Unfulfilled Promises and the Future of Global Climate Targets

Amid ongoing debates on emission cuts necessary to achieve the Paris Agreement goals, the Economic Survey has highlighted a significant shortfall in climate finance commitments from wealthy nations. This gap may lead to a reworking of climate targets, especially as developing countries reconsider their mitigation goals in their Nationally Determined Contributions (NDCs) ahead of the UN climate conference (COP30) in November.

India's Adaptation Strategy

The survey, presented by Finance Minister Nirmala Sitharaman, emphasizes the importance of adaptation over emission mitigation. It suggests that India, being the seventh most vulnerable country to climate change in 2019, should focus on developing climate-resilient seeds, enhancing urban resilience, deploying advanced early warning systems, and implementing coastal protection measures among others.

Call for International Climate Finance

Criticizing the developed nations for their inadequate delivery on climate finance, the survey points out that the outcomes from the recent COP29 in Baku, Azerbaijan, offer little hope. It underscores the need for developed countries to fulfill their historical responsibilities and leadership roles in meeting their obligations, highlighting the challenges faced by developing countries in transitioning to low-carbon economies due to insufficient international support.