PM Appreciates India’s Climate Action Efforts at COP 28 Summit

The COP 28 Summit was officially launched in Dubai with an agenda to review the progress of the nations in the fight against climate change and create a sustainable path for future.

More than 180 countries participated in this annual affair hosted by the United Nations including India. Prime Minister Narendra Modi was received by UAE President Sheikh Mohammed bin Zayed Al Nahyan and United Nations Secretary-General Antonio Guterres at the venue. During his one-day visit in Dubai, Prime Minister Modi was a part of various important bilateral meetings.

Addressing the opening session, Modi announced that India has proposed to host COP 33 in 2028. He said that India contributes to less than 4 percent to global carbon emissions and added that the country has presented a model of development to the world creating balance between ecology and economy. The global credit scheme discussed during the meeting is expected to generate ‘credits’ for plantations on degraded lands.
 
Talking about PM Modi’s speech at COP 28, Manish Dabkara, Chairman and MD, EKI Energy Services Ltd. said, "In his impactful address at the opening session of COP 28, PM Narendra Modi emphasized India's unique position in global emissions footprint, constituting 17 percent of the population but contributing less than 4 percent to carbon emissions. He highlighted India's successful model of balanced development, harmonizing ecology and economy, achieving emission intensity targets over a decade ago. PM Modi celebrated India's early achievement of emission intensity targets, set 11 years ago, and reiterated the nation's commitment to tripling renewable energy sources by 2023. Commending India's progress towards meeting its Nationally Determined Contribution targets, he proposed hosting COP 33 in 2028, showcasing the country's commitment to global climate leadership. PM Modi again established his unique leadership by articulating India's leadership position in the global climate action movement and environmental stewardship.”
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A central theme of the speech was the Green Credit Initiative, a ground-breaking domestic voluntary environmental market mechanism. This initiative focuses on water conservation, clean air and afforestation, utilizing green credits as tradable commodities within a domestic market platform. PM Modi called for 'Jan Bhagidari' or people's participation to create carbon sinks and rectify past environmental mistakes. Expressing gratitude for global support, PM Modi outlined a vision for net-zero emissions by 2070. He stressed the importance of protecting everyone's rights and ensuring equal participation for the greater global good. The speech encapsulated a call for collective action and showcased India's commitment to pro-planet, pro-active initiatives for a positive and sustainable future. We eagerly anticipate substantial progress at both the global and Indian levels during COP28," he added.

Viral Thakkar, Partner and Sustainability leader, Deloitte India mentioned, “The Green Credit Scheme as mentioned by Honb’le PM Shri Modi at the COP 28 summit in UAE is a consequential initiative following LiFE (Lifestyle for Environment), encompassing eight pivotal activities, placing a paramount emphasis on water conservation and afforestation—crucial elements in the nation's pursuit of net zero. Nearly half of emissions reduction needed to achieve net zero will have to come from technologies that are currently in conceptual and prototype stage. We believe that there is an opportunity to expand the Green Credit scheme by including new and upcoming technologies. This will help accelerate the sustainability journey for India and has the ability to drive further innovation through a startup-driven ecosystem and potentially expand to other developing countries.”

Further, Prime Minister Modi appreciated the USD 30 billion Climate Investment Fund announced by UAE and emphasised on finalising a new target on climate finance by the countries - the New Collective Quantified Goal (NCQG). The new goal talks about climate finance commitments that should be made by the developed countries to the developing countries for working towards clean energy transition. 

With India aiming to reach net zero emissions by 2070, COP 28 is an opportunity for the country to expedite efforts and substantially increase renewable energy capacity. While coal remains an important part of India’s energy mix, industry players are optimistic about growth in the renewable energy sector.

“At COP28, upholding 'Actionism' as the central tenet, the Jakson Group with its 75-year legacy reinforces its dedication to worldwide decarbonisation. With our groundbreaking solutions, such as green hydrogen derivatives and solar EPC projects, we are uniquely positioned to address the ever-changing energy requirements both domestically in India and internationally. Our efforts towards investment in energy infrastructure and renewable power align with the collective vision of a sustainable future,” says Sameer Gupta, Chairman and Managing Director of Jakson Group.

A ‘Loss and Damage Fund’ has officially been launched to help vulnerable countries cope with the impact of climate change. The initial funding is estimated to be USD 475 million with the UAE and the European Union pledging USD 100 million and USD 275 million respectively. Meanwhile, the US promised USD 17.5 million and Japan promised USD 10 million.

Appreciating the initiatives, Saurabh Kumar, Vice-President-India, Global Energy Alliance for People and Planet (GEAPP) said, "The approval of the loss and damages fund at COP 28 is a pivotal step in addressing climate change, providing crucial support to the nations most affected. This move towards fairness acknowledges the disparity in emissions versus impact, ensuring aid to those in need. PM Modi's mention of the green credit program highlights a comprehensive approach to sustainability beyond emissions reduction. With India's 17 percent global population share and a mere 4 percent in carbon emissions, there's a call for equitable responsibility in the fight against climate change. As we tackle escalating energy needs, a global shift to renewable energy demands collaboration among governments, researchers, and private investors. The challenge lies in securing substantial funds for these vital climate efforts, a pressing concern on a global scale."

Girish R. Tanti, Vice Chairman, Suzlon Group added, “It is a proud moment for every Indian, especially the renewable energy sector when our Honourable Prime Minister, Shri Narendra Modi proposed hosting the 2028 UN climate talks COP33 in India. India has an unmatched renewable energy story and a benchmark roadmap ahead for energy transition. The renewable energy sector is geared up to meet India’s national goals to create a stronger more sustainable country. Our Honourable Prime Minister unveiled the “Green Credit” initiative at COP28 which can be a game-changer for India. He astutely underscored the inadequacies inherent in the prevailing carbon credit system. This critique serves as the catalyst for ushering in a transformative philosophy encapsulated by the groundbreaking 'Green Credit' concept. It is no wonder that this program has garnered massive International support. Suzlon stands with the sector and Government of India in support of India’s vision for a sustainable future.”

The PM congratulated UAE President Sheikh Mohamed bin Zayed Al Nahyan for successfully hosting the COP 28 Summit along with the high-level event on the Green Climate Programme (GCP).