26-November-2024-Editorial

COP29 AND ITS SIGNIFICANCE

The 29th Conference of the Parties (COP29) under the United Nations Framework Convention on Climate Change (UNFCCC) concluded recently in Baku, Azerbaijan. Representatives from nearly 200 countries participated, focusing on agreements to tackle global climate issues.

Key Highlights of COP29

New Collective Quantified Goal on Climate Finance (NCQG)

• Objective: Triple climate finance for developing nations to USD 300 billion annually by 2035 from the earlier goal of USD 100 billion.
• Wider Goal: Mobilize USD 1.3 trillion annually by 2035 from public and private sources to aid developing countries in mitigating and adapting to climate impacts.
• Responsibility: Developed nations are expected to take the lead, while the agreement calls for collective global efforts.

Landmark Agreement on Carbon Markets

• Country-to-Country Trading: Facilitated under Article 6.2 of the Paris Agreement, allowing bilateral trading of carbon credits based on mutual agreements.
• Centralized Carbon Market: Governed by Article 6.4, this establishes a UN-managed system for carbon emissions trading and offsetting.

Declaration on Methane Reduction

• Over 30 nations endorsed a declaration targeting methane emissions from organic waste.
• Focus Areas: Nationally Determined Contributions (NDCs), regulations, data collection, financing, and partnerships.
• Methane Reduction Goal: Build on the Global Methane Pledge to reduce emissions by 30% by 2030.
• Note: India is not a signatory to this initiative.

Recognition of Indigenous Peoples and Local Communities

• Baku Workplan: Strengthens the role of Indigenous Peoples in climate policy, aiming to bridge traditional knowledge with modern science.
• Facilitative Working Group (FWG): Mandated to implement the Baku Workplan with a review planned for 2027.
• Significance: Ensures inclusive, gender-responsive approaches in climate actions.

Gender and Climate Change

• Lima Work Programme on Gender (LWPG) extended for another 10 years.
• Objective: Promote gender equality in climate action and adopt a new Gender Action Plan at COP30 in Brazil.
• Established in 2014, LWPG integrates gender considerations into climate policies under the Paris Agreement.

Baku Harmoniya Climate Initiative for Farmers

• Launched by COP29 in partnership with the Food and Agriculture Organization (FAO).
• Aim: Consolidate climate initiatives in agriculture, improve access to finance, and support farmers in adapting to climate impacts.

India’s Stance at COP29

Criticism of Climate Finance Goals

• India rejected the NCQG, arguing that the USD 300 billion pledge was inadequate for developing nations.
• Advocated for USD 1.3 trillion annually, with at least USD 600 billion as grants.

Support for Least Developed Countries (LDCs) and Small Island Developing States (SIDS)

• India aligned with vulnerable nations demanding fair and sufficient financial targets.

Focus on Climate Finance Accountability

• Reiterated that developed nations must lead climate finance efforts as outlined in Article 9 of the Paris Agreement.
• Opposed the shift in responsibility to all actors, including developing countries, for historical emissions caused by developed nations.

Why COP29 Matters for India

• Climate Commitments and Achievements: India’s updated NDCs (2022) highlight reducing emissions intensity by 33-35% and achieving 40% non-fossil energy capacity.
• Securing Climate Finance: India relies on mechanisms like the Green Climate Fund and carbon markets to address climate-induced challenges like floods and cyclones.
• Global Climate Leadership: COP serves as a platform for India to showcase initiatives like the International Solar Alliance (ISA) and Lifestyle for Environment (LiFE)
• Influence in Global Negotiations: India leads the Like-minded Developing Countries (LMDC) group, advocating for equitable climate action and financial support for developing nations.

Evolution of India’s Role in Climate Governance

Early Stages (1970s-2000s)

• At the 1972 Stockholm Conference, India highlighted balancing environmental protection with poverty alleviation.
• Signed the UNFCCC in 1992, supporting the principle of Common But Differentiated Responsibilities (CBDR).
• Launched the National Action Plan on Climate Change (NAPCC) in 2008 to address emissions and promote renewable energy.

Post-2015 Developments

• Played a vital role in the Paris Agreement, emphasizing voluntary NDCs aligned with development goals.
• Strengthened its position as a climate leader by contributing to initiatives like the Green Climate Fund and supporting climate equity.

Global Initiatives by India

• International Solar Alliance (ISA): Promotes solar energy worldwide.
• LiFE Campaign: Encourages sustainable lifestyles to reduce carbon footprints.
• Mangrove Alliance for Climate: Focuses on preserving mangrove ecosystems for climate resilience.

Conclusion

COP29 marked significant progress in addressing global climate challenges, though differences remain on financial targets and accountability. For India, the conference underscored the importance of equitable climate finance, support for vulnerable nations, and opportunities to lead global initiatives. As the world transitions to sustainable solutions, platforms like COP remain critical for collaborative efforts to combat climate change.