COP28 Outcome & Learnings - 04.01.2024 - CII

COP-28 - Conference of Parties on
Climate Change
Outcome and Learnings for

Businesses
4th January 2024
© Confederation of Indian Industry

History of Climate Change Initiatives
• Intergovernmental Panel on Climate Change (IPCC) formed in 1988

• UN body for assessing the science related to climate change
• United Nations Framework Convention on Climate Change

(UNFCCC) –adopted by UN in Rio Earth Summit in1992
• Framework for international cooperation to combat climate
change
• Through multilateral process, organizes Conference of Parties
(COP) annually since 1995

The Paris agreement set out a common
global goal
The Paris Agreement set the global objective of limiting
global temperature rise to
no more than 2°C

above pre-industrial levels and to pursue efforts to limit
global temperature increase to
1.5°C
above pre-industrial levels.
The Paris Agreement and NDCs
• Nationally determined contributions (NDCs) - heart of the Paris
Agreement
• Each country to outline and communicate their post-2020
climate actions
• Efforts by each country to reduce national emissions and
adapt to the impacts of climate change
• NDCs are submitted every five years to the UNFCCC
secretariat

COP26, Glasgow and Global Net Zero Target
• Inter Governmental Panel on Climate

Change (IPCC) - AR6 Report
• In next 20 years, global temperature is
expected to reach or exceed 1.5°C of warming
• strong and sustained efforts are required
• To achieve “Net Zero” by mid of the

century
• Countries & Businesses committing to Net
Zero

COP28
 COP 28 Presidency - United Arab Emirates
30th November to 12th December 2023
Venue –Dubai Expo City
Blue Zone –UNFCCC Controlled area

 198 countries
 >1,00,000 Registered participants –Highest ever
Green Zone –Managed by UAE

 200 exhibits from private sector & civil society groups
 5 Lakh visitors in 10 days

COP28 Schedule

COP28 –key Highlights

Global Stocktake (GST)
 Global Stocktake
How far the world has come in tackling
climate change and how far it still has to go.
Set ambitious actions to keep 1.5°C within
reach
providing direction for the next round of
national climate commitments (NDCs) due in
2025

Global Stocktake (GST)
 The UAE Consensus
 an unprecedented reference to transitioning away from all fossil fuels in
energy systems, including Oil & Gas.
Tripling renewable energy capacity globally and doubling the global
average annual rate of energy efficiency improvements by 2030.
Reform of the global financial architecture - Role of credit rating agencies,

scaling up of concessional and grant finance
Reduce CO2 emissions from 41 Gt to around 21 Gt by 2030

Current NDCs could achieve only 9 GtCO2e of emissions reductions
Additional 8 GtCO2e is possible with strong policies and investments
The UAE Consensus
 Strengthening National Climate Commitments

 Countries to submit new NDCs well ahead of COP30 in 2025.
Expected to update their 2030 targets and present new targets for
2035.
To be more ambitious - reducing global GHG emissions 60% below
2019 levels by 2035
 COP28, COP29 and COP30 presidencies will collaborate on a

“Road
map to Mission 1.5 dc, - to enhance international cooperation
The UAE Consensus
 Loss and Damage Fund
 Operationalization of the Loss and Damage (L&D) fund - compensating

countries grappling with climate change impacts
 792 million USD commitment from countries / Need 580 billion USD by
2030
 Focus on Least Developed Countries and Small Island Developing States.
 The World Bank will oversee the loss and damage fund for 4 years

The UAE Consensus
 Global Methane Pledge

 155 countries signed
Commit to cut global methane emissions by 30% from 2020 levels by

2030.
Global Stocktake - all countries to accelerate non-CO2 emissions

reduction, including methane - to include all greenhouse gases in their
next NDCs

The UAE Consensus
 Global Goal on Adaptation Established
 To enhance adaptive capacity, strengthen resilience and reduce

vulnerability to climate change
 Significantly scale adaptation finance beyond doubling.
 Yet to define a framework on target and measurement

The UAE Consensus
 Food, Agriculture and Water

 First time as part of COP
159 countries, covering nearly 80% of the world's land, signed the COP28
UAE Declaration on “Sustainable Agriculture, Resilient Food Systems, and
Climate Action”
 Committing to integrate food and food systems into their NDCs by 2025.
The UN's Food and Agriculture Organization (FAO) released a roadmap
on how to curb climate change while also eliminating hunger.

The UAE Consensus
 Cities, Built Environment and Transport
 More than 500 Governors and subnational actors participated in COP28
 to elevate the role of cities in climate action, including through NDCs and
financing
 71 countries joined the Coalition for High Ambition Multi-level Partnerships

(CHAMP) initiative

Global Decarbonization Accelerator (GDA)
Source: Cop28.com
Tripling Renewables and Doubling Energy Efficiency

 133 governments committed to tripling renewables and doubling
the rate of energy efficiency improvements by 2030.
 Additional global renewable energy capacity of 11000 GW
 Doubling Energy Efficiency from 2%to 4%year on year till 2030

Green Hydrogen - mutually recognized and inter-
operable certification schemes
 UAE Hydrogen Declaration - 39 countries endorsing a global
hydrogen certification standard.
 G20 Presidency of India put forward the G20 New Delhi Leaders’
Declaration
 Decarbonize Heavy industries
 Hydrogen supply could increase by almost 40 times by 2030.

