About UNFCCC

• The United Nations Framework Convention on Climate Change (UNFCCC), signed in 1992 at the United Nations Conference on Environment and Development (also known as the Rio Earth Summit), constitutes the foundational climate agreement that has provided the platform for most subsequent international climate agreements.
• The UNFCCC entered into force in 1994. Today, it has near-universal membership. The 198 countries (including India) that have ratified the Convention are called Parties to the Convention. 
• The ultimate objective of the Convention is to stabilize greenhouse gas concentrations at a level that would prevent dangerous anthropogenic interference with the climate system. 
• The UNFCCC endorses the concept of common but differentiated responsibility (CBDR) in the climate context. 
  • This means that while developing country parties are expected to contribute to climate mitigation, because of superior capacity to undertake mitigation and greater contribution to the problem of climate change as a result of historical emissions, developed countries are expected to take the lead in combating climate change and the adverse effects thereof. 

About CoP

• The Conference of Parties, known as COP, is the decision-making body responsible for monitoring and reviewing the implementation of the United Nations Framework Convention on Climate Change. 
• It brings together the 198 Parties – that have signed on to the Framework Convention. The COP has met annually since 1995. 

Timeline

1992: Earth Summit, Rio de Janeiro

• It finalised the UNFCCC, the mother agreement that lays down the objectives and principles on which climate action by countries are to be based. 
• It acknowledged that developing countries had fewer obligations and capabilities to bring down emissions. 

1997: COP3, Kyoto

• Delivered the Kyoto Protocol, precursor to the Paris Agreement.
• The Protocol assigned specific emission reduction targets for a set of developed countries, to be achieved by 2012. 
• Others were supposed to take voluntary actions to reduce emissions. 

2007: COP13, Bali

• It reaffirmed the principles of common but differentiated responsibilities (CBDR) in the efforts to find a replacement to the Kyoto Protocol, which developed nations were getting increasingly uncomfortable with, especially after the emergence of China as the world’s leading emitter. 
• Developed countries want emission reduction targets for everyone, or for nobody, their argument being that without stringent action from China and India, the success of any climate action would not be possible.

2009: COP15, Copenhagen

• Developed countries committed to mobilising $100 billion every year in climate finance for developing countries from 2020.

2015: COP21, Paris

• The successor agreement was finally delivered. The Paris Agreement does not assign emission reduction targets to any country. Instead, it asks all to do the best they can. 
• The Paris Agreement requires all Parties to put forward their best efforts through nationally determined contributions (NDCs) and to strengthen these efforts in the years ahead. 
• The Paris Agreement’s central aim is to strengthen the global response to the threat of climate change by keeping a global temperature rise this century well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius.

2021: COP26, Glasgow

• India at COP 26 expressed to intensify its climate action by updating its NDCs to the Paris Agreement and presented to the world five nectar elements (Panchamrit) of India’s climate action. 
• The updated NDCs is as follows:
  • India will increase its non-fossil fuel power capacity to 500 gigawatts (GW) by the end of the decade.
  • Reduce Emissions Intensity of India’s GDP by 45 percent by 2030, from 2005 level.
  • Fulfilling at least half of its energy requirements via renewable energy by 2030.
  • The country will also strive to cut carbon-dioxide emissions by 1 billion tonnes from business as usual by 2030.
  • By 2070, India will achieve the target of net-zero emissions.

2022: COP27, Sharm-El-Sheik

• COP27 agreed to establish the Special Loss and Damage Fund which will help to make up for the losses suffered by developing nations that are vulnerable to climate change. 

• COP27 also agreed to the creation of UN’s Early Warning System for All initiative, with an investment of $3.1 billion between 2023 and 2027, to improve understanding of climate-related risks in developing countries.

2023: COP28, Dubai

• During COP28, the first global stocktake (GST) – a periodic review mechanism established under the Paris Agreement – concluded. 
• The global stocktake revealed that the Global temperature rise is now expected to be between 2.4-2.6°C, a significant improvement from the earlier projection of 3.7-4.8°C in 2010.
• At COP28 the loss and damage fund was operationalised. By the end of the conference, commitments worth about US$ 800 million had been made. 

Why in News?

• The 29th session of the Conference of the Parties (COP) – an annual convening of countries signatory to UNFCCC – was recently concluded in Baku, Azerbaijan.

Outcomes of COP 29

• New Collective Quantified Goal (NCQG):
  • The NCQG is the amount that must be mobilised by developed countries every year from 2025 onward to finance climate action in developing countries.
  • Developed countries have agreed to triple finance to developing countries, from the previous goal of USD 100 billion annually, to USD 300 billion annually by 2035.

• • Carbon Markets:
    • COP 29 agreed on the rules and methodologies for the international carbon trading system envisioned by Article 6 of the Paris Agreement. 

• Article 6 sets out a system in which countries can trade emission reduction credits between themselves so that an emission reduction in one country can be counted against the emissions generated in another country. 

• Baku Workplan:
  • The Baku Workplan adopted at COP29 aims to elevate the voices of Indigenous Peoples and local communities in climate action.

• COP29 Hydrogen Declaration:

• It endorsed the commitment to scale up renewable, clean/zero-emission and low-carbon hydrogen production and accelerate the decarbonisation of existing hydrogen production from unabated fossil fuels.

• COP 29 Declaration on reducing methane from organic wastes:
  • Around 30 countries, collectively responsible for nearly 50% of global methane from organic waste emissions, endorsed the COP29 declaration on reducing methane from organic waste. 
  • It aims to set sectoral targets to reduce methane from organic waste.
    • India is not a signatory to the Declaration.

Shortcomings in COP 29

• The $300 billion annual climate finance commitment from developed countries is insufficient to meet the estimated $1.3 trillion annual climate finance needs of developing countries.
• COP29 saw insufficient pledges to meet the 1.5°C target as global emissions have been rising in 2023.
  • A study released before COP29 indicated that the world was already 1.49°C warmer than pre-industrial levels by the end of 2023.