NET NET, ZERO: Is Climate Change Dead?

FOR YEARS, 'NET ZERO by 2050' has been the battle cry of world leaders, corporations, and climate activists alike. It was heralded as the ultimate solution – a blueprint for a cleaner, greener future. But as we enter 2025, the reality appears starkly different. Climate targets are slipping, commitments are fading, and the global momentum behind net zero seems to be unravelling. One must ask: has climate change been vanquished, or is net zero merely a slogan whose time has passed?

- By Srinath Sridharan

At the peak of the pandemic, global carbon emissions briefly declined. However, they have since surged back, exposing the limitations of transient behavioural shifts. The more concerning trend is the creeping despondency among developing nations, fuelled by the reluctance of wealthier countries to provide meaningful financial support. The failure of COP29 to secure more than $300 billion – against a required $6 trillion – further underscores this disconnect.

The United States’ temporary exit from the Paris Agreement under the Trump administration sent a clear message: even the world’s largest cumulative polluter can simply walk away. The current administration’s wavering stance on climate commitments, coupled with the resurgence of climate-sceptic politics, has only exacerbated the situation. If the architects of net zero hesitate, can the rest of the world be expected to stay the course?

Meanwhile, political and economic realities are forcing governments to recalibrate. Chris Wright, the US Energy Secretary, has openly labelled net-zero goals a “colossal failure,” warning of their impact on energy-intensive industries and affordability. Developing nations have long argued that net-zero targets are inherently unfair. Wealthy nations, which industrialised on coal and oil, now expect the rest of the world to transition at the same pace – without providing the requisite funding or technological support. This presents a fundamental question for countries like India: should they prioritise net-zero deadlines or economic growth and poverty alleviation?