COP29, or the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change, was held in Baku, Azerbaijan from November 11–22, 2024. The conference focused on climate finance and resulted in a new agreement to help countries adapt to climate change.
Takeaways
- New Collective Quantified Goal on Climate Finance (NCQG):
- The new collective quantified goal is tripling climate finance that flows to developing countries to $300 billion per year by 2035. All actors will be urged to amplify climate financing to $1.3 trillion per year by 2035.
- Carbon Markets Agreement:
- The agreement on carbon market mechanisms, country-to-country trading, and a single centralized carbon market under the United Nations.
- Declaration on Methane Reduction:
- More than 30 countries, such as the US, Germany, UK, and UAE, agreed to endorse the COP29 Declaration on Methane Reduction from Organic Waste.
- Role of Indigenous Peoples and Local Communities:
- Repeat the role of Indigenous Peoples and local communities in this war against climate change.
- Gender and Climate Change:
- In COP29, while reaffirming gender equality in its action on climate change, extended the LWPG for yet another 10 years.
Position of India in COP 29
- Against the Deal:
- NCQG is not good enough, it says to avoid the deal. Demands at least USD 1.3 trillion every year to cater to the escalating needs of climate change mitigation and adaptation in developing countries.
- Least Developed Countries (LDCs) and Small Island Developing States (SIDS):
- Supports the concerns of Least Developed Countries (LDCs) and Small Island Developing States (SIDS), who walked out from the negotiations.
Why is COP Important for India
- India’s Climate Contributions and Milestones:
- Submits its very first NDC in 2015 and then upgrades in 2022; achieved cutting of emission intensity by as much as 33-35%, while ensuring 40% of the installed electricity generation capacity was derived from non-fossil fuels.
- Green Finance for Climate Change Mitigation:
- It is actually a large recipient of the funding which India receives through Green Climate Funds, and also through carbon market trades.
- Global Climate Leadership:
- COP gives India the chance to take the lead in global climate action.
- International Influence:
- Leads the Like-minded Developing Countries (LMDC) and BASIC group at COP, amplifying the voices of the Global South and advocating for equitable climate action and finance.
India’s Role in Global Climate Governance
- From being a cautious participant to an active role in climate negotiations.
- Transition from rigid emission reduction targets to voluntary Nationally Determined Contributions (NDCs) enabled India to align its climate commitments with developmental priorities.
- Advocacy for Climate Equity and Justice:
- Advocates for developed nations to provide financial and technological support to developing countries.
- Leading Global Initiatives:
- The International Solar Alliance (ISA), Lifestyle for Environment (LiFE), and Mangrove Alliance for Climate.
