India Outlines Long-Term Climate Strategy, CoP-27 Launches Loss-and-Damage Fund
India has outlined its Long-Term Low Emissions Development Strategy (LT-LEDS), focusing on mitigation, adaptation, and implementation. The country faces annual climate-related losses of $93 billion, prompting global action at the recent CoP-27 summit.
The CoP-27 concluded with a landmark decision to establish a loss-and-damage fund for vulnerable nations, to be ready by CoP-28 in 2023. This fund responds to developing countries' calls for compensation due to climate disasters. Parties and non-state actors reaffirmed their commitment to limiting global temperature rise to 1.5°C.
India, aiming for net-zero emissions while balancing growth, launched the Sharm el-Sheikh Adaptation Agenda. This initiative seeks to integrate climate risk and adaptation planning into business strategies by 2030. The 'Breakthrough Agenda' set an action plan for 45 countries to make clean technologies more accessible by CoP-28. The Global Financial Alliance for Net-Zero (GFANZ) also released guidance for financial institutions to plan net-zero transitions. A new collective quantified goal on climate finance will be set in 2024, considering developing countries' needs.
Following India's G20 presidency, Brazil will take over. The global community continues to work together, with India leading the way in balancing emissions reduction, adaptation, and growth aspirations.
