By Singhda Devi
Edited by - Nazmin Saikia
1. Introduction
The annual Conference of the Parties (COP) serves as the paramount forum for international climate negotiations under the UNFCCC, aiming to advance global efforts to combat climate change. COP29, held in Baku, Azerbaijan, from November 11-22, 2024, was particularly anticipated for its focus on climate finance, building upon the outcomes of the first Global Stocktake (GST) at COP28. This article provides a comprehensive overview of the principal outcomes of COP29 and subsequently analyzes their multifaceted implications for India, a nation at the confluence of significant developmental aspirations and profound climate vulnerabilities.The analysis highlights both the opportunities presented by global climate frameworks, such as enhanced financial flows and market mechanisms, and the enduring challenges India faces in balancing its developmental imperatives with ambitious climate action, emphasizing the persistent need for equitable responsibility and enhanced international support.
2. Key Outcomes of COP29 (Baku, November 2024)
COP29 delivered several crucial decisions, though not without contention, reflecting the complex interplay of national interests and global climate imperatives.
2.1. New Collective Quantified Goal (NCQG) on Climate Finance: A central mandate of COP29 was to establish a new post-2025 climate finance goal, superseding the previous target of $100 billion per year. After protracted negotiations, parties agreed to a new target for developed countries to lead the mobilization of at least $300 billion per year by 2035 for climate action in developing countries. While a significant increase from the previous goal, this figure fell short of the $1.3 trillion per year by 2035 that many developing nations, including the G77+China group, had advocated for, as indicated in the "Baku-Belém Roadmap to 1.3T" process launched at COP29 (UNFCCC, 2024a; ECCO Climate, 2025). The agreement also emphasized the need for all actors to contribute to scaling up finance from diverse public and private sources.
2.2. Operationalization of Article 6 Carbon Markets: A notable breakthrough at COP29 was the finalization of the remaining operational elements of Article 6.4 of the Paris Agreement, which pertains to international carbon markets. This agreement provides clearer rules for the accounting and trading of carbon credits, potentially unlocking new avenues for climate finance and cost-effective emissions reductions (Woodwell Climate, 2025). The operationalization of this mechanism, contingent on robust environmental integrity and transparency, holds the promise of accelerating global decarbonization efforts.
2.3. Global Goal on Adaptation (GGA): Progress was made on the Global Goal on Adaptation, with parties providing further instructions for technical experts to develop indicators and metrics to measure progress towards global resilience (UNFCCC, 2024a). This builds on the UAE Framework for Global Climate Resilience adopted at COP28 and seeks to strengthen the global effort on adaptation, which remains significantly underfunded compared to mitigation.
2.4. Loss and Damage Fund: Following its establishment at COP28, COP29 confirmed the operationalization of the Loss and Damage Fund, allowing it to begin disbursing funds in 2025 (C2ES, 2025). This marks a critical step in addressing the unavoidable and irreversible impacts of climate change in vulnerable developing countries.
2.5. Other Outcomes: COP29 also saw the extension of the Lima Work Programme on Gender for another ten years, the renewal of the Marrakech Partnership for Global Climate Action until 2030, and further progress on transparency reporting under the Enhanced Transparency Framework (ETF) (UNFCCC, 2024a; Carbon Brief, 2024). However, discussions on strengthening mitigation ambition beyond existing NDCs and concretizing the "transitioning away from fossil fuels" pledge from COP28 saw limited advancement, largely deferred to future COPs.
3. Relevance for India
India, characterized by a rapidly growing economy and a large, climate-vulnerable population, stands at a critical juncture in its climate action trajectory. The outcomes of COP29, and the broader global climate governance landscape, bear significant implications for the nation.
3.1. Opportunities:
Enhanced Climate Finance Flows: The NCQG, despite falling short of aspirational figures, signals a commitment to increased financial support for developing countries. India requires substantial capital, estimated at approximately USD 2.5 trillion by 2030 to meet its Nationally Determined Contributions (NDCs) and over USD 10 trillion by 2070 for its net-zero target (TERI, 2025; CPI, 2025). The prospect of increased public and private finance, coupled with the operational Loss and Damage Fund, presents a vital opportunity for India to bridge its significant climate finance gap and invest in renewable energy, energy efficiency, and climate-resilient infrastructure. India's draft climate taxonomy, released in May 2025, further aims to channel greater domestic and foreign investment into green technologies and activities (Green Central Banking, 2025).
Carbon Market Participation (Article 6): The finalized rules for Article 6.4 create a clearer framework for India to engage in international carbon markets. This could attract foreign investment, facilitate technology transfer for decarbonization projects, and provide an additional revenue stream to support its climate initiatives, particularly in sectors like renewable energy and sustainable agriculture (Woodwell Climate, 2025; IndiaAI, 2025).
Reinforcement of Renewable Energy Trajectory: India's ambitious renewable energy targets, aiming for 50% of cumulative electric power capacity from non-fossil fuels by 2030 and 500 GW of non-fossil fuel capacity, align strongly with the global emphasis on accelerated energy transition (TERI, 2025). The international climate framework provides a supportive environment for India to continue its rapid expansion of renewable energy, which reached 203.18 GW of installed capacity by October 2024 (TERI, 2025).
Climate Diplomacy and Leadership: India's growing role in global climate diplomacy, highlighted by its proposal to host COP33 in 2028, is strengthened by its active engagement in multilateral processes. The outcomes of COPs provide a platform for India to advocate for its national interests, particularly on equity, climate justice, and finance.