 Oil and Gas Decarbonization Charter
 Oil and gas sector to achieve the goal of reaching net-zero emissions
for their own operations by 2050
 Commitments to achieve near-zero methane emissions and no

routine flaring by 2030
 50 companies representing 40% of global production signed the

charter –ONGC is one of the signatories

 Industrial Transition Accelerator (ITA)
 Accelerate decarbonization in Heavy Emitting sectors involving all

stakeholders - policymakers, technical experts and financial institutes
 collaboration to scale decarbonization projects in hard-to-abate sectors like

steel, aluminum, energy, and aviation
 COP28 Presidency, UNFCCC, Bloomberg Philanthropies, ITA secretariate will

organize Mission Possible Partnership (MPP)

 Methane and other non-CO2 greenhouse gases
 More than $1 billion will be mobilized for methane abatement projects in oil and
gas, waste and agriculture sectors
 The Global Cooling Pledge

 Signed by over 60 countries, is aimed at reducing emissions from cooling by 68%
by 2050.
 To achieve net zero by 2050 requires more efficient coolers, new designs,
alternate refrigerants and behavior changes.

Built environment
 A coalition of countries signed the Green Public Procurement Pledge, committing to
drive demand for low-emissions steel, cement, and concrete through public
procurement.
 Green building materials market could triple globally to almost $1 trillion by 2030
 But requires scaling of technologies such as hydrogen-based steelmaking and low-

carbon cement production.

Climate Finance:
 Climate Finance –A major discussion point
 India’s stand –Climate Finance and technologies are to be available for developing
countries
 United Nations Conference on Trade and Development (UNCTAD) estimates - wealthy

nations owe developing countries USD 500 billion in 2025 under the New Collective
Quantified Goal (NCQG) for climate finance.
 This includes USD 250 billion for mitigation, USD 100 billion for adaptation, and USD 150
billion for loss and damage.

Climate Finance:
COP28 mobilized more than $85 billion in funding, including $3.5 billion
to replenish the Green Climate Fund
 Collected $188 million toward the Adaptation Fund
 World’s largest private market climate investment fund with $30 billion

Major Engagements of India in COP 28

1. Released the Third National Communication (TNC) based on GHG
inventory of 2019 along with First Adaptation Communication (AdCom)
to UNFCCC
2. Reduced the emission intensity vis-à-vis its GDP by 33% between 2005
and 2019 - achieving the initial NDC target for 2030, 11 years ahead of
the scheduled time
3. achieved 40% of electric installed capacity through non fossil fuel

sources, 9 years ahead of the target for 2030

1. India revised its target in COP26
 45% reduction in GHG intensity wrt to GDP by 2030
 50% installed capacity from non-fossil fuel-based power generation
 2.5 to 3 Billion Tons CO2 reduction projects by 2030
 Net Zero by 2070

1. Launch of Green Credit Initiative
 As part of Mission LiFE
 Mechanism to incentivize voluntary pro-planet actions
 Issue of Green Credits for plantations on waste/degraded lands and

river catchment areas, to rejuvenate and revive natural ecosystems.

2. India’s international efforts
International Solar Alliance (ISA), Global Biofuel Alliance, Coalition for Disaster
Resilient Infrastructure (CDRI), creation of LeadIT, Infrastructure for Resilient Island
States (IRIS) and the Big Cat Alliance.
 Focus on inclusive & just industry transition, co-development and transfer of low-
carbon technology, and financial support to emerging economies for industry
transition.

 Global River Cities Alliance (GRCA):
 Launched at COP 28, led by the National Mission for Clean Ganga (NMCG) under
the Ministry of Jal Shakti
GRCA highlights India's role in sustainable river-centric development and climate
resilience.
Facilitate knowledge exchange, river-city twinning, and dissemination of best
practices.
 Quad Climate Working Group (QCWG) on Localised Climate Action :

Focused on recognizing and amplifying the role of local communities, and regional
governments in supporting sustainable lifestyles.

COP28 –Expectations from Businesses

 Efforts of Non-Party stakeholders (Industries, NGOs etc.) important
 Global Climate Action –Yearbook to showcase the initiatives of non-party

stakeholders
Green Technology Book Solutions for climate change mitigation –World

Intellectual Property Organization (WIPO) and UN Climate Technology Centre
and Network (CTCN)
 Participation and role of industry / businesses increased in last 3 COPs

 Tripling renewable energy as a country
 Industry will be expected play a major role and increase their RE %
 Expect policies to be more friendly for RE investment
 Doubling Energy Efficiency
 From 2%to 4%Year-on-Year
 28% improvement in energy efficiency by 2030
 Need to have a renewed focus
 More opportunities for Energy Efficient equipment manufacturers

 Oil & Gas industry
 More focus on Methane emission reduction
 Near zero flaring by 2030
 Zero Operational emissions by 2050 (All Indian cos set target much before
2050)
 Biofuel, Green Hydrogen
 Gas as a transitional fuel

 Food and Agro Industry
 Thrust on reducing emission from agriculture –Supply chain emission

reduction initiatives
 Estimating Scope-3 emission
Promoting climate resilient forming, water management, Regenerative

Farming etc.

