Held every year, the Conference of Parties (COP) brings together global stakeholders to align on transformative and tangible climate action. This year’s COP has been no different, with COP28 beginning with significant pledges made to COP27’s Loss and Damage fund, with the funds now amounting to USD725 million. Eight new declarations were announced in the subsequent days, including the first ever declarations on health as part of climate action and food systems transformation. 118 countries have so far committed to tripling renewable energy capacity by 2030.
The Prime Minister of India addressed various events on Day 2, including the opening session of the day where he lauded COP28’s agenda and announced India’s Green Credit Initiative. He also shed light on India’s NDC progress, concluding with India’s proposal to host COP33 in India in 2028. Across various sessions, the PM highlighted the need for emerging economies disproportionately impacted by climate change to access climate finance and low-carbon technologies. He also emphasized the need for public-private government partnerships to achieve an inclusive and just climate transition.
So far, COP28 has made history and mobilised over USD57 billion for the climate agenda. Discussions in the next few days focusing on the first ever global stock take, carbon financing mechanisms and climate adaptation are anticipated to deliver even more positive outcomes.
Recognising the urgency of investing in both people and nature to respond to the impacts of climate change, COP 28 emphasises the need to address the yawning gap in how much climate finance is needed, particularly for developing countries that need funds each year just to adapt to the warming world. This shift underscores the interconnectedness of climate action with human well-being and environmental preservation.
Sanjeev Krishan
Chairperson, PwC in India
The UN has declared that 2023 is set to be the hottest year on record, further emphasising the need for urgent and transformative climate actions that count. The adoption of the loss and damage fund on the first day of the COP 28 summit is a very positive outcome. A strategy for accelerating the transition from fossil fuels in the wake of an alarming rise in global temperatures, implementation of a regulatory framework for global carbon markets under Article 6.4 of the 2015 Paris Agreement, and a roadmap for facilitating private sector participation in adaptation financing are some of the broader expectations as COP 28 unfolds.
Vivek Prasad
Markets leader, PwC India
The declaration on phasing down of fossil fuels at the CoP 28 Summit is a welcome step in the direction of the global energy transition in order to meet climate ambitions. It is also in sync with the ground realities of various world economies, deployment of clean energy technologies, energy security needs and availability of sustainable capital. India, on its part, has been making continuous strides in the adoption of renewable energy and electric mobility while also focusing on energy efficiency across the value chain.
Sambitosh Mohapatra
ESG Leader, PwC India
With #COP28 under way, discussions on climate action have once again taken centre stage. As India works to meet its target of achieving net zero emissions by 2070, climate tech start-ups will have a crucial role to play. However, funding is one of the major obstacles. Venture capital firms will need to step up in areas beyond EVs to fund start-ups in AgriTech, sustainable food systems, waste management, renewable energy, and recycling technology.
Arnab Basu
Advisory leader, PwC India
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