India likely to push for expanded fund to compensate developing nations for climate change: UN official.

India is expected to advocate for a bigger scope in the Loss and Damages Fund (LDF) to compensate developing nations for climate change to ensure inclusivity for them, a senior UN official has said, ahead of the global climate talks that begin in Dubai on Thursday.

At COP27 last year, the Loss and Damage Fund was agreed to by the Parties to provide financial assistance to developing nations suffering from adverse climate change impacts.

The operationalisation of the global loss and damage fund (Loss and Damage Fund) will be a key focus at COP28, including consideration of eligibility requirements, funding sources, the scope of the fund and whether the World Bank will serve as interim trustee and host of the fund for an initial four year period, a senior UN official told PTI.

The UN official, who is part of the Indian delegation, said India is expected to advocate for a bigger scope in the Loss and Damages Fund (LDF), urging inclusivity for developing nations.

A pivotal focus for COP28 lies in tripling renewable energy targets by 2030, with India fully committed to this ambitious goal and well-positioned to achieve it, the official, who did not want to be identified, said.

The present COP Presidency has prepared a draft proposal to operationalise the loss and damage fund which confirms what the Loss and Damage fund technical committee had recommended in its last meeting that the World Bank be the interim host of the fund.

It also said that if the board which would be set up to supervise the fund finds the work of the World Bank satisfactory then it will become the permanent host.

Dubai is abuzz with activity as preparations for the highly anticipated annual climate talks, COP28, are in full swing, which will kickstart from Thursday.

About 70,000 delegates from nearly 200 countries are expected to participate in the global conference which is set to commence on Thursday and run through December 12.

Heads of state and governments, including Prime Minister Narendra Modi, King Charles III of England, Brazilian President Lula da Silva, and Spanish Prime Minister Pedro Sanchez, are expected to be present at the climate summit.

The leaders will be actively engaged on December 1 and 2, taking part in the Global Climate Action Summit. Subsequent days will witness closed-door discussions among officials and experts, with significant high-level political decisions anticipated in the final days to shape the resolution.

The COP28 promises several landmark events, including the inaugural Global Stocktake (GST), offering a comprehensive assessment of progress since the adoption of the Paris Agreement.

This crucial evaluation aims to align global efforts on climate action, addressing gaps in progress, a senior UN official said.

The key agenda items include the progressive abandonment of fossil fuels, securing adequate financing for a just transition, and navigating the challenge of maintaining global warming goals amid a growing lack of trust in government commitments, particularly between affluent nations and the Global South, noted another official.