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Context:

The disappointing deal on climate finance at COP29 could be the beginning of the unravelling of climate talks.

Details:

Developed nations have pledged to mobilize $300 billion annually for developing countries by 2035, falling significantly short of the $1 trillion required annually for effective climate action.
This commitment, a threefold increase from the current $100 billion, is insufficient and delayed, despite urgent financial needs for combating climate change.
Over the past 15 years, annual climate conferences have consistently underperformed, failing to align outcomes with the 2015 Paris Agreement's temperature targets.
Current global efforts are far from adequate, with projected emissions reductions by 2030 estimated at only 2%, instead of the necessary 43% cut from 2019 levels.

Key takeaways of COP29

Climate Finance	New Collective Quantified Goal (NCQG): USD 300 billion annually by 2035 for developing countries.
Climate Finance	Scale finance to USD 1.3 trillion annually by 2035 from public and private sources.
Carbon Markets (Article 6)	Finalized frameworks for country-to-country carbon credit trading (Article 6.2).
	Operationalized Paris Agreement Crediting Mechanism (Article 6.4) with safeguards for environmental and human rights.
	Supported capacity-building for least developed countries (LDCs) to participate in carbon markets.
Transparency	13 countries submitted Biennial Transparency Reports (BTRs) under the Enhanced Transparency Framework.
Transparency	UNFCCC organized #Together4Transparency with 42 events to promote transparency.
Adaptation	Launched Baku Adaptation Roadmap for expedited National Adaptation Plans (NAPs).
	Established a support program for NAP implementation in LDCs.
	High-level dialogues emphasized financing and technical support for adaptation.
Indigenous Peoples and Local Communities	Adopted Baku Workplan and renewed LCIPP Facilitative Working Group.
Gender and Climate Change	Extended Lima Work Programme on Gender for 10 years; mandated a new Gender Action Plan by COP30.
Civil Society and Inclusivity	Over 55,000 attendees from civil society, Indigenous Peoples, youth, and businesses.
Civil Society and Inclusivity	Strengthened Action for Climate Empowerment (ACE) for public engagement in national policies.
Global Climate Action	Showcased solutions under the Marrakech Partnership for Global Climate Action.
Global Climate Action	Launched 2024 Yearbook of Global Climate Action emphasizing non-Party stakeholder contributions.
Forests and REDD+	UK pledged £3 million for REDD+ transparency and deforestation halts by 2030.
Nationally Determined Contributions (NDCs)	Stronger NDCs (3.0) due in 2025 covering all greenhouse gases and sectors.
Nationally Determined Contributions (NDCs)	UK and Brazil pledged stronger climate action in updated NDCs.

India’s Initiatives at COP29:

Resilient Infrastructure	Highlighted CDRI and IRIS initiatives for disaster-resilient infrastructure and SIDS adaptation.
Industrial Decarbonization	Co-hosted LeadIT Member Meet with Sweden; promoted hydrogen-based solutions and CO2 capture.
SIDS Adaptation Finance	Advocated finance unlocking and disaster-resilient support for SIDS.
Solar Energy Leadership	Promoted solar adoption with ISA, targeting a 20-fold increase by 2050.
Gender-Inclusive Action	Showcased women-led clean energy solutions and gender-inclusive climate policies.
LeadIT Summit	Reaffirmed commitment to heavy industry decarbonization under the Paris Agreement.

READ IN DETAIL ABOUT

https://www.iasgyan.in/blogs/a-brief-history-of-the-united-nations-climate-change-conferences-cops-1-28

https://www.iasgyan.in/daily-current-affairs/countries-adopt-article-6-at-cop29

https://www.iasgyan.in/daily-current-affairs/baku-the-climate-finance-goal

https://www.iasgyan.in/daily-current-affairs/cop29-declaration-on-reducing-methane-from-organic-waste

https://www.iasgyan.in/daily-current-affairs/global-energy-efficiency-alliance

Source:

INDIAN EXPRESS

PRACTICE QUESTION

Q.Climate finance has become a critical element in addressing global climate change, especially in the context of COP 29. Discuss the role of developed nations in providing climate finance to developing countries and the challenges associated with the implementation of these financial mechanisms. (250 WORDS)