In News:

The 29th UN Climate Change Conference (COP29), held in Baku, Azerbaijan, focused on enhancing climate finance, adaptation measures, and global cooperation.

Key Outcomes of COP29:

• Climate Finance: A new goal was set to triple climate finance for developing countries to USD 300 billion annually by 2035. The total climate finance target aims for USD 1.3 trillion annually by 2035.
• Carbon Markets: The conference operationalized Article 6 of the Paris Agreement, which establishes frameworks for carbon credit trading between countries. It also launched the Paris Agreement Crediting Mechanism, ensuring safeguards for human rights and the environment.
• Transparency and Adaptation: COP29 saw 13 countries submit their Biennial Transparency Reports, promoting greater accountability. The Baku Adaptation Roadmap was launched to speed up National Adaptation Plans (NAPs) in Least Developed Countries (LDCs).
• Gender and Inclusivity: A new Gender Action Plan was developed, and the Lima Work Programme on Gender was extended for another 10 years. Over 55,000 people, including civil society, Indigenous peoples, and youth, participated.
• Global Climate Action: The 2024 Yearbook of Global Climate Action highlighted the role of non-Party stakeholders like businesses and sub-national actors in combating climate change.

India’s Role at COP29: India played an active role in highlighting resilient infrastructure initiatives like the Coalition for Disaster Resilient Infrastructure (CDRI) and advocated for financial resources to support Small Island Developing States (SIDS). India also pushed for solar energy adoption through the International Solar Alliance (ISA) and promoted gender-inclusive climate policies. India co-hosted the LeadIT summit with Sweden, focusing on industrial decarbonization.

Challenges at COP29:

• Inadequate Finance: Despite ambitious targets, many countries felt the financial commitments were insufficient and distant.
• Private Sector Dependency: The reliance on private sector contributions raised concerns about the reliability of funding.
• Emission Reduction Gaps: There was a lack of sufficient pledges to meet the 1.5°C global warming target, with rising emissions.
• Geopolitical Conflicts: Disputes over issues like the Carbon Border Adjustment Mechanism (CBAM) hindered progress.

India’s Carbon Credit Framework:

India introduced the Energy Conservation (Amendment) Act, 2022, establishing a domestic carbon market and setting a legislative framework for carbon credit trading. This aligns with India’s NDCs and aims to support sustainable growth while reducing emissions. However, concerns about the integrity of carbon credits and potential "greenwashing" need to be addressed through rigorous verification systems.

Conclusion:

COP29 marked progress in scaling up climate finance, carbon markets, and adaptation efforts, but significant challenges remain, especially in finance, emission reductions, and geopolitical cooperation. India's initiatives in carbon credit frameworks and resilience are steps toward a sustainable future. Moving forward, a collaborative, transparent, and adaptive approach is crucial to meet global climate goals.