Laying the Pathway for Equitable Climate Actions

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The collaborative actions and commitments made during COP29 will shape the future of global climate action, ensuring a more inclusive and resilient approach that supports the unique needs of developing countries, says Shikhar Jain

Mr Shikhar Jain

Executive Director, CESD

The 29th Conference of the Parties (COP29), hosted in Baku, Azerbaijan, marks a significant turning point in global climate action, with special attention to the needs and priorities of the developing economies. COP29’s framework is structured around two primary pillars — Enhancing Ambition and Enabling Action. Together, these pillars offer a roadmap to set higher climate targets and create enabling provisions, such as financial support and capacity building, necessary for the implementation.

While the COP29 discussions are focusing on the urgent need for ambitious climate goals, achieving these goals requires the Global South’s active participation, backed by accessible climate finance, technology transfer, and capacity-building support. This is critical as mobilizing resources and support mechanisms empowers countries to effectively implement ambitious climate policies.

The Confederation of Indian Industry (CII), through deliberations, engagements and by sharing recommendations that are both actionable and equitable, is committed to building resilience, encouraging adaptation, and driving sustainable development of the Indian Industry. To lay the groundwork for enabling these actions and initiatives by Industry, a few priority areas that addresses Industry’s concerns has been given below:

  • Honoring Commitments: Developed nations should honor their annual climate finance commitments as concessional and grant-based funding is essential for meaningful climate action without increasing debt burdens of developing countries.
  • Adopting the NCQG: To create a transparent and equitable finance structure, the New Collective Quantified Goal (NCQG) should be equipped with effective monitoring and accountability mechanisms, as well as clear guidelines for tracking progress.
  • Enhanced & Balanced Climate Finance: Enhanced access to climate finance is essential for developing countries to advance their adaptation and mitigation goals without adding financial burdens. Prioritizing equitable distribution of funds for both adaptation and mitigation needs, with a focus on concessional financing is critical.
  • Clean Technology Innovation: Technologies such as carbon capture, utilization, and storage (CCUS); clean hydrogen; and second-generation biofuels are critical enablers for decarbonization. However, scaling these technologies requires substantial R&D investments, risk-sharing measures, and credit support to foster innovation. Incentives supporting R&D and deployment of clean technology solutions will be critical for ensuring a stable energy supply, while expanding the clean energy footprint.
  • Strengthening NAP: The National Adaptation Plan (NAP) framework provides a structured approach to develop industry-focused adaptation strategies and at the same time, address sector-specific vulnerabilities. Efforts should be made to strengthen support for NAP development and implementation, with an emphasis on financial and technical assistance to developing countries for building adaptive capacity.
  • Biodiversity and Carbon Sequestration: Natural climate solutions, such as reforestation and soil carbon sequestration, help offset emissions and enhance biodiversity. Expansion of markets for these solutions can help achieve climate goals and build resilience.

The climate crisis is affecting countries across the world but it poses distinct challenges for the developing countries, as these regions are more vulnerable to extreme climate impacts and often lack the resources for comprehensive climate adaptation and resilience efforts. Climate finance, adaptation mechanisms, and technology transfers are essential to bridge this gap and empower the developing countries to participate in global climate solutions. By emphasizing on these enablers, COP29 can empower countries to build a sustainable, climate-resilient future that aligns with global climate goals.

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Published on 14 November 2024
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