Global leaders seek climate solutions at COP28 UAE

Agriculture and food are central topics, but textiles also have a significant link to the agricultural sector, particularly through its major raw material, cotton, sourced directly from fields.

Better Cotton Initiative

Owing to the effect that conventional cotton has on the environment, there are calls to cultivate the king of textiles in an environment-friendly manner. The Better Cotton Initiative (BCI) is leading the way in doing the groundwork to enable farmers to revolutionise the methods of cotton cultivation. As the organisation has been accepted as an observer for the United Nations Framework Convention on Climate Change (UNFCC), the event hosted by BCI is a must-watch.

The highlight of the summit will be the role the organisation will play in securing or finding possible ways to get assistance for the least developed countries (LDCs). The Loss and Damages fund is a one-of-a-kind system introduced in COP27 in Egypt to help the LDCs combat the damages they endure due to climate change. The Loss and Damages fund, which is to be finalised in COP28, will have an instrumental role in ensuring the distribution of the funds through the right channels for correct utilisation.

They will also explore the intersection of Sustainable Development and agriculture, seeking ways to amplify their impact through Public-Private Partnerships (PPPs). The discussion will extend to raising awareness about the detrimental effects of conventional cotton farming methods and how embracing regenerative agriculture can mitigate the potentially irreversible environmental impact. The conversation aims to highlight the transformative potential of collaborative efforts and sustainable practices in the agricultural sector.

Besides the textile industry, other issues have also been prominent in all the COP conferences held so far. They are as follows:

Polluter’s Pay Principle on the pedestal again

Roundtables of the COP are also involved in a lot of heated debates around the Polluter's Pay Principle. The principle, long ago introduced by economist Pigou, states that polluters should pay for the damage to the environment caused by their production activities. Industrialised and developed countries, such as the United States of America (US), countries in Europe, and Australia, have historically been the greatest polluters. Since the initiation of the COP and the Paris Agreement, most negotiations have hit a roadblock regarding compensation to be given by the developed world to developing, under-developed, and least developed countries.

Countries like the US and China are two of the major emitters of greenhouse gases (GHG). Although the US has only 4.23 per cent of the total world population, its emissions are significantly high. Despite pledging a major amount, it has released only a small portion of it. For the Loss and Damages fund, the US has contributed $17.5 million out of a total of $400 million mobilised. There are no reports on China's total contribution to the fund.

A debt-for-nature swap

One of the major highlights of COP28 is not only the inclusion of the food and agriculture value chain in the negotiations, but it also proposes a novel method to ensure adherence to the climate change targets. A $500 million fund has been set aside for this unique swap, where nations can partially reduce their debt burden by committing, on paper, a dedicated fund for the conservation of their natural ecosystems and meeting their assigned targets. The World Bank, along with the European Investment Bank and the Asian Development Bank (ADB), is involved in this initiative. However, the fund has sparked a debate about the development status of countries and the crises they face. India, Pakistan, developing countries in Africa and others bear the brunt of climate change impacts, even though their contribution to GHG emissions is negligible, except for India. Another question arises: do indebted countries like Gabon and Pakistan prefer climate protection over economic development?

A far-fetched goal

In the end, the conferences have been like those ambitious meetings about dazzling speeches of world leaders, and a heated debate about who will give the maximum compensation for the damages to the environment. Despite the resolutions and proclamations made thus far, there remains uncertainty about how countries will attain the targets to be signed at the forthcoming COP28 events. With a diverse mix of countries at various stages of development, the world awaits a feasible and realistic solution for addressing climate change through COP28.

ALCHEMPro News Desk (MI WE)