Urgency of Climate Action
The Intergovernmental Panel on Climate Change (IPCC) stresses the need to limit global warming to 1.5°C above pre-industrial levels to avoid catastrophic impacts.
Current policies, if unchanged, could lead to a rise of up to 3.1°C, worsening climate change effects.
Visible climate impacts and growing scientific evidence highlight the urgent need for accelerated action.
Clean technologies are emerging, but focus is needed on effective implementation and scaling.
Financing Climate Action in Developing Countries
Developing countries need financial support to transition to cleaner energy, especially given the high upfront costs of renewable technologies.
India has significantly increased its budget allocation for green energy, including subsidies for electric vehicles and renewable energy projects
However, the global financial system remains skewed, with developing countries facing high lending rates, making it harder to finance climate action.
Public grants, rather than loans, are crucial to avoid worsening debt burdens in these countries.
The Role of the NCQG (New Collective Quantified Goal)
At COP21 (Paris), developed countries pledged to provide $100 billion annually to support climate action in developing nations, with the goal evolving into the NCQG.
COP29 aimed to finalize the NCQG, but the developed world only committed to $300 billion annually until 2035, a figure far below the required $1.3 trillion per year that developing countries had asked for.
The NCQG outcome has been criticized for being insufficient, failing to drive transformative climate action or support the financial needs of the global South.
The Road Ahead
While the $300 billion annual commitment is a step forward, it remains inadequate for the scale of the climate crisis.
The outcome of COP29 reflects a lack of ambition and fails to address equity and climate justice.
Ongoing negotiations and collective action are vital to ensure fair, effective, and just climate transitions.
Developing countries must stay united to push for a transition that is both equitable and fair, keeping climate justice at the core of the global response.
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