Accounting for climate finance

The climate negotiations meeting of the Conference of Parties signatory to the convention, COP29, at Baku, Azerbaijan, where most nations of the world have gathered currently, shall deal with various concerns relating to climate change.

- JYOTI PARIKH & KIRIT PARIKH

This year will mark 15 years from the COP 2009 in Denmark, which set the target of $100 billion of climate finance per year by 2020, extended to 2025.

It is an issue that is ready for substantial discussion on upgrades because the need for climate finance for renewables, disaster mitigation, climate health, and restructuring infrastructure has grown by leaps and bounds.

The calls for adequate finance and corresponding financial mechanisms for serious climate action are getting louder and more urgent.

Unfortunately, those who have made substantial emissions, in per capita terms, by current total emissions as well as accumulated historically, refuse to own up the responsibilities.

India's per capita CO2 emissions in 2021 were around 1.5 tonnes, the USA's around 13.5 tonnes, China's at 7.5 tonnes, with the world average of 4.2 tonnes.

Even in cumulative emissions, which cause global warming, India's share is much below that of China, the USA, and Western Europe.

India is a major country, which has made serious commitments for strong climate action that needs finance and technology.

India needs to take a measured position as an important and leading member of various groups - G20, G77 (Developing countries group), BRICS, etc.

Despite being the third largest emitter, India's position among per capita CO2 emissions and cumulated historical emissions is still among the lowest in the world.

The per capita emissions issue is important climate indicator in terms of inequity and socioeconomic justice.