In Focus by The Hindu COP29: Why are developing countries so disappointed? | In Focus podcast
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Nov 26, 2024 Nagraj Adve, a founder member of Teachers Against the Climate Crisis, shares insights on the recent COP29 conference. He highlights the disappointment expressed by developing nations over inadequate climate finance commitments from developed countries, deeming them an 'insult.' The podcast dives into the complexities of new carbon market agreements and the ethical dilemmas they pose for indigenous communities. Adve also discusses the significance of the new methane reduction declaration and the critical need for fair funding solutions in the face of urgent climate challenges.
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Insufficient Climate Finance Pledge
- The $300 billion annual climate finance pledge from developed countries is insufficient, considering developing countries' needs for mitigation and adaptation.
- Developing countries may have to remain energy deficient, continue using fossil fuels, or borrow at high interest rates, hindering their climate progress.
Lack of Progress on Loss and Damage Fund
- The Loss and Damage Fund saw minimal progress at COP29, with only $731 million pledged, a paltry sum compared to the actual needs of developing nations.
- This lack of funding leaves vulnerable populations without sufficient resources to cope with climate-related disasters.
Concerns about Carbon Market Standards
- The agreement on global carbon market standards raises concerns about double counting and the effectiveness of carbon credit projects.
- Commodifying carbon dioxide through trading may lead to exploitation of indigenous communities and their resources.