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Source- The post is based on the article “Responsibility and the complexities of climate leadership” published in “The Hindu” on 19th June 2023.
Syllabus: GS3- Environment
Relevance– Issues related to climate change
News- Over the last few weeks, there has been an increasingly vocal campaign to unseat the President-Designate of COP28, Minister Sultan Al Jaber of the host nation, the United Arab Emirates (UAE).
What are the actions needed by the global community for addressing the challenges presented by climate change?
For a clean energy future for the planet, there is a need for united actions. It is important to avoid division. All fellow parties must be engaged at COP28 and elsewhere.
Many of our nations are also crippled by unsustainable debts. Some amount of debt is becoming unplayable due to climate damages.
There is a need for a collective approach which recognises the debt problem and the barrier it creates for clean energy investment and climate adaptation.
Sovereign wealth funds and multilateral development banks could assist in de-risking restructured debts and insuring re-issued climate bonds.
Thus, finance continues to be central to the COP outcome. The Loss and Damage fund must be utilised properly.
Fossil fuel-dependent economies are critical to these efforts. They can demonstrate their commitment by making subscriptions to support funding for climate damages in the most vulnerable countries.
COP28 may be an opportunity to engage the fossil fuels industry to make some significant and quantifiable commitments to emissions cuts and climate action in general.