 Green Zone –Businesses, Financial institutes, Consultants,
Technology Suppliers, Startups, civil society groups etc..
COP28 –  Energy Transition, Knowledge Hub, Climate Finance, Startup

village, Innovation centres, youth hub, green education for
Green Zone students, etc..
 ~100 Climate tech startups

COP28 –Technologies
 Nuclear for Climate –Many exhibits and sessions
 Both Fission and fusion
 Companies developed mini / micro nuclear reactors –e.g. Mr Bill Gats start up –
TerraPower
 Renewable Energy companies
 AI Based technologies
 Carbon Capture technologies
 Green Hydrogen –Electrolysers, Dispensers
 Electric Vehicles, charging stations and many more …

Sum up
1. Businesses to have a renewed Climate Target of Net Zero
• Keep strong interim target and goals 2030
2. Work on Value Chain Decarbonization / Scope-3 Emission

3. Adoption of new & Innovative technologies
4. Do Climate and Environmental Risk assessment / Adaptation
• Business continuity / Operations / supply chain / Raw Material / Product / Customer
• Adaptation plan – Business impact analysis
5. New Product development / New Business Opportunities / Business

transition towards Net Zero etc..
COP28

N Muthusezhiyan
Deputy Executive Director
CII – Sohrabji Godrej Green Business Centre
Hyderabad
Tel: +91 40 44185 111 THANK YOU !

Dir: +91 40 44185 157
E-mail: n.muthu@cii.in
www.greenbusinesscentre.com / Greenco.in

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COP-28 - Conference of Parties on

Outcome and Learnings for

4th January 2024

© Confederation of Indian Industry

• Intergovernmental Panel on Climate Change (IPCC) formed in 1988

• United Nations Framework Convention on Climate Change

© Confederation of Indian Industry

no more than 2°C

© Confederation of Indian Industry

• Inter Governmental Panel on Climate

• To achieve “Net Zero” by mid of the

© Confederation of Indian Industry

30th November to 12th December 2023

Venue –Dubai Expo City

Blue Zone –UNFCCC Controlled area

 >1,00,000 Registered participants –Highest ever

Green Zone –Managed by UAE

 5 Lakh visitors in 10 days

© Confederation of Indian Industry

© Confederation of Indian Industry

© Confederation of Indian Industry

© Confederation of Indian Industry

Reform of the global financial architecture - Role of credit rating agencies,

Reduce CO2 emissions from 41 Gt to around 21 Gt by 2030

 Strengthening National Climate Commitments

 COP28, COP29 and COP30 presidencies will collaborate on a

 Loss and Damage Fund

 Operationalization of the Loss and Damage (L&D) fund - compensating

 Focus on Least Developed Countries and Small Island Developing States.

© Confederation of Indian Industry

 Global Methane Pledge

Commit to cut global methane emissions by 30% from 2020 levels by

Global Stocktake - all countries to accelerate non-CO2 emissions

© Confederation of Indian Industry

 Global Goal on Adaptation Established

 To enhance adaptive capacity, strengthen resilience and reduce

 Significantly scale adaptation finance beyond doubling.

 Yet to define a framework on target and measurement

© Confederation of Indian Industry

 Food, Agriculture and Water

© Confederation of Indian Industry

 Cities, Built Environment and Transport

 More than 500 Governors and subnational actors participated in COP28

 71 countries joined the Coalition for High Ambition Multi-level Partnerships

© Confederation of Indian Industry

Tripling Renewables and Doubling Energy Efficiency

© Confederation of Indian Industry

 Decarbonize Heavy industries

 Hydrogen supply could increase by almost 40 times by 2030.

 Oil and Gas Decarbonization Charter

 Commitments to achieve near-zero methane emissions and no

 50 companies representing 40% of global production signed the

© Confederation of Indian Industry

 Industrial Transition Accelerator (ITA)

 Accelerate decarbonization in Heavy Emitting sectors involving all

 collaboration to scale decarbonization projects in hard-to-abate sectors like

 COP28 Presidency, UNFCCC, Bloomberg Philanthropies, ITA secretariate will

© Confederation of Indian Industry

 The Global Cooling Pledge

© Confederation of Indian Industry

 But requires scaling of technologies such as hydrogen-based steelmaking and low-

© Confederation of Indian Industry

 United Nations Conference on Trade and Development (UNCTAD) estimates - wealthy

© Confederation of Indian Industry

COP28 Outcome & Learnings - 04.01.2024 - CII

COP28 Outcome & Learnings - 04.01.2024 - CII