On Day 2 of COP29 in Baku, climate finance took center stage, with the G77+China bloc demanding an ambitious target of $1.3 trillion annually as part of the New Collective Quantified Goal (NCQG) negotiations. Their demand emphasizes that climate finance should prioritize adaptation, mitigation, and loss and damage—insisting that this goal should not be viewed as merely an “investment” target but as essential support for vulnerable nations.
The U.K., meanwhile, presented updated Nationally Determined Contributions (NDCs), pledging to cut greenhouse gas emissions by 81% below 1990 levels by 2035. Prime Minister Keir Starmer also committed to achieving 100% clean power by 2030 through Labour’s Global Clean Power Alliance.
In opening speeches, world leaders underscored the urgency of establishing a robust climate finance goal, with a consensus that the required support measures must reach trillions, not merely millions. They emphasized the need to reprioritize global financing to meet the scale of the climate crisis.
Joining us today to help unpack these high-stakes discussions is Vibhuti Garg, an Associate and Senior Energy Specialist with over 13 years of experience in the energy sector. Vibhuti will guide us through the implications of these financial negotiations and the potential impacts on global energy transitions and climate commitments.
Topic of Discussion:
1. How does the G77+China’s call for $1.3 trillion annually reshape the climate finance landscape, and what does it mean for advancing support for adaptation, mitigation, and loss and damage on a global scale?
2. What is the New Collective Quantified Goal (NCQG) for climate finance, and where do the negotiations currently stand on setting a concrete target to address the urgent needs of developing nations?
3. How might Europe’s proposed Carbon Border Adjustment Mechanism (CBAM) affect exports from countries like India, and what strategies could India adopt to adapt to this shift in global trade policy?
Published – November 13, 2024 05:01 pm IST
