A draft document was released on Sunday during the COP28 climate conference. It guides countries to monitor their collective progress and adapt efforts to combat climate change. The draft global adaptation goals will show how poor countries will prepare themselves for climate change-induced extreme weather conditions, such as drought, heat waves, and hurricanes.
There is a big divide on fossil fuels at the COP-28 conference. The COP-28 president on Sunday urged climate summit negotiators to step up efforts to reach a consensus.
The conference has entered the final stages of negotiations focused on a first-of-its-kind agreement proposed to phase out the use of oil, gas, and coal in the world. The talks have exposed deep international divisions over the future role of fossil fuels.
A coalition of more than 80 countries is pushing for an agreement
This is making it more difficult for the 200+ countries involved to decide before the summit ends on December 12. Sultan Al-Jaber, the president of COP-28, informed the gathering that it is now necessary for all parties to interact positively. There is no such thing as failure. According to Jaber, he requests ideas from every nation to reach a consensus regarding fossil fuels. The US, the EU, and small island nations are among the coalition of more than 80 nations advocating for a deal that includes the phase-out of fossil fuels, the primary source of greenhouse gas emissions.
OPEC and its allies, an organization of oil producers, are leading a fierce resistance against them. Russia, Saudi Arabia, and other countries contend that instead of focusing on the fuel sources that produce emissions, COP-28 should concentrate on lowering emissions.
Draft on adaptation target to tackle climate change released in COP-28
A draft document was released on Sunday during the COP-28 climate conference. It guides countries to monitor their collective progress and adapt efforts to combat climate change. The draft global adaptation goals will show how poor countries will prepare themselves for extreme weather conditions driven by climate change, such as drought, heat, and storms.
The draft resolution does not, however, specify the amount of money that countries need to adapt to climate change, despite expressing concern over the disparity between the amount of money needed for adaptation and the amount of money they are receiving. A draft proposal suggests that by 2025, each nation’s sensitivity to climate change should be evaluated, and by 2027, early warning systems for extreme weather events should be in place. The second choice is for nations to develop national adaptation strategies and put them into action by 2030.
Debate erupts over the European Union’s carbon tax plan
The EU plans to impose a tax on the carbon pollution emitted in making goods imported from countries like India and China. The plan has sparked debate at the climate conference in Dubai. Poor countries argue that this tax will harm livelihoods and economic growth. The tax, known as the Carbon Border Adjustment Mechanism (CBAM), seeks to set a price on the carbon emitted to make energy products such as iron, steel, cement, fertilizer, and aluminum in non-EU countries.
The EU claims that this levels the playing field for domestically made products, which are required to adhere to stringent environmental regulations and have lower emissions than imports. However, other nations—particularly developing nations—are worried that this will harm their economies and make doing business with the bloc prohibitively expensive.
Consideration of carbon tax
According to European Commissioner Wopke Hoekstra, the CBAM’s primary goal is to stop carbon leaks from occurring elsewhere in the supply chain. According to him, the tax is essential to funding and accomplishing the bloc’s climate goal of a 55% reduction in emissions by 2030. Some concerns developing nations may bear an undue burden from the carbon tax, as countries such as the US and Canada are also contemplating implementing similar policies. Among those who are vehemently against the idea is the Indian government.
According to a recent study conducted by the United Nations Conference on Trade and Development, supply chain pollution could be cut in half by enacting a tax of $44 per tonne of carbon emissions. Additionally, wealthy nations are predicted to benefit $2.5 billion from the tax, while developing nations may lose as much as $5.9 billion.
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