COP29: No commitment by rich nations on climate finance, but India stays hopeful

With less than a day left for the UN climate summit in Baku to close, there is no commitment by the developed countries on climate financing.

However, India is still hoping that the COP29 will end on a positive note for the developing countries. Developing countries need at least $1 trillion a year till the end of 2030 to cope with climate change, India said last week.

The key goal of COP29 is to agree how much money developed countries should provide to developing nations to help them fight climate change. Singh underscored India’s commitment to advancing low-carbon transition in industrial sectors. He emphasised the importance of collaborative public-private partnerships and North-South cooperation in fostering an inclusive, just and sustainable transition of hard-to-abate industries.

Dr Sanju Purohit, Associate Professor (Volunteer), Akamai University at USA, highlighted that funding and technology could revolutionise climate resilience in arid regions.

Speaking to The Tribune, Purohit said: “I have extensively researched in Nagaur district, Rajasthan. The arid region has faced acute water shortage. Changes in water usage has led to significant impact. There is an urgent need for advanced tools like predictive modelling and water governance technologies that can help create a bigger impact but they are often out of reach for developing nations.”

Expect paris guarantees will be fulfilled

We expect developed countries to fulfil their commitments made in the Paris agreement. So, I hope that the COP will end on a positive note. -- Kirti Vardhan Singh, mos for environment, forest and climate change