Financing to mitigate carbon emissions must be top priority
The Red Sea resort of Sharm el-Sheikh is witnessing high profile climate discussions among 120 world leaders as part of the 27th Conference of Parties (COP) hosted by Egypt. The deliberations starting on 6th of November will continue over the next two weeks and endeavour to hammer out a consensus on how to rein in the runaway rise in global temperatures.
However, since the very first COP meeting held in Berlin in 1995 to till date these climate meetings have come to signify more of discussions than actual action directed towards mitigating climate change. As a result there is a 50:50 chance of the annual average global temperature temporarily reaching 1.5 °C above the pre-industrial levels for at least one of the next five years, according to a new climate update issued by the World Meteorological Organisation (WMO).
The 1.5°C figure is not some random statistic. It is rather an indicator of the point at which climate impacts will become increasingly harmful for people and the entire planet. The latest State of the Global Climate Report 2022 released by WMO as a backdrop to the COP27 meeting, ominously reflects this unfolding spectre.
The call for credible action has assumed startling forms this year with ultra-aggressive climate activists adopting daring methods to draw global attention towards climate action. From throwing soup on Vincent Van Gogh paintings to blocking private jets from taking off at the Amsterdam Schiphol Airport, the Greenpeace and Extinction Rebellion members have upped the publicity ante this year.
This year’s COP conclave cannot get away with mere deliberations and paper pushing but will have to go beyond spoken words and tread on delicate issues such as compensating vulnerable and poor countries that are exposed to the vagaries of climate change. The inclusion of compensation is a welcome departure. Action on last year’s pledges made at the Glasgow COP such as drastically dial down thermal power generation, making systematic protocols to stop deforestation by 2030 and to adopt implement strategies to cut methane emissions by 30 per cent by 2030 must be seen.
An ongoing war between Russia and Ukraine has meant turbulent times for energy prices and this coupled with bitter tensions between US and China, the world’s largest emitters, mean progress at COP27 could be agonisingly slow. Given this reality, the COP27 could try and focus on evolving an innovative financing program and mechanism to direct much-needed resources to the developing world.
Besides, the wealthy nations could take this opportunity to create much needed financing mechanisms for highly vulnerable nations such as Africa which are staring at frequent climate disasters.
India on its part must aim for clear takeaways from COP27. This must include tangible and proven climate finance models, high-end technology transfers and capacity building initiatives. If the Indian government succeeds in achieving this, it will help reduce carbon emissions besides minimising the impact felt from the climate crisis in India. India must also realise that the wealthy nations have extracted their economic progress by compromising the environment and now the consequences of the same are set to be reaped by the developing nations.
This year’s COP27 must emerge as a global platform for India to ensure lateral climate collaboration with other climate impacted nations to present a unified front and take the due from wealthy nations in the form of climate compensation and other assistance. This will put India firmly on the course to uniting the world in the fight against climate change.
(The author is a foreign affairs commentator)