all fossil fuels. Furthermore, mitigation and not adaptation largely continues to be at the centerstage of climate action. And the financing needs of climate actions still remain unaddressed.
Power Line’s cover story this month discusses the hits and misses of the recently concluded COP27 summit, as well as the key climate financing bottlenecks and possible solutions.