Note4Students
From UPSC perspective, the following things are important :
Mains level: Climate Change;
Why in the News?
The first week of the COP29 summit in Baku ended without major progress, as stark divisions between developed and developing nations hindered agreements on climate finance, trade measures, and equitable climate responsibilities.
What is a COP meeting?
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What is the status of climate finance commitments from developed countries?
- Unmet Financial Pledges: Developed countries have failed to fulfill the $100 billion annual climate finance goal set in 2009, leading to growing frustration among developing nations.
- Loans Dominate Finance: Nearly 70% of climate finance provided so far is in the form of loans, creating a debt burden for vulnerable economies.
- Demand for $1.3 Trillion Annually: The G-77/China bloc has called for a significant increase in climate finance to $1.3 trillion annually, with a focus on grants and concessional funding instead of debt-inducing mechanisms.
- Equity in Climate Finance: Developing nations demand accountability and emphasize that climate finance should address both mitigation and adaptation needs equitably.
How will the Mitigation Work Programme (MWP) support developing countries?
- Capacity Building: The MWP aims to enhance the capabilities of developing countries to implement Nationally Determined Contributions (NDCs) effectively.
- Technology Transfer: A robust technology implementation program with dedicated financial backing is proposed to ensure equitable access to climate technologies.
- Adaptation Finance: The MWP includes provisions for scaling up financial resources to assist countries in adapting to climate impacts, especially for those most vulnerable.
- Equity in Responsibility: The MWP aligns with the principle of “common but differentiated responsibilities” (CBDR), ensuring that mitigation efforts consider historical emissions and current capacities.
What measures will be taken to address unilateral trade actions impacting developing nations? (Way forward)
- Criticism of CBAM: Developing nations, including India and Bolivia, criticized the European Union’s Carbon Border Adjustment Mechanism (CBAM), which they view as a discriminatory trade barrier violating equity principles.
- Call for Equity: Developing nations argue that CBAM shifts the burden of climate action to economies with minimal historical emissions, impacting industrial growth and development.
- Opposition to External Regulations: India emphasized that mitigation measures must align with NDCs and national sovereignty, opposing attempts to impose external climate regulations.
- Collaboration Against Trade Barriers: The BASIC bloc, AOSIS, and the Arab Group are working together to resist measures like CBAM and push for trade policies that consider the needs of the Global South.
- Reforms in Multilateral Financial Systems: Countries like South Africa advocate for multilateral reforms to ensure fairer financial systems and debt relief for vulnerable economies.
Mains PYQ:
Q Describe the major outcomes of the 26th session of the Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC). What are the commitments made by India in this conference? (UPSC IAS/2021)
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