India is expected to advocate for a bigger scope in the Loss and Damages Fund (LDF) to compensate developing nations for climate change to ensure inclusivity for them, a senior UN official told PTI ahead of the UN Climate Change Conference (COP 28).
The annual climate summit will begin on November 30 and conclude on December 12, 2023. More than 70,000 delegates are expected to attend COP28, with an aim to fast-track energy transition and slash emissions. The United Arab Emirates (UAE) is all set to host the Climate Change Conference.
At COP27 last year, the Loss and Damage Fund was agreed to by the Parties to provide financial assistance to developing nations suffering from adverse climate change impacts. The Loss and Damage Fund is a sort of reparation package where rich nations are to pay a damage cost to developing nations, which are more vulnerable to climate change.
The operationalisation of the global loss and damage fund (Loss and Damage Fund) will be a key focus at COP28, including consideration of eligibility requirements, funding sources, the scope of the fund and whether the World Bank will serve as interim trustee and host of the fund for an initial four year period, senior UN official told PTI.
Being a developing nation, India's role at the COP 28 summit remains crucial. India is among the top emitters of greenhouse gases and also houses the world's largest population.
For the second time in three years, Prime Minister Modi will attend the annual climate conference. According to government officials, the upcoming COP28 is being seen as a platform for India to build upon its G20 achievements. “Climate change has been an important priority area of India’s G20 Presidency… COP-28 will provide an opportunity to take forward these successes.”