1.Describe the major outcomes of the 29th session of the Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC).
COP 29 Outcomes and Analysis
1.New Collective Quantified Goal on Climate Finance
○Developed countries committed to fund $300 billion annually for developing countries by 2035, replacing the previous goal of $100 billion per year.
2.Carbon Markets (Article 6 of the Paris Agreement)
○COP 29 operationalized the Paris Agreement Crediting Mechanism and finalized a framework for country-to-country carbon credit trading.
3.Centralized UN Trading System for Green Credits
○Agreement to launch a centralized UN trading system for the operationalization of carbon markets, enabling global carbon credit trading.
4.Baku Adaptation Roadmap
○Launched to expedite the implementation of National Adaptation Plans (NAPs) in vulnerable countries.
5.Baku Work Plan
○Emphasizes the strengthened role of Indigenous Peoples and local communities in climate mitigation and adaptation.
6.Extension of Lima Work Programme
○COP 29 extended the Lima Work Programme, which promotes gender mainstreaming in climate actions.
7.Enhanced Transparency in Climate Reporting
○Biennial Transparency Reports (BTRs) under the Enhanced Transparency Framework were submitted by 13 countries, showcasing progress in climate actions.
India’s Initiatives at COP 29
1.LeadIT Summit
○India co-hosted the LeadIT Member Meet with Sweden, focusing on the decarbonization of heavy industries.
2.Solar Energy Leadership
○Promoted global solar adoption through the International Solar Alliance (ISA), targeting a 20-fold increase in solar capacity by 2050.
3.SIDS Adaptation Finance
○Advocated for unlocking finance and providing disaster-resilient support to Small Island Developing States (SIDS).
Positive Outcomes of COP 29
1.Tripling Climate Finance for Developing Countries
○Agreement to increase climate finance from $100 billion to $300 billion annually by 2035.
2.Establishment of Carbon Market Mechanisms
○Finalized agreements under Article 6 of the Paris Agreement, including:
■Bilateral carbon trading (Article 6.2)
■Global crediting mechanism (Article 6.4)
3.Focus on National Adaptation Plans (NAPs)
○A support program was established to implement NAPs, focusing on least developed countries (LDCs).
4.Commitment to Transparent Climate Reporting
○Reinforced the importance of transparent reporting through Biennial Transparency Reports (BTRs).
Shortcomings of COP 29
1.Inadequate Financing
○The $300 billion commitment is criticized as insufficient compared to the estimated $1.3 trillion needed annually by developing nations.
2.Over Reliance on Loans
○Heavy reliance on loans instead of grants could exacerbate the debt burden of developing countries.
3.Failure to Address Fossil Fuel Phase-Out
○No progress was made on the fossil fuel phase-out, despite its emphasis at COP 28.
4.Unmet Emission Goals
○Insufficient pledges to meet the 1.5°C target, with emissions continuing to rise in 2023.
5.Choice of Host Nation
○Criticism over Azerbaijan hosting COP 29, given its oil-dependent economy and governance practices.
Way Forward
1.Introduction of New Indicators
○Develop tangible indicators to measure progress on each global goal established at COP 29.
2.Establishment of Financial Mechanism
○Create a mechanism to track developed countries’ contributions to climate finance.
3.Binding Commitments
○Make renewable energy pledges legally binding on member countries.
4.Climate Justice
○Ensure adherence to the principle of Common but Differentiated Responsibility (CBDR) in future negotiations.
Source:
https://epaper.thehindu.com/ccidist-ws/th/th_delhi/issues/108918/OPS/G7DDKKPGQ.1+GMSDKMPG0.1.html