The 28th Conference of the Parties (COP28) has concluded, but what lies ahead for the 29th COP is of critical importance. The Energy and Resources Institute (TERI) recently hosted a discussion to reflect on the outcomes of COP28 and explore the path forward for COP29.
During the discussion, Dr. Vibha Dhawan, Director General of TERI, emphasized the need to prioritize the initiatives and actions to be undertaken between the COPs. She urged for detailed discussions on what can be achieved during this period.
RR Rashmi, a Distinguished Fellow at TERI, highlighted some key decisions made at COP28, including the Loss and Damage Fund, the Global Stocktake, and the Global Goal on Adaptation. However, Rashmi pointed out the need to determine the modalities and definitions for these decisions, particularly in relation to vulnerability and who is covered.
Rajashree Ray, an Economic Advisor from the Ministry of Environment, Forest, and Climate Change, shed light on the behind-the-scenes work at COP meetings and the road ahead to future COPs. Ray revealed that the upcoming COP29 is expected to focus on finance, specifically adopting a landmark decision on the New Collective Quantified Goal on climate finance. She stressed the importance of intensifying attention to adaptation strategies at both the global and local levels and solidifying indicators for greater clarity.
Dr. Ritu Mathur, Consultant at NITI Aayog, discussed the intertwined nature of mitigation and adaptation actions and the need to allocate resources to different sectors based on their growth aspirations and development needs. Dr. Mathur emphasized the importance of reflecting domestic challenges in the revision of Nationally Determined Contributions (NDCs) and long-term strategies. She also advocated for a bottom-up, cross-cutting, and inter-sectoral approach when updating NDCs.
Dr. Prodipto Ghosh, Distinguished Fellow at TERI, led a panel discussion on the Global Goal on Adaptation (GGA), highlighting the complexity of adaptation compared to mitigation in terms of target setting and progress measurement. Dr. Ghosh stressed the need for alignment between adaptation and mitigation actions.
Harijit Singh, Global Engagement Director of the Fossil Fuel Non-Proliferation Treaty Initiative, called for more clarity on adaptation decisions made at COPs and emphasized the lack of a roadmap for doubling adaptation finance. Singh highlighted the importance of local-level adaptation plans at the state and district levels, emphasizing that India’s focus on adaptation at the local level is in its own interest.
Arun Krishnan, Programme Manager at Climate Policy Initiative, discussed barriers to accessing climate finance for adaptation, including institutional capacity, lengthy funding wait times, and project standardization. He emphasized that computing the required finance for adaptation is more challenging than for mitigation and underscored the need for accounting for additionality in adaptation finance.
Shashikant Chopde, Senior Research Associate at the Institute for Social and Environmental Transition-International, emphasized the appropriateness of adaptation as a form of development. He proposed implementing financial allocations for adaptation measures through Missions in India, advocating for a bottom-up approach.
Suruchi Bhadwal, Senior Fellow at TERI, highlighted the recognition of adaptation as a global challenge in the decisions on the Global Goal on Adaptation. Bhadwal stressed the importance of demonstrating the business case for adaptation to the private sector, encouraging further mobilization of finance and the need for companies to adapt their value chains to climate risks.
The discussion was organized as a research activity at TERI supported by the Bloomberg Philanthropies.
TERI is an independent research institute based in India with expertise in policy research, technology development, and implementation in the energy, environment, climate change, and sustainability sectors. With nearly five decades of experience, TERI is at the forefront of conversations and actions in these areas across the nation.
As the world looks towards COP29, the decisions made between COPs and the focus on adaptation and finance will play a crucial role in addressing global climate challenges. The discussions and insights shared during the TERI-hosted event shed light on the critical aspects that need attention and further action for a sustainable future.
