Recently the 29th Conference of the parties was held in Baku, Azerbaijan. In the conference a new climate target of $300 billion per year was set up by 2035. Amidst the ongoing climate crises that the world is facing this comes as a big step. The current scenario of faster depletion of icebergs and thawing of land as well as occurence of vegetation in Antarctica and faster depletion of ozone layer is concerning. India has however strongly rejected the proposal labelling it as “too little too distant”. Indian Negotiator and representative Chandi Raina, Adviser to the Indian finance ministry expressed disappointment from India’s front stating that it doesn’t meet the needs and expectations of developing countries. She also pointed out that the 300 billion dollar proposal brings forth the unwillingness of developed countries to fullfill their responsibility.
“COP29 has failed to deliver on its core mandate—binding commitments, real finance, and meaningful action to curb the climate crisis. With the world needing over $1.3 trillion in climate finance by 2030, the agreement on a $300 billion goal by 2035, without a clear indication of what constitutes this finance, is a hollow gesture, a mere fig leaf for inaction,” said Arunabha Ghosh, CEO, Council on Energy, Environment and Water (CEEW).
The developed countries managed to completely ignore the demand of developing countries who demanded mobilisation of at least 1.3 trillion dollars in environmental finance to address the ongoing climate crises. The small contribution of $300 billion is also set to be contributed from 2035 which is still too far.
“We had informed the Presidency (host country Azerbaijan), we had informed the Secretariat (of UN Climate Change) that we wanted to make a statement prior to any decision on the adoption. However, and this is for everyone to see, this has been stage-managed. And we are extremely, extremely disappointed with this incident. We absolutely object to this unfair means followed for adoption,” said Raina. Her statement was applauded by developing countries and civil society members as well, as the developing nations stands in solidarity against the current proposal put forward by COP.
Talking to true to life Ambika Raina, a student of Masters in Environmental studies said that the rejection from India’s front is not surprising owing to its long standing position in climate finance and it has consistently argued that since developed countries are higher contributor to greenhouse gases emissions, it is the their historic responsibility to contribute generously to climate finance to help manage the crises. The failure of the deal to meet the expectations of developing countries also questions the effectiveness of the COP process in addressing the ongoing climate crises.
Rising temperatures are fueling environmental degradation, natural disasters, weather extremes, food and water insecurity, economic disruption, conflict, and terrorism. Seal Levels are rising, the Arctic is melting, coral reefs are dying, oceans are acidifying, and forests are burning.
Despite setbacks faced by developing countries in COP climate talk, India and other developing countries are going to further the cause of climate change and will try to push forward a more ambitious climate finance target in future COP negotiations.
The ongoing climate crises not only requires contribution to climate finance but steps towards lower carbon emission and limited greenhouse generation, promotion of reduce, reuse, recycle and shift towards environment friendly products. Renewable energy sources need to be promoted for power generation in industries and households.