India, at the United Nations Climate Change Conference, also known as COP28, has urged world leaders to implement the Paris Agreement very quickly to ensure a sustainable future.
The world's largest democracy added that the implementation of the Paris Agreement should be done through the global stocktake process, while also ensuring equity and climate justice.
The adaptation of Paris Agreement is a necessity
The Paris Agreement is a legally binding international treaty on climate change. It was adopted by 196 Parties at the COP21 in Paris, France.
The Paris Agreement compels signatories to work toward limiting the global temperature increase to 1.5 degree celsius above pre-industrial levels.
During the closing plenary at the COP28, India's Environment Minister Bhupendra Yadav said that the collective efforts witnessed during the conference have sent positive signals to the world in reinforcing commitment to maintaining the temperature goals set in Paris.
All you need to know about COP28
This year's COP28 is widely considered significant in several ways, as for the first time in history, leading players in the oil and gas industry participated in the summit, reinforcing their commitment to ensure a sustainable future.
Earlier this month, Indian Prime Minister Narendra Modi addressed COP28 and said that which is home to 1.4 billion people produces just 4 percent of the overall greenhouse gas emissions.
During his speech, Modi noted that India is set to achieve its net zero targets by 2070.
He also noted that India has set targets to bring emission intensity down by 45 percent by 2030, along with increasing the share of renewable energy capacity to 50 percent during the same period.
During his speech, Narendra Modi also proposed that India would host COP33 in 2028.
According to Narendra Modi, the lack of funding is negatively impacting climate actions, and it is one of the most significant issues which should be addressed immediately.
"We have together recognized that there's a need to take climate finance commitment from billions to several trillions," said Modi.
During the speech at COP28, Secretary General of the United Nations Antonio Guterres said that the world should phase out the usage of fossil fuels to ensure a green future.
Guterres also highlighted the role of developing nations to ensure a smooth energy transition, as developing nations are facing a lack of funding to take proper climate actions.
Meanwhile, the latest reports suggest that COP28 has mobilized over $83 billion for climate actions. The total funding also includes a dedicated $792 million allocated for loss and damage to help developing countries facing the negative impacts of the climate crisis.
COP28 also allocated $134 million for the adaptation fund, while another $129.3 million has been allocated toward the Least Developed Countries Fund.
