The ongoing COP29 climate talks have emerged as a defining moment for the Global South, particularly for countries most vulnerable to the escalating impacts of climate change. At the center of the discussions is the urgent need for ambitious mitigation and adaptation measures, alongside a renewed push for developed nations to fulfill their financial commitments.
India’s lead negotiator, Naresh Pal Gangwar, underscored these points during the High-Level Ministerial on Climate Finance, highlighting the necessity of mobilizing at least $1.3 trillion annually in climate finance from developed to developing nations.
A Call for Ambition and Justice
Speaking at the summit, Gangwar emphasized the need for immediate and significant action to combat climate change, particularly for countries in the Global South. “We are at a crucial juncture in our fight against climate change. What we decide here will enable all of us, particularly those in the Global South, to not only take ambitious mitigation action but also adapt to climate change,” he said.
India’s position reflects the growing consensus among developing nations that developed countries must shoulder their historical responsibility by providing grants, concessional finance, and non-debt-inducing support. These funds are seen as critical to address the dual challenges of climate adaptation and mitigation in regions facing increasing climate-induced disasters.
The Fight Over Climate Finance Obligations
At the heart of the debate is the New Collective Quantified Goal (NCQG) on climate finance, set to replace the unfulfilled $100 billion annual commitment made by developed nations in 2009. Gangwar criticized attempts to redefine NCQG, warning against diluting the obligation of developed countries.
“NCQG cannot be changed into an investment goal when it is a unidirectional provision and mobilisation goal from the developed to the developing countries,” Gangwar asserted. He rejected proposals that rely heavily on private investment and market mechanisms, which he argued would shift the burden away from public sources in developed nations.
United Stance of Developing Nations
India’s stance received strong support from the African Group of Negotiators (AGN), further cementing a united front among developing countries. “We are standing firm against attempts to re-define Paris Agreement’s obligations. The funding commitments by developed nations remain binding. For Africa and other developing nations, the $1.3 trillion is essential for achieving climate adaptation, resilience, and emissions reductions,” said AGN Chair Ali D Mohamed.
This collective resistance underscores the demand for a fair and equitable approach to climate finance, grounded in the principle of historical responsibility outlined in the Paris Agreement.
Developed Nations Falling Short
India’s intervention also highlighted the persistent failure of developed nations to meet their existing commitments. Gangwar pointed to the unfulfilled $100 billion annual pledge from 2009, expressing disappointment over the lack of progress. “We have a common time frame for expressing ambitions every five years. There is a similar need in terms of climate finance,” he said, urging developed countries to meet their obligations and ensure the success of COP29.
The discussions at COP29 are expected to set the stage for COP30 in Brazil, where countries will submit updated Nationally Determined Contributions (NDCs). The outcomes of these talks are seen as critical to maintaining momentum and achieving the goals of the Paris Agreement, particularly with global warming already nearing the 1.5°C threshold.
Private Sector Funding: Falling Short of Promises
A new report by Oil Change International has cast doubt on the reliance on private sector finance by developed nations. The study revealed stark disparities in clean energy investment, with low- and lower-middle-income countries representing 42% of the global population receiving only 7% of global clean energy funding in 2022.
The analysis challenges the assumption that each dollar of public finance attracts $5-7 in private investment. In practice, only 85 cents are leveraged for every dollar of public finance, dropping to 69 cents in low-income countries. These findings raise questions about the effectiveness of private sector-led climate finance strategies, particularly for vulnerable nations.
Fossil Fuel Influence Under Scrutiny
The presence of fossil fuel lobbyists at COP29 has also sparked widespread concern. Analysis by the Kick Big Polluters Out (KBPO) coalition revealed that 1,773 fossil fuel lobbyists are attending the talks, outnumbering the delegations of most countries. Only host Azerbaijan, COP30 host Brazil, and Türkiye have sent larger contingents.
“The fossil fuel lobby’s grip on climate negotiations is like a venomous snake coiling around the very future of our planet,” said Nnimmo Bassey from KBPO. The coalition has called for the removal of industry influence from climate negotiations, warning that such interference undermines meaningful progress.
