• Loss and Damage Fund

• About: It is a compensation that rich nations, whose industrial growth has resulted in global warming and driven the planet into a climate crisis, must pay to poor nations, whose carbon footprint is low but are facing the brunt of climate change.
• Operationalisation: COP28 operationalized the Loss and Damage Fund.
• Genesis:

• • First suggested by: Vanuatu in 1991
  • COP19: The Warsaw International Mechanism for Loss and Damage (WIM) was established.
• COP 25: The Santiago Network for L&D was established however no country committed any funds to support the initiative.
• COP 27: The fund was first announced during COP27 in Sharm el-Sheikh, Egypt.

• Administration of Fund: By World Bank. Fund will be serviced by a new, dedicated and independent secretariat.

• Global Renewables and Energy Efficiency Pledge

• Aim: A pledge signed by 118 countries commits to triple renewable energy capacity and doubling the global rate of energy efficiency by 2030.
  • Signatory: EU, the US and the UAE and supported by Brazil, Nigeria, Australia, Japan, Canada, Chile and Barbados. 
• India and China have stayed away from the pledge. (Not a signatory)

• Global stocktake

• Purpose: It “enables countries and other stakeholders to see where they are collectively making progress towards meeting the goals of the Paris Agreement – and where they are not”. 

• Frequency: Every five years and 1st Global stocktake: At COP 28.
  

• Pledges and Finance for Methane Emission Reduction

• The Global Methane Pledge (GMP): Launched at COP26 by the European Union and the United States.  At COP 28, 5 more countries joined the pledge. India=Not a part.

• Target: To reduce global methane emissions at least 30%from 2020 levels by 2030. This is a global, not a national reduction target.   

Contribution of Methane in global warming:  Roughly 30 times more powerful than carbon dioxide, short lived pollutant, accounting for a quarter of all warming, about 60% of global methane emissions come from human activity.

• COP 28 witnessed over $1 billion in grants announced to cut methane emissions, with five more nations joining the Global Methane Pledge. 

• Declaration on climate and health

• First of its type, the declaration came into being at COP 28 with the partnership of WHO.
• It recognises the growing health impacts of climate change and acknowledges the benefits of climate action, including a reduction in air pollution and lowering the cost of healthcare. Signed by 123 countries, but India didn’t sign this declaration.

• Global Cooling Pledge at COP 28

• Commitment: The pledge commits the participating countries to reduce their cooling emissions by at least 68% by the year 2050.
  • Signatories: 63 countries, including major nations like the US, Canada, and Kenya, have signed the pledge.
  • Scope of Cooling Emissions: Cooling emissions primarily result from refrigerants used in appliances like air conditioners and refrigerators and the energy consumed for cooling.
• Magnitude of the Issue: Cooling emissions currently account for 7% of global greenhouse gas emissions.

• Global Mangrove Alliance (Climate Ministerial Meeting)

• Launched: During the COP27 climate summit in Sharm El Sheikh, Egypt.
• Objective: Aims to educate and raise global awareness about the pivotal role of mangroves in mitigating global warming. 

• It Focuses on mangroves as a viable solution for addressing climate change challenges.

• Voluntary Intergovernmental Alliance: Operates on a voluntary basis, emphasizing collaboration without binding commitments.
• At COP 28: Launch of the ‘Mangrove Breakthrough Financial Roadmap’. It provides actionable recommendations for scaling mangrove-positive business models and developing innovative financial instruments to accelerate investment in mangroves.

• Global River Cities Alliance (GRCA)

• Launch: Launched at COP 28 and led by the National Mission for Clean Ganga (NMCG) under the Ministry of Jal Shakti.
• Expansion of River Cities Alliance (RCA): GRCA expands the existing River Cities Alliance (RCA).
• River Cities Alliance (RCA): It is a is a joint initiative of the Department of Water Resources, River Development & Ganga Rejuvenation under the Ministry of Jal Shakti & the Ministry of Housing and Urban Affairs, with a vision to connect river cities and focus on sustainable river centric development, launched in 2021.
• Objective: Aims to address climate change challenges and enhance sustainability in river-centric urban areas globally. Focuses on collaborative efforts to manage rivers, promote urban resilience, and mitigate climate impacts on river ecosystems.

• Key participating countries: India, Egypt, Netherlands, Denmark, Ghana, Australia, Bhutan, Cambodia, Japan.

• Quad Climate Working Group (QCWG)

• On Localising Climate Action: The event focused on recognizing and amplifying the role of local communities, local and regional Governments in supporting sustainable lifestyles.
• During the event, a publication on India’s climate action journey from COP-21 in Paris to COP 28 in the UAE was also released. 

• Phase II of the LeadIT

• • Launch:  India Co-launched the Phase II of the Leadership Group for Industry Transition (LeadIT 2.0) with Sweden.
• Focus area:

• Inclusive & Just Industry Transition
• Co-development & transfer of low-carbon technology
• Financial support to emerging economies for Industry Transition.

Leadership Group for Industry Transition (LeadIT)

• Launched: At the United Nations Climate Action Summit in 2019.
• Objectives of LeadIT: Accelerate the transition of energy-intensive industries to low-carbon alternatives. Strive for net-zero carbon emissions from industries by the year 2050.
• Membership: Comprises 38 members, including both countries and companies.

• Green Credit Initiative (GCI)

• Aim: It is designed to incentivize voluntary pro-planet actions, as an effective response to the challenge of climate change. 
• It envisions: The issue of GCI for plantations on waste/degraded lands and river catchment areas, to rejuvenate and revive natural eco-systems. 
• Target audience: It should be people driven climate positive actions. 

1. Explain the purpose of the Green Grid Initiative launched at the World Leaders Summit of the COP26 UN Climate Change Conference in Glasgow in November 2021. When was this idea first floated in the International Solar Alliance (ISA)? (2021)