Why is it in the news?

• The adoption of the draft text on the Santiago Network at COP28 signifies a significant step forward in international efforts to address loss and damage associated with climate change.

About Santiago Network

• The Santiago Network was established at COP 25 in Madrid, reflecting the ongoing commitment of the international community to tackle climate-related challenges.
• It operates within the framework of the Warsaw International Mechanism for Loss and Damage (WIM), an essential component of the United Nations Framework Convention on Climate Change (UNFCCC).
• The primary goal of the Santiago Network is to catalyse technical assistance specifically for vulnerable developing countries. This assistance is aimed at helping these nations cope with and respond to the adverse impacts of climate change, often referred to as loss and damage.

Significance

• By providing technical assistance, the network contributes to enhancing the capacity of vulnerable developing countries to effectively address loss and damage caused by climate change.
• The initiative seeks to increase access to financial resources and technology, crucial elements for developing nations in their climate adaptation and mitigation efforts.
• The Santiago Network plays a pivotal role in facilitating the more effective implementation of climate change adaptation and mitigation strategies by offering support to countries facing the most significant challenges.

Other Initiatives Discussed at COP28

• Global Goal on Adaptation (GGA): The GGA is a collective commitment under the Paris Agreement, reflecting the shared responsibility of nations to enhance the world’s adaptive capacity. It aims to strengthen resilience and reduce vulnerability to climate change, emphasizing the importance of proactive measures to address the impacts of a changing climate.
• Dairy Methane Alliance: The Dairy Methane Alliance involves collaboration among six major food companies, including Nestle. The alliance is formed to accelerate action within the food industry aimed at reducing methane emissions, a potent greenhouse gas contributing to climate change.