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
This story is from the November 06, 2024 edition of The Business Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 06, 2024 edition of The Business Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
CM addresses gathering at Dhanyawad Programme in Indri Constituency
Haryana Chief Minister, Nayab Singh Saini while addressing the people during the Dhanyawad programme held at Indri Assembly Constituency on Monday expressed gratitude to the people of the State for showing faith in BJP's policies.
Valedictory function of 3-Day Data Science conference held at KU
The valedictory function of 3-day International Conference on \"Innovative Trends in Statistics, Optimization, and Data Science\" (IC-IT-SODS-2024), organized by the Department of Statistics and Operational Research, Kurukshetra University, Kurukshetra, from December 21 to 23, 2024, in conjunction with the 44th Annual Convention of the Indian Society for Probability and Statistics (ISPS) and the 8th Convention of the Indian Association for Reliability and Statistics (IARS), was held at Senate Hall, KUK.
CM Inaugurates Rs. 11 cr projects at Dhanyawad Programme
Haryana Chief Minister, Nayab Singh Saini on Monday inaugurated and laid foundation stones of four development projects worth approximately Rs.11.33 crore in the Indri Assembly constituency.
Union Minister distributes 119 appointment letters at CRPF employment fair
This initiative will play a vital role in fulfilling the Prime Minister's vision of a developed India,\" he added. - Union Minister of State for Cooperation Krishan Pal Gurjar
Operation Aakarman: 13,610 Raids, 8,307 Arrests Haryana Police also challaned 23,387 vehicles for lane violations during this period
Haryana Police has been continuously taking action against criminal activities. To crack down on crime and criminal activities in the state, this year more than three times as many Operation Aakarman were launched compared to the previous year.
BJP STALWARTS MARGINALISED AFTER LOK SABHA, ASSEMBLY POLLS
Despite electoral defeat, several BJP leaders, including Dhankhar, Captain Abhimanyu, and Kuldeep Bishnoi, remain marginalized.
Pravindra Singh Chauhan Appointed As Advocate General Of Haryana
Pravindra Singh Chauhan was serving as a Senior Additional Advocate General of Haryana, succeeding Baldev Raj Mahajan, who had held the position of Haryana's Advocate General for a decade since 2014.
Tax Rate Will Be Higher Than Namkeen, Clarifies GST Council, Caramel Popcorn Contains Added Sugar
It has allegedly been recommended by the CoM that health insurance for senior citizens and term life insurance should be exempted from the purview of the GST.
Delhi High Court Denied Anticipatory Bail To Former IAS Puja Khedkar
The Delhi High Court in the case Puja Khedkar v. State observed and has dismissed the anticipatory bail petition filed by former probationer IAS officer Puja Khedkar who is being accused of 'misrepresenting and falsifying facts' in her application for Union Public Service Commission, UPSC Civil Services Examination, 2022.
Allahabad High Court: No Organisation Can Claim Vested Right Over Allotment Of Particular Land At Maha Kumbh Mela
The court while considering the facts and circumstances of the case observed and has granted the liberty to the petitioner for filing a fresh representation and directed the authorities to pass a reasoned order and try to accommodate the petitioner closer to its choice of place. Accordingly, the court dismissed the writ petition.