3.2. Challenges:
Mitigation vs. Development Nexus: India consistently champions the principle of Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC), arguing that its per capita emissions remain significantly lower than developed nations. Balancing the escalating global pressure for more ambitious mitigation targets with its imperative for economic growth, poverty alleviation, and energy security remains a fundamental challenge. The lack of stronger global commitments on fossil fuel phase-out at COP29 underscores the ongoing tension between historical responsibility and future development pathways (Carbon Brief, 2024).
Climate Finance Adequacy and Accessibility: Despite the NCQG, the disparity between the agreed financial commitments and India's actual needs remains substantial. India requires not only scale but also predictable, concessional, and grant-based finance to effectively implement its NDCs and adaptation strategies (CPI, 2025). Navigating complex bureaucratic processes to access international climate funds continues to be a hurdle.
Just Transition for Coal-Dependent Regions: Coal continues to dominate India's energy mix, accounting for approximately 70% of electricity generation (Eurasia Review, 2025). A rapid transition away from fossil fuels, while necessary for global climate goals, necessitates robust "just transition" plans to support the millions of livelihoods dependent on the coal sector. This requires significant investment in reskilling, economic diversification, and social safety nets, a challenge that requires sustained international cooperation and domestic policy frameworks (Eurasia Review, 2025).
Vulnerability to Climate Impacts: India is disproportionately affected by climate change, facing increasing frequency and intensity of extreme weather events, water scarcity, and threats to agricultural productivity. Over 80% of India's population lives in areas vulnerable to climate-induced disasters (Green Central Banking, 2025). While the GGA aims to strengthen adaptation, the scale of adaptation finance and implementation remains critically insufficient to meet India's escalating needs.
Anticipation for COP30 (Brazil, 2025): The road to COP30 in Belém, Brazil (November 2025), will likely see continued discussions on ramping up mitigation ambition, particularly as countries prepare to submit new or updated NDCs by February 2025. India will need to navigate these discussions, ensuring its climate actions are recognized within a framework of equity and adequate support (UNFCCC, 2025b).
4. Conclusion
COP29 marked an important step in global climate governance, particularly through the establishment of a new climate finance goal and the operationalization of carbon market mechanisms. For India, these outcomes present significant opportunities for accessing much-needed finance and leveraging market-based approaches to accelerate its decarbonization and adaptation efforts. However, the conference also underscored the persistent challenges related to the adequacy of climate finance, the need for a just transition away from fossil fuels, and the enduring tension between historical responsibility and developmental imperatives. As India continues its journey towards a low-carbon and climate-resilient future, the effectiveness of global climate frameworks will heavily depend on their ability to deliver equitable support, foster genuine international cooperation, and respond to the unique circumstances of developing nations like India. The outcomes of COP29 set the stage for crucial discussions at COP30, where the global community must translate commitments into tangible action to secure a sustainable future.
References:
Carbon Brief. (2024, November 24). COP29: Key outcomes agreed at the UN climate talks in Baku. Retrieved from https://www.carbonbrief.org/cop29-key-outcomes-agreed-at-the-un-climate-talks-in-baku/
C2ES. (2025). Key Negotiations & Related Outcomes of the UN Climate Change Conference in Baku. Center for Climate and Energy Solutions. Retrieved from https://www.c2es.org/document/key-negotiations-related-outcomes-of-the-un-climate-change-conference-in-baku/
CPI. (2025, March 7). Transforming India's Climate Finance through Sector-Specific Financial Institutions Part 2. Climate Policy Initiative. Retrieved from https://www.climatepolicyinitiative.org/transforming-indias-climate-finance-through-sector-specific-financial-institutions-2/
ECCO Climate. (2025, January 10). What happened at COP29: the results of the Baku Conference of the Parties. Retrieved from https://eccoclimate.org/what-happened-at-cop29-the-results-of-the-baku-conference-of-the-parties/
Eurasia Review. (2025, June 25). Just Transition, Climate Change, And India: A Mid-2025 Perspective. Retrieved from https://www.eurasiareview.com/25062025-just-transition-climate-change-and-india-a-mid-2025-perspective/
Green Central Banking. (2025, May 16). India publishes draft climate taxonomy to encourage green investment. Retrieved from https://greencentralbanking.com/2025/05/16/india-draft-green-taxonomy-to-encourage-investment/
IndiaAI. (2025, January 3). AI and climate action in India: A strategic perspective in 2025. Retrieved from https://indiaai.gov.in/article/ai-and-climate-action-in-india-a-strategic-perspective-in-2025/
TERI. (2025, March 5). WSDS 2025 Thematic Tracks - Climate Finance: Accelerating India's Decarbonisation Journey. Retrieved from https://www.teriin.org/event/wsds-2025-thematic-tracks-climate-finance-accelerating-indias-decarbonisation-journey
UNFCCC. (2024a, November 24). COP29 UN Climate Conference Agrees to Triple Finance to Developing Countries, Protecting Lives and Livelihoods. Retrieved from https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
UNFCCC. (2025b). The road to Belém. Retrieved from https://unfccc.int/process-and-meetings/conferences/un-climate-change-conference-belem-november-2025/the-road-to-belem
Woodwell Climate. (2025, January 9). Key COP29 outcomes. Retrieved from https://www.woodwellclimate.org/key-cop29-outcomes/
No comments:
Post a Comment