This article discusses the urgent need to address climate change, a problem that continues to worsen globally. Scientists from the Intergovernmental Panel on Climate Change (IPCC) emphasize the importance of limiting global warming to 1.5°C above pre-industrial levels. Current policies, however, could lead to a temperature increase of up to 3.1°C, which would cause severe environmental damage. The visible impacts of climate change, such as extreme weather events, highlight the need for faster and more effective climate action. Cleaner fuels and advanced technologies are being developed, but they require significant financial and policy support to be implemented widely.
Financial Challenges for Developing Countries
Money is a key challenge in fighting climate change, especially for developing nations. Transitioning to cleaner energy sources is expensive initially, even though they save money in the long run. Many developing countries cannot afford these upfront costs without external help. They also face risks with new green technologies, which might fail or take time to improve. Governments in these countries already have limited resources, as they need to focus on other essential development priorities like healthcare and education.
India, for example, has been making efforts to support clean energy. The government allocated ₹19,100 crore in its 2024-25 budget for renewable energy and ₹5,790 crore in subsidies for electric vehicle manufacturers under the FAME scheme. These initiatives are steps in the right direction, but India and similar countries need much more financial help to make significant changes.
Global Financial Support and Its Limitations
Rich countries had previously pledged to provide $100 billion annually by 2020 to help poorer countries combat climate change, but this goal was not fully met. At COP29, a global climate conference in 2024, developed nations agreed to increase this funding to $300 billion per year until 2035. However, this amount is far less than the $1.3 trillion annually that developing countries had requested. Experts believe this funding is inadequate to drive the major changes needed. Additionally, much of this money is expected to come from private sources, making it less reliable.
One of the challenges for developing countries is the high cost of borrowing money. They often face higher interest rates compared to developed nations, making it harder for them to access affordable funding for climate projects. Rich countries are encouraged to provide more grants instead of loans, as loans add to the financial burdens of poorer nations.
The Role of NCQG
The New Collective Quantified Goal (NCQG) was established to set clear and measurable financial targets for climate action. It builds on the earlier $100 billion annual pledge made in 2010 and aims to create a transparent and fair framework for funding. However, the outcome of COP29 was disappointing. The $300 billion commitment falls far short of what is needed and does not represent a significant improvement over current funding levels. Critics argue that this fails to address the urgent need for transformative climate action, particularly in developing countries.
Moving Forward
Although COP29 brought some progress, the financial commitments remain insufficient to tackle the scale of the climate crisis. Climate change affects everyone, and global cooperation is essential. Rich countries must take on greater responsibility by providing more support to poorer nations, ensuring that funding is fair and accessible. Developing countries should continue to push for just and equitable solutions, emphasizing the principles of climate justice and shared responsibilities. Only by working together can the world effectively combat climate change and secure a sustainable future for all.
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