The initial week of the COP28 global climate talks culminated with noteworthy developments, including the operationalisation of the Loss and Damage Fund, substantial pledges exceeding USD 83 billion, and a draft text for the Global Stocktake introducing the phased elimination of all fossil fuels—a historic move.

Despite the impressive financial commitments, concerns linger regarding the voluntary nature of these pledges and their actual implementation by participating nations.

A pivotal issue emerged concerning fossil fuels, notably the draft text proposing options for the phased decommissioning of unabated coal and a just transition away from fossil fuels.

This, however, raises potential contention for India, as the nation has consistently underscored its inability to support language advocating for the phasing out or down of coal.

India took a distinctive stance by refraining from signing the pledge to triple global renewable energy capacity by 2030 and abstaining from endorsing the COP28 Declaration on Climate and Health.

The Global Stocktake, unveiled on Tuesday, marked the inaugural periodic review of global initiatives aimed at limiting temperature rise to 1.5 degrees Celsius. India, representing the BASIC bloc (Brazil, South Africa, India, and China), played a pivotal role in advocating for accountability, stressing the importance of assessing the shortcomings of developed nations.

Despite early challenges in substantive negotiations, the first week of COP28 witnessed a surge in commitments. Independent analysis from Climate Tracker revealed groundbreaking declarations on food systems transformation, health, renewable energy, and efficiency, along with initiatives to decarbonise heavy-emitting industries.

Historic agreements included the operationalisation and capitalisation of the Loss and Damage Fund, with an impressive USD 726 million already pledged. Efforts to replenish the Green Climate Fund (GCF) with USD 3.5 billion were undertaken, raising the total to USD 12.8 billion.

Substantial contributions to the Adaptation Fund, Least Developed Countries Fund, and the Special Climate Change Fund were also announced.

The UAE pledged USD 200 million through Special Drawing Rights (SDRs) and an additional USD 150 million for water security solutions. International financial institutions joined forces, with the World Bank committing to an annual increase of USD 9 billion for 2024 and 2025 to finance climate-related projects. Multilateral Development Banks collectively pledged over USD 22.6 billion towards climate action.

As COP28 enters its second week, expectations are high for continued progress in substantive negotiations, with the hope that the momentum generated by substantial financial commitments will translate into meaningful actions to address the global climate crisis.