With India and other developing nations at the forefront, achieving a balance between domestic needs and international commitments is crucial.
In the lead-up to COP29, securing effective climate finance is as critical as the 2015 Paris Agreement.
Discussions on financial flows, domestic challenges, international commitments, and the role of private finance highlight the complexity of the issue.
LEGACY OF THE $100 BILLION TARGET
In 2009, developed nations committed to mobilising $100 billion annually by 2020 to assist developing countries in their climate efforts.
However, this figure has only been reached once, in 2022, with $116 billion mobilised. Yet, reports indicate that developing nations require between $400 billion and $500 billion annually for climate goals, according to UN estimates. Countries like India, with their unique economic and social structures, must navigate these negotiations carefully to secure fair financial commitments that align with their ambitious decarbonization goals.
Ashwini Swain, fellow at the Centre for Policy Research spoke to The Daily Guardian on financing India's power sector transition, he said, "The biggest risk to private investment in India's power sector is the low ability to recover costs from consumers. Unless we address that, financing will remain a challenge. India's energy transition is moving in a unique direction. The international community should recognize this and focus on emissions reduction rather than coal replacement alone. Mobilising private capital requires substantial risk mitigation. The government can play a role here by channelling public funds as catalysts."
DOMESTIC VS.INTERNATIONAL CLIMATE FINANCE
Diese Geschichte stammt aus der November 06, 2024-Ausgabe von The Business Guardian.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der November 06, 2024-Ausgabe von The Business Guardian.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Karnataka govt orders CID inquiry into BJP MLC Ravi incident
Karnataka Minister G Parameshwara announced on Tuesday that a CID inquiry has been ordered into the recent incident involving BJP MLC CT Ravi.
Stalin urges Jaishankar to ensure release of 17 fishermen held by Sri Lanka
Tamil Nadu Chief Minister MK Stalin urged External Affairs Minister S Jaishankar to intervene and secure the release of 17 Tamil Nadu fishermen who were apprehended by the Sri Lankan Navy.
Two security personnel injured in Naxal firing in Sukma
Two COBRA commandos of the Central Reserve Police Force (CRPF) were injured in the exchange of fire with Naxals on Monday as they were securing a forward base established in the forest area of Sukma district in Chhattisgarh, according to officials.
Allu Arjun grilled by police in Sandhya theatre incident case
Actor Allu Arjun has returned to his residence after appearing at the Chikkadpally police station in Hyderabad in connection with the Sandhya theatre incident.
Maha farmers to lead second green revolution through green energy: CM
Fadnavis launches Solar Agriculture Feeder Project 2.0 to ensure power to farmers during day
Increase in voter turnout normal: EC clears Cong concerns on Maha polls
The Election Commission of India (ECI) has cleared misconceptions on voter turnout amidst concerns raised by the Congress party after the Maharashtra Assembly elections.
NAV SATYAGRAH BAITHAK: CONGRESS NAMES CWC IN BELAGAVI
To decide 2025 action plan, take up Ambedkar 'insult' issue strongly
Centre Notifies Appointment Of Chief Justices Of Himachal Pradesh High Court And Uttarakhand High Court
The Central Government has notified the appointment of Chief Justices of Himachal Pradesh High Court and Uttarakhand High Court.
Centre Notified Appointments Of Four Additional Judges Of Karnataka High Court As Permanent
The Central Government has notified the appointment of four additional judges as permanent judges of the Karnataka High Court.
Centre Notified Appointments Of Four Additional Judges Of Karnataka High Court As Permanent
Tandon and Hiranmay The bench in the case observed and has modified the single judge order to the extent of reducing the total attendance at the protest to 100 doctors from the earlier sanctioned 250, due to the state's appeal that major roads would be blocked, wherein it caused difficulties to commuters during the busy Christmas period. The court while considering the facts and circumstances of the case stated that, 'Every citizen of a country has a right to make a peaceful protest provided a sufficient safeguard is taken in this regard which does not encroach upon the rights of the people at large.