Sci & Tech

A Better Copping Way: Beyond Baku

This year’s climate summit, the 29th Conference of Parties (COP29) ended in collapse, though the developed economies are claiming that the New Collective Quantified Goal (NCQG) of $ 300 bn annually as a significant breakthrough. But the real value of the original pledge of $100 bn annually in 2009 has eroded significantly making this tripling highly inadequate.  Ironically, all the pledges of yesteryears have not been granted fully. Moreover, Independent High Level Expert Group, November 2023 report on climate finance puts the needed Investment for Climate Finance @ $2.3-2.5 trillion a year. From 1990 to 2024, global GDP has increased 5 times from $22.8 trillion to $ 110 trillion, @ a CAGR of 4.75%. All this has come at a huge cost to Environment over this same time period: (a) CO2 emissions have increased 22.4 billion MT to over 37 billion MT (b) Global temperature have increased by 2 degree Fahrenheit in the 21st century compared to the 20th century (c) being an effect of greenhouse emission increase by 45% and energy emissions increase by 62% and (d) only in the last decade use of fossil fuel energy has increased twice as that of green energy. Global use of fossil fuels is still over 75%.

Wealth had flown to the developed economies and there is clear evidence that in the course of wealth accumulation developed economies have contributed a lion’s share of carbon emissions.  Economic Growth and Development, always comes at a cost to Environment and Policy has a critical role to play in ensure Sustainable Development, if people want so. In fact, people can learn from India here, since India has achieved 40% installed electric capacity from non-fossil fuels. India has also become a leader in renewables in Asia Pacific and cost of renewables has indeed gone down over the years. But, much needs to be done in terms of renewables infrastructure. Investment in Green R & D for better batteries and charging stations, fourth generation nuclear power etc.  For that a paradigm shift to affect capital reallocation for a successful green transition is needed. The inadequacy of COP 29 becomes glaringly visible, when $300bn is settled for when the ask is minimum $1 trillion a year. Also, to quote our G20 Sherpa, Shri Amitabh Kant “the global climate governance framework needs reform that priorities trust, equity, accountability, meaningful collaboration and implementation.”

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