Dubai is set to welcome over 140 delegates from around the globe for COP28, the annual climate summit. Notably absent will be the leaders of the world's two largest economies and major polluters, US President Joe Biden and China's Xi Jinping.

Expected attendees include Prime Minister Modi, Britain's King Charles III, and Prime Minister Rishi Sunak. The summit's focus will be on two critical issues: the phasing out of fossil fuels, the primary contributors to pollution, and the establishment of a framework for the "loss and damage fund," designed to compensate low-income countries disproportionately impacted by the climate crisis.

A significant development this year is the first-ever "global stocktake," assessing countries' progress in meeting the goals of the Paris Agreement.

However, the latest UN report indicates that current climate action plans fall short of limiting the global temperature rise to 1.5 degrees Celsius. The world now faces a potential warming of 2.5-2.9 degrees Celsius unless countries significantly exceed their current commitments.

The UN report emphasises the need for a 43% reduction in greenhouse gas emissions by 2030 to limit the temperature rise by the end of the century. Another UN report evaluates nations' plans for achieving net-zero emissions by mid-century, suggesting that emissions could be 63% lower in 2050 if all strategies are implemented on schedule.

Climate finance will be a central focus, with low-income nations requiring at least $200 billion annually by 2023 for adaptation. Wealthy nations will also be tasked with establishing the "loss and damage fund." However, an OECD report reveals a significant shortfall in rich nations' efforts to raise $100 billion per year for climate mitigation.

COP28 has faced controversy due to the United Arab Emirates (UAE), one of the world's largest oil producers, hosting the summit. Sultan Al-Jaber, the current President of COP28 and head of UAE's state oil company, ADNOC (Abu Dhabi National Oil Company), has come under international criticism for allegedly using the summit to promote deals for national oil and gas companies, posing a risk to the integrity of the event. The two-week summit is scheduled to commence on November 30.

First Published:Nov 29, 2023 9:32 PM IST