The West leaves COP29 to foot the bill for Climate Change

Geopolitical reality was again out in the open as the developed world, mainly Western nations, did everything at the annual UN global summit on climate change in Baku, Azerbaijan, to wash their hands of their historical responsibility.

Though India, which is trying to stake its claim to the mantle of the Global South’s climate leader, could not stop the new finance deal from going through, it voiced its strong opposition calling the proceedings disappointing and stage-managed.

The new finance deal, called the New Collective Quantified Goal (NCQG) and achieved at the 29th edition of the United Nations Conference of Parties (CoP), provides about $300 billion annually for developing countries by 2035.

The annual climate summit at Baku was dubbed the ‘finance CoP’ and it was expected that ambitions would be raised considering that the impact of climate change is already visible.

The final figure, however, has come under heavy criticism as it is a far cry from the demand of about $1.3 trillion per year. It will replace the $100 billion annually that was agreed upon in 2009.

A livid India termed the deal “too little, too distant.” 

The Indian government’s negotiator, Chandni Raina of the department of economic affairs, raised questions about the process and said the Indian delegation was not allowed to speak before the deal was adopted.

This happened even as it had informed the CoP presidency that it wanted to make a statement before the final decision. India’s stern stance drew cheers from those in the plenary room and countries such as Nigeria, Malawi and Bolivia also extended their support.

About 15 years ago, at the Copenhagen CoP, the developing countries were promised $100 billion a year but that was barely achieved.

The expectation at Baku was that it would be significantly increased considering the climate change impact the world is witnessing. Alas, that was not the case.

Developing countries including India, Bolivia, Nigeria all voiced their opposition to the NCQG in its present form, yet it has been adopted ?

Apart from the quantum of finance, the lack of sub-goals for mitigation, adaptation, loss and damage; the too long timeline of 10 years (“by 2035”) and reduced emphasis on grants and grant equivalent finance have made this outcome a rather weak one.

It feels like a lost opportunity. West has gotten away far too easily… not that opposition was not voiced by various developing country groups throughout the two weeks of CoP29, it was.

The deal that has been agreed upon seems more a deal of convenience, than delivering on the historical responsibility and moral imperative of the global north.

Aparna Roy, who works as a fellow and lead for climate change and energy at the Observer Research Foundation, noted that it is undeniable that the Western world continues to sidestep its historical responsibility.

While CoP29 made some progress on acknowledging the urgency of reducing emissions, there was inadequate accountability for the historic carbon footprint of industrialized nations.

The world can no longer afford for wealthier nations to pay lip service to climate solidarity while avoiding real, transformative action.

The outcome of CoP29 is being termed a mixed bag by many. Experts acknowledge the near disaster the summit turned out to be but are still trying to find the glass half full even as some see the glass already broken.

Experts also point out that the summit is a note of caution for developing nations who are being continuously pushed to adopt the low-carbon transition, even at the cost of growth, while the developed world is neither ready to make any adjustments nor to help the developing world.

India has been under pressure to transition away from fossil fuels even as it has maintained that energy security and energy independence is critical for it to sustain economic growth and feed 1.4 billion people.

The UN climate summit exposed significant roadblocks in global climate negotiations that developing countries such as India would need to navigate strategically.

India should leverage South-South cooperation and should strengthen alliances with countries in the Global South to amplify our collective voice.

India must advocate for reforms in international financial institutions to ensure the needs of developing and vulnerable countries are addressed.

RT. com / ABC Flash Point News 2024.