While the $300 billion per annum figure pledged by developed countries appears reasonable prima facie, it falls significantly short of the $1 trillion needed to address the climate crisis. India alone needs funding of around $160 billion a year to meet its climate commitments made at COP26 in 2021.
Aggravating the situation, the developed nations are projected to increase emissions by 0.5 per cent from 2020 to 2030, contradicting the Paris Agreement goals. Their emissions reductions have fallen short by 3.5 billion tonnes CO2 annually.
COP29 also paved the way for a government-to-government carbon market. This will help countries to trade emission reductions and discount them from their national climate plans, as per Article 6 of the Paris Agreement. India was set to operationalise its carbon trading market by FY27, but now faces delays in defining the terms, structure, and compliance measures due to the non-finalisation of rules under Article 6.
This story is from the December 16, 2024 edition of Business Standard.
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This story is from the December 16, 2024 edition of Business Standard.
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