Launch of LeadIT 2.0 at COP28 in Dubai

December 2, 2023

On the sidelines of the COP28 summit in Dubai, Prime Minister Narendra Modi unveiled LeadIT 2.0, emphasizing an inclusive and just industry transition. This initiative prioritizes the co-development and transfer of low-carbon technology along with providing financial assistance to emerging economies.

Call for Carbon Footprint Reduction by 2050

During a session on Transforming Climate Finance, Prime Minister Modi urged developed nations to completely reduce their carbon footprint intensity by 2050. At the summit’s opening session, Modi also announced India’s proposal to host COP33 in 2028. The 28th edition of the climate change conference, spanning from Thursday to December 12, aims to review global progress in combating climate change and strengthen climate actions by countries.

Modi’s Agenda in Dubai

Prime Minister Modi, set for a 21-hour stay in Dubai, will engage in seven bilateral meetings, deliver four speeches, and participate in two special climate initiatives. Welcomed by the Indian community in Dubai, Modi’s primary objective is to conduct a comprehensive stocktaking exercise at the World Climate Action Summit, marking his third appearance after Paris in 2015 and Glasgow in 2021.

Loss and Damage Fund Approved at COP28 Summit

The opening day of COP28 witnessed the official launch of a loss and damage fund to assist vulnerable countries in coping with climate change impacts. The initial funding of $475 million includes pledges from the UAE ($100 million), the European Union ($275 million), the US ($17.5 million), and Japan ($10 million). This fund, announced during COP27 in Egypt last year, aims to address the challenges faced by nations vulnerable to climate-related losses.

India’s Role at COP Conferences Over the Years

As the third-largest greenhouse gas emitter and a major economy, India plays a significant role as an influential voice for developing countries at COP conferences. New Delhi has progressively asserted itself, proposing key measures and red lines to address global climate challenges.

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