| |

1 January 2025 : The Hindu Editorial Analysis

1. COP29, climate finance and its optical illusion

(Source – The Hindu, International Edition – Page No. – 8)

Topic: GS2 – International Relations, GS3 –  Environment
Context
  • Developed nations’ $300 billion climate finance goal by 2035 falls short of developing countries’ demand for equitable support.

 Finance in Climate Change Negotiations

  • Finance has been central to climate change negotiations since the launch of United Nations-led discussions in 1991, culminating in the UNFCCC (1992).
  • Article 4(7) of the UNFCCC links developing countries’ climate action commitments to finance and technology provided by developed nations.
  • The Paris Agreement (Article 9(1)) binds developed countries to mobilize finance for developing nations, with finance identified as a critical enabler in the IPCC’s sixth assessment report.

Falling Short of Commitments

  • Developed countries pledged in 2009 to mobilize $100 billion annually by 2020, a goal met only in 2022.
  • This amount is inadequate to meet the growing financial needs for climate actions aligned with developing nations’ NDCs.
  • The 29th COP in Baku, Azerbaijan, in November 2024 aimed to establish a New Collective Quantified Goal on Climate Finance (NCQG), replacing the $100 billion floor.
  • Despite demands from developing nations for $1.3 trillion annually by 2030, developed nations proposed only $300 billion annually by 2035.

Inadequacies in Climate Finance Goals

  • Developing countries need $455-$584 billion yearly for climate action, as estimated by the UNFCCC’s finance committee.
  • The NCQG does not set specific funding amounts for least developed countries (LDCs) or small island states (SIDS).
  • SIDS asked for $39 billion and LDCs for $220 billion during COP29, but these were ignored.
  • Global Stocktake 2023 showed future costs could reach $447-$894 billion yearly by 2030, but this was overlooked.
India’s Stance on the NCQG
  • India advocates for climate finance based on equity and the principle of common but differentiated responsibility and respective capability.
  • India called for mobilizing $1.3 trillion annually by 2030, with at least $600 billion in grants and concessional resources.
  • India expressed disappointment over the NCQG’s adoption without its consultation and rejected the proposal, citing it as inadequate and unfair.
  • India emphasized that insufficient finance impacts its ability to implement and submit ambitious NDCs.

Responsibilities of Developed Nations

  • The Paris Agreement relies on ambitious and effective NDCs from developing nations.
  • Developed nations must enhance the scale and quality of climate finance and establish a coherent climate finance architecture.
  • Adequate, accessible, and affordable climate finance is essential for enabling the developing south to achieve their climate action goals effectively.

Conclusion

  • Adequate climate finance is crucial for enabling developing nations to fulfill their climate commitments and achieve global climate goals.
  • Developed nations must take responsibility by significantly increasing finance and ensuring accessible, affordable mechanisms.
  • Without equitable finance, global efforts to mitigate climate change and achieve the Paris Agreement’s targets will remain insufficient.
PYQ: Describe the major outcomes of the 26th session of the Conference of the ParSes (COP) to the United NaSons Framework Convention on Climate Change (UNFCCC). What are the commitments made by India in this conference? (250 words/15m) (UPSC CSE (M) GS-3 2021)
Practice Question:  Discuss the significance of equitable climate finance in ensuring the successful implementation of the Paris Agreement. How can disparities between developed and developing nations be addressed? (250 Words /15 marks)

 

For more such UPSC related Current Affairs, Check Out: 31 December 2024 : Indian Express Editorial Analysis

Similar Posts