COP27 and India's Commitments

'We are on the highway to climate hell with our foot on the accelerator' –Antonio Guterres

Recently, the 27th Climate change conference of parties (COP27) to the united nations framework convention on climate change [UNFCCC] was held in the coastal city of Sharm El Sheikh, Egypt, between 6th to 20th November 2022. United Nations secretary-general Antonio Guterres headed it with the participation of more than 180 countries. The agenda for this year focused on four dimensions, i.e., Increased Ambition, Climate Finance, Adaptation and Loss and Damage.

What is COP?

UNFCCC was formed in 1994 to protect the earth from the adverse effects of climate change and stabilize greenhouse gas emissions. COP is the apex decision-making body under UNFCCC. The main duty of COP is to review emissions and commitments of countries, analyze the effects and decide on the steps to achieve the convention's objectives. COP meets every year unless decided otherwise.

NEED OF COP27

The year 2022 witnessed extremes of all weather conditions across the globe. The destruction caused by climatic action and damage to life and property have sent chills down the spine. In Somalia, more than seven million population suffer from hunger due to famine and drought. Due to extreme floods, Pakistan accrued an estimated loss of nearly $16 billion and around 1700 lives. Heat waves in Europe killed nearly 15000 people, and the U.S. and Australia were affected by wildfires. Experts are doubtful about any Improvement; if we continue in our current phase, the situation may worsen further. According to the IPCC report 2022, 3.3 billion to 3.6 billion population live in highly vulnerable countries to climate change. With 1.1 degree Celsius of global warming, the world is experiencing the worst losses to lives and property. We could expect nothing less than a horrible nightmare if it crosses this line.

COP 27: Highlights of the Conference

One ongoing and highly debated topic is 'Common but Differentiated Responsibility. The developed countries got rich by creating enormous pollution and a neglected environment. Consequently, emerging economies now suffer from disasters and pressure to reduce emissions, that is ultimately expected to hinder their growth.

This year's conference was looked up holding high hopes by environmentalists, socialists and economists expecting some major actions to restore the faith of people in such organizations. It was disappointing and optimistic by turns. Optimistic because of the re-engagement of the Biden administration in the conference and reawakened dialogue between the two biggest emitters of the world, i.e., the U.S. and China, in addressing the loss and damage issue. Disappointing because of the slow-paced action.

The 'loss and damage fund' was a major highlight of COP27 as this was long awaited demand, and its creation was a historic decision for compensating vulnerable countries for damages caused due to climate-linked disasters. However, the nitty-gritty contribution ratios by countries, estimated corpus and distribution procedure remain ambiguous. Phasing down consumption of all fossil fuels and not just coal was another important issue by India and agreed upon by almost all the countries.

COP27: INDIA AND ITS COMMITMENTS

According to the recently released climate change performance index 2022, India was ranked 8th. Nearly two lakh people die yearly due to climatic hazards, and India has an estimated loss of nearly $200 billion yearly. With a coastline of more than 7000 km and mountain ranges spread of 2000km, it ranks high on climatic disasters and associated risks.

Responsibly taking a call on its part, India took some laudable steps. India recently updated its Nationally Determined Contributions [NDC]. In efforts towards this part, India targeted to achieve 50% of its total energy requirements through renewable energy sources by 2030. Some notable measures include blended ethanol fuels, building solar parks and floating solar parks, and promoting green hydrogen as a clean alternative energy source. Through initiatives like 'Panchamrit goals', it aims to reduce projected carbon emissions by 45%, i.e. a billion tones by 2030 over 2005 levels. Through its mission, LIFE [lifestyles for Environment], India promotes individual responsibility towards climate change by encouraging individuals to adopt a sustainable lifestyle and decrease carbon footprints. Thereby targeting long-term growth with a keen focus on decarbonization.

India has emerged as a good example of 'planning and acting at the same time. Firstly, it decided on ambitious targets to achieve and displayed immense commitment and leadership potential by taking action to mitigate climate change. However, achieving our ambitious goal won't be easy as it requires a huge financial and technical investment of approximately $250 billion. Tapping a creative alternative resource pool would be a wise option, and Sovereign green bonds, and national emission trading systems are a notable opportunity. Instead of looking west for green technology transfers, India should focus more on nurturing and promoting homegrown, cost-effective solutions like waste management technology and clean energy-powered transportation.

CONCLUSION

It's a well-understood fact that climate is a borderless concept, and its devastating effects will not be confined to a single place. Tracking the current trend of total emissions, it seems world economies are nowhere close to achieving net zero emissions by 2030. However, with a clear recognition of the gravity of the global climate challenge and by adopting a multitude of collective and concerted action, economies can address this global threat. Some measures include mitigation of losses, reducing greenhouse gas emissions, adopting climate-friendly practices, and building resilience in emerging economies by making available financial resources and assisting them in shifting towards more clean sources for energy requirements. After all, there is no planet B for us at present.