Disappointment of the 29th UN climate conference (CoP 29)

Source: The post disappointment of the 29th UN climate conference (CoP 29) has been created, based on the article “Express view: Disappointment at CoP — developing countries left unheard” published in “Indian Express” on 26th November 2024

UPSC Syllabus Topic: GS Paper 3- Environment

Context: The article discusses the disappointment of the 29th UN climate conference (CoP 29). Developing countries need $1.3 trillion annually for climate action, but a $300 billion deal was reached instead. The article highlights the failure to meet funding goals and calls for more creative solutions.

For detailed information on COP 29 Outcomes read this article here

What was CoP 29 expected to achieve?

CoP 29 in Baku was labeled the “Finance CoP” It aimed to secure at least $1.3 trillion annually for developing countries to combat global warming. This funding was crucial as reports showed the planet could exceed the 1.5°C warming limit.

What challenges did developing countries face?

1. Developing nations criticized the lack of equity and ambition. While the $300 billion could act as a seed fund for larger investments, history offers little hope.
2. Even the OECD acknowledged the need for new, effective financing strategies post-2025, but CoP 29 failed to provide a clear roadmap.
3. Initiatives like the International Solar Alliance (ISA), led by India, reflect the Global South’s efforts to address climate challenges independently. However, these efforts cannot replace the funding commitments from developed nations.

What needs to be done?

1. Developing nations must unite at global forums to pressure wealthy countries into fulfilling their financial obligations.
2. Creative and sustainable solutions are essential for achieving the necessary $1.3 trillion target.

Question for practice:

Discuss the implications of the $300 billion climate finance deal reached at CoP 29 on developing countries.