Here are the latest updates on COP28 SUmmit 2023:

• A group of 36 countries co-chaired by Germany and Chile aims to ambitiously tackle industrial emissions. It’s called the “Climate Club,” which first arose at a Group of Seven summit last year and has now formally launched.

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• Vietnam launched its plan for how it’ll spend the $15.5 billion that rich nations have pledged to hasten its pivot away from fossil fuels as a part of the Just Energy Transition Partnership or JETP at the U.N. Climate Change conference in Dubai.
• Japanese Prime Minister Fumio Kishida pledged to end new construction at the home of unabated coal-fired power plants, in a show of clearer determination than in the past, toward achieving net zero.

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• France and Kenya will launch a coalition of countries in favour of creating an international tax within two years that would raise billions of dollars for developing countries most exposed to climate change. French President Emmanuel Macron told the COP28 climate conference in Dubai that his country, Kenya, Barbados, and “several others” were starting an “international task force” that will deliver its conclusions at next year’s G20 summit in Rio.

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• More than 110 countries want the COP28 climate negotiations to adopt a goal of tripling renewable energy and doubling energy efficiency by 2030, European Commission President Ursula von der Leyen said Friday.
• Prime Minister Narendra Modi on Friday proposed to host the UN climate conference in 2028 and also launched a ‘Green Credit Initiative’ focused on creating carbon sinks through people’s participation.
• A loss and damage fund to help vulnerable countries cope with the impact of climate change has been officially launched. The initial funding is estimated to be $475 million — host UAE pledged $100 million, the European Union promised $275 million, $17.5 million from the US, and $10 million from Japan.

About COP28:

COP28, the annual United Nations (UN) climate meeting, is being held in Dubai this year. Hundreds of world leaders have gathered together at the big UN climate summit to discuss tackling climate change. The COP28 Summit 2023 began on 30 November and will continue till 12 December.

What is the purpose of the COP Summit?

The Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) is an international climate summit in which world leaders gather to work together on solutions to tackle climate change. There are now 198 Parties (197 countries plus the European Union) to the Convention, constituting near-universal membership.

COP28: What is it and why is it important? Mint explains

Significance of COP28

The COP28 will keep alive the goal of limiting long-term global temperature rises to 1.5C. In 2015, all countries agreed to fulfill this promise in Paris.

The 1.5C target is crucial to avoid the most damaging impacts of climate change. However, recent estimates suggest the world is currently on track for about 2.4C to 2.7C of warming by 2100.

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Updated: 02 Dec 2023, 09:21 AM IST