EXPLAINED: What is COP27? What India can expect at United Nations Climate Change Conference?

COP27: The 27th United Nations Climate Change Conference, commonly known as Conference of Parties - COP27 will take place in Sharm El-Sheikh, Egypt. The conference will start from November 6 to November 18.  

The conference is held annually by the United Nations. At last year’s summit in Scotland, countries agreed they must immediately do more to prevent a dangerous rise in global temperatures.  

This year more than 35,000 delegates are expected to attend the event, including US President Joe Biden and more than 100 heads of state, according to the UN climate body. 

What India can expect at COP27?

 
The main focus this year will be on climate financing where India will push for better financing for G20 countries.
 
RK Singh, Power and New and Renewable Energy Minister said the International Solar Alliance would "take up the cause" of demanding delivery of the Paris Agreement's $100 billion per year climate financing pledge, which was supposed to run from 2020 to 2025 before increasing thereafter.
 
This is a further four per cent increase from 2019 and followed a one per cent increase from 2018 to 2019. However, it still falls short of the goal for developed countries to provide and mobilise $100 billion a year for developing countries by 2020. The increase in 2020 climate finance was primarily driven by a rise in public flows.
 
India's updated climate plan comprises 45 per cent reduction in emissions intensity by 2030 and to reach 500 GW of non-fossil installed capacity by 2030.
 
Future technologies including green hydrogen, offshore wind, off grid and decentralized renewable energy applications need to be adapted.
 
A new report by BloombergNEF (BNEF) states that India will require $223 billion investment in order to meet its goal of wind and solar capacity installations by 2030 as in its updated Nationally Determined Contribution (NDC), India has committed to 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.

As UN Secretary-General, Antonio Guterres says: "COP27 must provide a clear and time-bound roadmap on closing the finance gap for addressing loss and damage. This will be a central litmus test for success at COP27."
 
 With input from Agency