The ongoing COP29 summit may just end up without a declaration and for all practical purposes a failure, but India will still be hoping to salvage something of strategic interest out of the globe’s premier, and wobbly, climate change conference.
With the US elections throwing up a Donald Trump, a known naysayer of climate change who in all likelihood chuck the crucial Paris Agreement goals once he takes over in January, incumbent Joe Biden has skipped the summit – so have many European Union leaders. This, and the very fact that the venue is Baku, the capital of Azerbaijan, a petro-state whose dictator Ilham Aliyev describes oil as “a gift from god” (or the fact that the previous COP also took place in an oil economy, in Abu Dhabi in the UAE) has weighed heavy in the minds of global climate activists and even statesmen and diplomats. Flagging these issues, as well as slow progress in climate negotiations, a letter signed by many former COP organisers as well as former UN secretary-general Ban ki Moon described the COP summits as “no longer fit for purpose” and called for its fundamental overhaul.
Be that as it may be, India is still hoping for progress in issues close to its heart, including the increase of climate financing target from the previously decided $100 billion to at least $1.3 trillion annually.
“COP29 presents India with a vital and unparalleled opportunity to assume a leadership role in global climate negotiations,” said Manish Dabkara, chairman and managing director of EKI Energy Services, a leading carbon credit developer and supplier globally. “G77 & Chian, including India, has called for a substantial increase to $1.3 trillion annually, far exceeding the current $100 billion pledge, to adequately support the climate mitigation needs of developing nations.
“With the current commitment falling short, India maintains that financing responsibilities should remain with developed countries due to their historical emissions contributions, rejecting any shift toward contributions based on economic capacity or emissions profiles,” he added. Environment ministry has confirmed through a statement that India has officially mooted this proposal through its lead negotiator and joint secretary Naresh Pal Gangwar. Though supported by nations like China, this proposal is expected to run into rough weather with the western bloc.
The finalisation of Chapter 6 of the Paris Agreement, setting in motion carbon markets, is another area New Delhi has a strategic interest in, considering that India has already updated its list of eligible technologies under Article 6.4 to leverage these opportunities, alongside potential technology transfer and capacity-building benefits.
“This could open new revenue streams for India through carbon credits from renewable projects like biogas, reforestation, and sustainable agriculture,” said Piyush Sohani, country director, Sistema.bio, a company which converts organic waste into renewable biogas.
“Finalising Article 6 will mark an important achievement for global climate policy, offering countries and businesses a unified platform to contribute toward ambitious climate goals while unlocking new economic opportunities in the carbon market,” added Dabkara of EKI.
While India will overall try to establish its position as a voice of the global south by calling for equitable climate action whereby developing nations do not bear disproportionate climate mitigation costs, it is not clear whether it will bring up the Carbon Border Adjustment Mechanism tax on products from polluting industries that European Union plans to impose from next year, and which is expected to impact many Indian exports to the region. The fact that neither PM Modi nor even the environment minister Bhupinder Yadav, nor many of their counterparts from EU are present will prove to be an impediment.