Climate Change Crisis Being Seen As Investment Opportunity, COP29 A Disappointment, Says Top Official
Days after the year’s biggest annual UN climate summit ended with a $300 billion target for climate finance, India’s top environment official reaffirmed that COP29 failed to deliver, emphasising that the crisis of climate change is being viewed as a potentially commercially viable proposition — calling it the saddest part of the debate. “India made it abundantly clear, in words that were unambiguous and unequivocal, that this was not the deal that was to be accepted. It did not deserve to be the ultimate outcome. India made its point very strongly, and did not back down right down to the final negotiation of the text," said Leena Nanda, Secretary, Union Ministry of Environment, Forests and Climate Change (MoEF&CC), during a public talk on climate in New Delhi. The two-week long tense UN negotiations had closed in Baku with a New Collective Quantified Goal (NCQG) of $1.3 trillion, with developed nations committing just $300 billion per year by 2035 in climate finance to developing countries. Global South slammed the deal for being inadequate, with India recording its opposition at the plenary, calling it an “optical illusion". “Why are we not able to mobilise funds for mitigation? It is not that they are not there. They are being utilised for the purpose of investment. So, climate change as a challenge, this crisis, is being looked at as a potentially, commercially viable proposition. That is the saddest part of the entire debate and discussion," she added. The senior environment ministry official who was an integral part of India’s delegation at the recently concluded summit emphasised there will be no real progress until there is a clear definition of climate finance, and commitment on how $300 billion annually will be directed to developing nations. “The sentiment is widespread across the developing world, strongly voiced by India and supported by many other nations. COP29 failed to deliver," she added. Nandan also reiterated India’s strong opposition to the Carbon Border Adjustment Mechanism (CBAM), highlighting that G77+China agreed that it was fundamentally inequitable. “Instead of funds for decarbonisation, there is talk of coercive unilateral trade measures that are going to affect the very principle that economies of countries are founded on," she remarked. Speaking at the event, Sunita Narain, Director-General, CSE, brought attention to the severity of the climate change, highlighting how India is experiencing an extreme weather event almost every day in some region. “The world should have rejected the $300 billion deal. No deal would have been better than what we have come home with. This is not even peanuts. It has practically consigned 70 per cent of the world to a situation, where they have no option but to do development in ways that add to the emissions in the atmosphere. It has created a disabling framework, rather than an enabling one," she pointed out.
