COP27 Diary: India’s Strategy To Reach Net Zero, Alliance Of World’s Three Largest Rainforest Nations And More
COP27: On November 14, India released its Long-Term Low Emissions and Development Strategies to achieve net zero by 2070, and the G7 nations launched the Global Shield plan.
COP27: Several important steps were taken at the 27th United Nations Climate Change Conference on November 14, 2022, including India releasing its long-term low emissions and development strategies, the world's three largest rainforest nations forming an alliance, and G7 nations launching the Global Shield plan, among others.
Here are the top developments from the UN climate summit on November 14:
COP27: India Releases Its Long-Term Low Emissions And Development Strategies
India released its Long-Term Low Emissions and Development Strategies (LT-LEDS) on November 14. The LT-LEDS state the steps India will take to achieve net zero by 2070.
COP27: Alliance Of The World's Three Largest Rainforest Nations
The three largest rainforest nations in the world, Brazil, Democratic Republic of Congo and Indonesia, formally formed a triple alliance on November 14, 2022. It is a partnership to cooperate on forest preservation after a decade of on-off talks on a trilateral alliance, Reuters reports.
In August, Reuters reported that Luiz Inacio Lula da Silva, elected as Brazil's President at the end of October, would seek a partnership with Indonesia and the Democratic Republic of Congo, the two other leading rainforest nations, to pressure the rich world to finance forest conservation.
Rainforests serve as carbon sinks. Therefore, deforestation reduces carbon dioxide-absorbing trees, resulting in an increase in planet-warming carbon-dioxide. This jeopardises global climate targets. Hence, previously deforested jungles should be regrown because this will help remove greenhouse gases in the atmosphere.
Brazil, Democratic Republic of Congo and Indonesia represent 52 per cent of the world's tropical rainforest. They signed the joint statement in Indonesia, ahead of the G20 summit.
COP27 Could Agree On 'Loss And Damage' Finance For Countries Hit By Climate Change-Driven Disasters
According to a draft text published by the United Nations on November 14, COP27 could agree on 'loss and damage' finance for countries impacted by climate change-driven extreme weather events or disasters, Reuters reports.
Diplomats and ministers from nearly 200 countries will rework the negotiating text before it is adopted at the end of the summit.
Progress on 'loss and damage' funding will be the measure for some countries of whether the climate summit was a success.
COP27 will launch a two-year process in which countries would work on how to provide funding to developing countries suffering 'loss and damage', the draft says. It gives two options for what that process could deliver.
The first option would see the process lead to 'funding arrangements' for loss and damage by November 24, and could include a UN funding facility. The second option would delay until 2023 a decision on what the UN climate body's role will be in a broader 'mosaic' of options to fund loss and damage, the report says.
COP27: Retailers To Purchase Low-Carbon Alternative Fibres For Clothing And Packaging, Report Says
As part of an attempt to accelerate a shift towards forest friendly fibres, retailers including H&M and Inditex will purchase over half a million tonnes of low-carbon alternative fibres for clothing and packaging, Reuters reports. This will help reduce global emissions.
As many as 30 retailers made the announcement on November 14. According to World Bank figures, fashion accounts for about 10 per cent of all greenhouse gas emissions, the Reuters report says.
The alternative fibres will be made from waste textiles and agricultural residues instead of forest fibres. The retailers agreed to purchase 5,50,000 tonnes of these fibres, which will prevent the release of around 2.2 million tonnes of greenhouse gas emissions, according to NGO Canopy, the report says. NGO Canopy convened the group of retailers.
COP27: Japan To Help Fund Indonesia's Transition To Clean Energy, Report Says
As part of Japan's efforts to reduce planet-warming emissions throughout Asia, the country will help to fund Indonesia's transition to clean energy from coal-fired power, Reuters reports. The countries, which made the announcement on November 14, have invited others to join the collaboration.
COP27: G7 Nations Launch 'Global Shield' Plan
The G7 nations launched a plan called 'Global Shield' on November 14 The plan will provide climate funds to disaster-hit countries, Reuters reports. However, some countries have questioned the effectiveness of the Global Shield.
COP27: Pakistan, Ghana And Bangladesh To Be Among First Recipients Of Funding From Global Shield
Pakistan, Ghana and Bangladesh will be among the first recipients of funding from the Global Shield plan launched by G7 nations on November 14, Reuters reports.
Other countries which will receive funding from the plan include Costa Rica, Fiji, the Philippines and Senegal, among others. Germany said that the packages will be developed in the coming months.
COP27: UN Chief Urges G20 Nations To Work Together To Slow Global Warming
On November 14, United Nations Secretary-General António Guterres urged G20 nations to work together to slow global warming, and said their action or inaction would dictate the fate of Earth, Reuters reports.
The UN Chief has proposed a 'Climate Solidarity Pact', as part of which countries will be expected to take extra effort to reduce emissions, wealthier nations and international financial institutions will provide assistance to emerging countries in order to end dependence on fossil fuels, and unite to combine strategies and capacities that will benefit humankind. This will help provide sustainable energy for all.
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