Daily Current Affairs : 15-December-2023
The 28th Conference of Parties (COP28) recently concluded with the adoption of an agreement known as The UAE Consensus. This landmark accord, reached after a year of diplomatic efforts and two weeks of intense negotiations, aims to address the pressing issues outlined in the Paris Agreement.
The UAE Consensus: Key Highlights
- Ambitious Climate Agenda: The agreement outlines a robust climate agenda, emphasizing the imperative of limiting global warming to 1.5°C.
- Transition from Fossil Fuels: Parties are urged to shift away from fossil fuels, committing to achieving net-zero emissions by 2050.
- Renewables and Energy Efficiency: The Consensus sets specific targets, calling for a tripling of renewables and a doubling of energy efficiency by 2030.
- Climate Finance Architecture: It propels momentum toward establishing a new architecture for climate finance, addressing the critical need for funding in climate-related initiatives.
Outcomes of COP28
- Loss and Damage Fund: COP28 operationalized the Loss and Damage fund, securing an impressive $792 million in early pledges.
- Global Goal on Adaptation (GGA): A framework for GGA was established, enhancing the global community’s approach to adapting to climate change.
- Youth Inclusion: The role of the Youth Climate Champion was institutionalized, ensuring the inclusion of youth perspectives in future COPs.
- Powering Past Coal Alliance (PPCA): More than 10 new members, including the US and the UAE, joined PPCA, signaling a commitment to phasing out coal.
- Nuclear Energy: Over 20 countries, led by the US, advocated for tripling the world’s nuclear energy capacity by 2050.
COP28 Action Agenda
- Just and Orderly Energy Transition: The Action Agenda focuses on expediting a fair energy transition.
- Climate Finance Enhancement: Efforts are underway to make climate finance more available, affordable, and accessible.
- People, Nature, Lives, and Livelihoods: The agenda prioritizes the well-being of communities and ecosystems.
- Inclusivity in Climate Action: Measures are taken to ensure the involvement of diverse stakeholders.
Major Achievements Under the Action Agenda
- Funding Mobilization: Over $85 billion has been mobilized under the Action Agenda, a testament to its effectiveness.
- ALTÉRRA Initiative: The launch of ALTÉRRA, a $30 billion finance vehicle, aims to mobilize $250 billion for global climate action.
- Declarations: Notable declarations on agriculture, food, climate, and health underscore the holistic approach of COP28.
- Decarbonization Initiatives: The GDA and OGDC initiatives signal a commitment to accelerating the global energy transition.
Significance of The UAE Consensus
The UAE Consensus is hailed as a balanced and historic package that addresses emissions, adaptation, global finance, and loss and damage. Its achievements under the Action Agenda are unprecedented for any COP, reflecting collaborative efforts across various sectors.
Criticism and Unanswered Questions
Despite its accomplishments, COP28 faces criticism for not meeting certain expectations. Concerns include the lack of clarity on measuring the phase-down of coal, the tripling of renewable energy, and financial provisions for adaptation.
India’s Position
India welcomes the transition away from fossil fuels but remains cautious about potential challenges in future negotiations. Supporting the COP decision document, India emphasizes the need to act for global good while considering national circumstances outlined in the Paris Agreement.
Important Points:
The UAE Consensus: Key Highlights
- Ambitious Climate Agenda: Aiming to limit global warming to 1.5°C.
- Transition from Fossil Fuels: Commitment to achieve net-zero emissions by 2050.
- Renewables and Energy Efficiency: Targets to triple renewables and double energy efficiency by 2030.
- Climate Finance Architecture: Momentum toward a new structure for climate finance.
Outcomes of COP28
- Loss and Damage Fund: Operationalized with $792 million in early pledges.
- Global Goal on Adaptation (GGA): Framework established for enhanced adaptation strategies.
- Youth Inclusion: Institutionalized role of the Youth Climate Champion for future COPs.
- Powering Past Coal Alliance (PPCA): Over 10 new members, including the US and the UAE.
- Nuclear Energy: Advocacy for tripling world’s nuclear energy capacity by 2050.
COP28 Action Agenda
- Just and Orderly Energy Transition: Focus on a fair transition to sustainable energy.
- Climate Finance Enhancement: Efforts to make climate finance more accessible and affordable.
- People, Nature, Lives, and Livelihoods: Prioritization of community and ecosystem well-being.
- Inclusivity in Climate Action: Measures to involve diverse stakeholders.
Major Achievements Under the Action Agenda
- Funding Mobilization: Over $85 billion mobilized.
- ALTÉRRA Initiative: Launch of a $30 billion finance vehicle to mobilize $250 billion.
- Declarations: Notable agreements on agriculture, food, climate, and health.
- Decarbonization Initiatives: GDA and OGDC initiatives for a global energy transition.
Significance of The UAE Consensus
- Balanced and Historic: Addresses emissions, adaptation, global finance, and loss and damage.
- Unprecedented Achievements: Unmatched progress under the Action Agenda.
Criticism and Unanswered Questions
- Lack of Clarity: Concerns about measuring coal phase-down, tripling renewable energy, and adaptation funding.
India’s Position
- Welcoming Transition: India supports moving away from fossil fuels.
- Cautious Optimism: Acknowledges challenges for future negotiations, emphasizing national circumstances.
Why In News
The 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change concluded with an historic agreement named The UAE Consensus, marking a significant step forward in global efforts to address climate change and promote sustainable practices worldwide.
MCQs about The UAE Consensus at COP28
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What major commitment is outlined in The UAE Consensus regarding fossil fuels?
A. Immediate phase-out of all fossil fuel use
B. Achieving net-zero emissions by 2050
C. Maintaining current levels of fossil fuel consumption
D. Encouraging increased use of fossil fuels
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What significant financial outcome resulted from COP28’s efforts to address Loss and Damage?
A. Mobilizing over $85 billion for climate initiatives
B. Establishing a Loss and Damage fund with $792 million in pledges
C. Allocating funds for tripling nuclear energy capacity
D. Implementing the Global Goal on Adaptation (GGA)
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Which initiative, launched under the COP28 Action Agenda, seeks to mobilize $250 billion for global climate action?
A. Global Decarbonization Accelerator (GDA)
B. Oil and Gas Decarbonization Charter (OGDC)
C. ALTÉRRA, the $30 billion finance vehicle
D. Powering Past Coal Alliance (PPCA)
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What is the primary goal of The UAE Consensus adopted at COP28?
A. Achieving net-zero emissions by 2030
B. Limiting global warming to 2.0°C
C. Tripling nuclear energy capacity by 2050
D. Establishing a new architecture for climate finance
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