The 28th UN Climate Change Conference (COP28) in Dubai brought together heads of states and representatives from over 190 countries to discuss and negotiate the global response to the climate crisis. With temperatures exceeding 1.2°C above pre-industrial levels (1850-1900 average) and on track to surpass the critical 1.5°C threshold by 2030 and 2°C by 2050, the stakes are high.
According to a report from the UN Environment Programme, about a quarter of the year 2023 recorded temperatures exceeding 1.5°C above the pre-industrial levels, while November 17 witnessed for the first time the temperatures exceeding 2°C. It is time for drastic measures.
Don’t Count On Global Climate Aid
Despite the Paris Agreement's goal of limiting warming to well below 2°C, the lack of binding commitments and inadequate global climate finance, hinders progress. Developing countries like India bear the brunt of extreme weather events on a daily basis, while contributing the least to emissions. A report from the Centre for Science and Environment indicates that in 2023, India experienced extreme weather almost on a daily basis.
One of the key issues that was keenly followed up in COP28 was the question of climate finance: How much money should the developed countries provide to developing countries to help them cope with the impacts of climate change and transition to a low-carbon economy. The proposed loss-and-damage fund, with initial pledges from fifteen developed countries and the COP28 host UAE, totals less than a billion dollars. This falls far short of the trillions needed to address annual losses. The global cost of climate change could reach $23 trillion per year by 2100, if no action is taken to reduce emissions. Even if the world manages to limit warming to 1.5°C, the cost would still be $5.4 trillion per year.
The loss-and-damage fund is therefore a mere eyewash, a paltry lollipop to appease the developing countries, who are bearing the brunt of the climate crisis, while contributing the least to it. India, for instance, faces the daily threat of extreme weather events, such as floods, droughts, cyclones, and heat waves, that disrupt lives and livelihoods, damage infrastructure and agriculture, and increased health risks.
India cannot afford to wait for unreliable and insufficient global aid. Instead, embracing climate-led business opportunities is a sustainable path forward. As US President Biden stated, "when I think climate change, I think jobs."
Challenges And Opportunities
Technology transformation and transfer hold immense potential for India to leapfrog traditional models and build a green economy. India has the opportunity to leverage its demographic dividend, entrepreneurial spirit, and tech prowess. India can create a climate action-led business model driving jobs, growth, and innovation while reducing emissions and enhancing resilience.
India's leadership in initiatives like the International Solar Alliance, the Coalition for Disaster Resilient Infrastructure, and One Sun One World One Grid showcase its commitment. India has also made progress in expanding its installed renewable energy capacity, which reached 132 GW by November 2023, with the states of Rajasthan (23 GW), Gujarat (22 GW), Tamil Nadu (19 GW), Karnataka (18 GW) and Maharashtra (13 GW) leading the effort, as per the latest figures from the Ministry of New and Renewable Energy.
While this is impressive, it is less than the original nationally determined contribution (NDC) target of 175 GW that India set for 2022. At COP26, Prime Minister Modi announced a 500 GW non-fossil capacity target by 2030, which if materialized, would make it one of the largest clean energy producers in the world.
However, challenges remain. Coal still dominates 70 percent of the electricity generation for India, with the power demand reaching a record high of 241 GW in November 2023, forcing the government to import coal to meet the demand. India's growing power demand necessitates a pragmatic and diverse approach. Exploring low-carbon sources like nuclear, hydro, and biofuels, coupled with a swift transition to electric vehicles for the fast-growing transport sector that is responsible for 50-60 percent of oil demand, are crucial. Enhancing the existing financial incentives and subsidies can encourage adoption of clean technologies.
India can also leverage its strength in IT, data analytics, and AI to create smart and sustainable solutions across various sectors. Sharing best practices with other developing countries and actively participating in global negotiations will further strengthen its position.
As Prime Minister Modi said at COP28, "India is ready to take the lead in climate action and innovations." It should not wait for global climate aid, which may be unreliable, insufficient, or conditional. India should seize climate action as a transformative opportunity to create jobs, drive growth, and foster innovation.
Roxy Mathew Koll is a climate scientist at the Indian Institute of Tropical Meteorology and a lead author and reviewer of recent IPCC reports. Views are personal, and do not represent the stance of this publication.
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