The COP29 climate conference in Baku, Azerbaijan has concluded without a proper agreement on the New Quantified Collective Goal (NCQG) on climate finance. NCQG refers to the money that would be given by the developed countries to developing countries to meet their climate mitigation and adaptation transition goals. Instead of an NCQG deal, the rich nations have agreed to pledge $300 billion annually as a base figure to lead efforts – including by developing countries -- to raise $1.3 trillion annually from 2035. But developing countries have called this deal an “insult” as it seems to shift the onus of climate finance on to developing countries.
Apart from this, there was also an agreement reached on global standards for carbon markets and trading. Further, the COP29 Presidency launched the Reducing Methane from Organic Waste Declaration, which saw over 30 countries declaring their commitment to set sectoral targets for reducing methane from organic waste.
How do we assess COP 29 in terms of progress on climate finance? And how do we understand the outcomes with regard to carbon markets, the drawdown on fossil fuel consumption, and loss and damage funds?
Guest: Nagraj Adve, a founder member of Teachers Against the Climate Crisis (TACC).
Host: G. Sampath, Social Affaies Editor, The Hindu.
Edited by Sharmada Venkatasubramanian.
Learn more about your ad choices. Visit megaphone.fm/adchoices
