The latest round of climate negotiations COP29 at Baku, has ended on a disappointing note for the entire global population as not enough funds has been allocated to support mitigation and adaptation actions to combat the menace of global warming effectively. It may sound strange but the fact remains that COP29 in a contested decision has set a goal of mere $300 billion of climate finance every year by 2035 for developing countries, instead of the original demand of $ 1.3 trillion every year to be mobilized by 2025. Such a huge dent in climate finance will definitely put a question mark on the very existence of the world as the threat of global warming has become real as it is causing devastating activities in almost every part of the world with unfailing regularity. According to the environmentalists, the fund was extremely necessary to save the planet from nature’s wrath. But the willful omission made by the developed nations towards this justified demand may spell doom for this beautiful world.
The tussle over climate finance between developed and developing nations is not new as from the very beginning the rich nations have refused to contribute generously to the said fund. While the developed nations have argued that developing nations have also made significant contributions towards global warming by sticking to age-old technologies harmful to nature, poor nations have demanded that rich countries should shoulder greater responsibility as the industrial revolution has given birth to this current crisis. The debate turned ugly when the then US President US Donald Trump had withdrawn from an international treaty on climate finance on the pretext that America would have to spend more than any other countries. Later, outgoing US President Joe Biden had changed the decision by reaffirming his country’s commitment to combat the climate menace. But as Mr. Trump is all set to take over the US presidency once again, his America first policy may further spoil the chances of enhanced allocation to climate finance as increasing the country’s oil and gas production at least three per cent is among his priorities.
Quite naturally, developing nations like India, Bolivia, and Nigeria among others have registered a strong protest against the inadequate fund allocation by terming it ‘little and too distant.’ Accusing the rich nations of breaking promises, India has further alleged that these countries had not honoured their commitment of paying $ 100 billion during the last decade. At the same time, New Delhi has expressed apprehensions that the promise of $ 300 billion by 2035 may also remain unfulfilled. Citing the fact that the ongoing year is the hottest with enough indications about a worsening future, India has urged all the nations to join hands to save the planet from the impending danger. On its part, India has strongly advocated for a carbon credit deal as that will help the countries that have already achieved significant success in decarbonisation schemes. But as the rich countries continue to disown their roles in global warming, COP29 at Baku has failed to deliver anything substantial to save the planet from nature’s fury.