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As the West Backtracks on Climate Goals, Where Do India’s Ambitions Stand?

While India seems to be on track to achieving its 2030 targets (NDCs), getting its GHG emissions to peak and decline to reach net zero would be a whole different challenge.

Recent studies have shown that the investment required for a net-zero transition is around USD 10 trillion cumulatively (from now to 2070). But how is India, or any other developing country, supposed to finance such a transition?

Developed economies are not only using up the RCB but also reneging on climate finance promises made during the Paris Agreement.

In the upcoming G20 Summit and COP27 negotiations, developing countries, including India, have an opportunity to level the playing field.

They should use these platforms to push for the replenishment of the Green Climate Fund (GCF) to finance new climate actions for the 2024–2027 period, as proposed in the Global Programming Conference (GPC) held recently.

According to a World Resource Institute (WRI) report, most of the developed countries fell short of their expected contributions—the United States ($6.6B), Australia ($0.7B), Canada ($1.5B), and the United Kingdom ($4B)—while Germany ($10B), Japan ($14.1B), and France ($8B) funded more.

Although there was no formal division of budget among these countries, not keeping a fair share led to missing the target of delivering USD 100 billion to developing countries.

There should also be a balance between funds allocated to mitigation and adaptation. There is no clear demarcation of allotment between the two, and the funds received are mostly used to finance mitigation projects.

In upcoming global summits, developed countries should take the initiative to ensure that climate funds do not remain in talks but translate into actions and investment road maps.

To remain credible, they should honour their climate commitments and set more aggressive targets. If developed countries advance their net-zero targets by a decade or two, developing countries will be motivated to use the RCB wisely and make the necessary transition towards a net-zero economy.

(Sarah Khan works in the Climate, Environment and Sustainability sector at the Center for Study of Science, Technology and Policy (CSTEP), a research-based think tank.)

(This is an opinion article and the views expressed are the author’s own. The Quint neither endorses nor is responsible for them.)

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