Yet another COP summit. Message to climate funds

India-focused climate funds can support the development and implementation of climate-resilient infrastructure.

As COP28 events unfold in the UAE, the growing gap between climate rhetoric and tangible action becomes painfully evident. Beyond the grand stages of international summits, the urgency of climate action transcends political forums, editorials and political debates. The recurring pattern of unmet commitments, persistent fossil fuel subsidies and diplomatic posturing must be acknowledged as more than just failures; they are betrayals of the planet and its inhabitants.

COP summits, once hailed as beacons of hope in the fight against climate change, are increasingly turning into "Cop-outs" of nations, marked by inaction and broken promises. Time and again, we have seen nations pledge emission reductions and financial support, only to fall short of their commitments. Take, for instance, the Paris Agreement, where many countries failed to meet their self-imposed targets or the persistent subsidies to the fossil fuel industry that continue to fuel the very crisis these summits aim to address. Climate change is not a theoretical future but an unfolding calamity, affecting vulnerable nations disproportionately. The consequences of inaction extend beyond missed opportunities — they manifest in disrupted lives, devastated ecosystems and a planet teetering on the brink of catastrophe.

As the world grapples with the devastating consequences of climate change, it is imperative to confront the brutal reality of the plight faced by nations most severely affected by this existential crisis. Time and time again, we witness a catastrophic cycle of destruction in vulnerable regions, from small island nations like Tuvalu and the Maldives, threatened by rising sea levels, to African nations enduring prolonged droughts and extreme weather events. The stories of despair and resilience from these affected nations are stark reminders that climate change is not a distant threat but a present-day calamity.

Voice Of Global South

Amidst this turmoil, developing nations like India have been at the forefront of championing the cause of Global South, advocating for equitable assistance and support. India, despite being a rapidly developing nation, has been a voice for those struggling to combat climate change. It highlights the need for financial aid, technology transfer and capacity building for less affluent nations to adapt and mitigate the impact of climate change. The justifiable plea is for a level playing field in the fight against a crisis predominantly fuelled by the emissions of developed nations.

Climate change is wreaking havoc across India, leaving a trail of negative impacts that touch every aspect of life. From the receding glaciers in the Himalayas, leading to reduced freshwater availability and increased vulnerability to glacial lake outbursts, to the intensifying heatwaves in cities like Delhi, causing heat-related deaths and making outdoor labour unbearable, the consequences are dire. The erratic monsoon patterns disrupt agriculture, affecting food security, while coastal regions face increased vulnerability to sea-level rise, exemplified by the erosion of the Sundarbans and the threat to Mumbai's infrastructure.

The impact of climate change on the coastal belts of India is profound, presenting a multifaceted challenge that jeopardises both ecosystems and communities. Rising sea levels pose a direct threat to coastal regions, leading to accelerated erosion and the submersion of low-lying areas. One glaring example is the Sundarbans, where the delicate mangrove ecosystem faces an existential threat from sea-level rise, putting biodiversity and the livelihoods of local communities at risk. Moreover, the frequency and intensity of cyclones are on the rise, causing extensive damage to coastal communities and their economic activities. The spread of vector-borne diseases like dengue and malaria is on the rise due to changing climate patterns, compounding public health challenges. Climate change is not a distant concern but a harsh reality impacting the lives and livelihoods of millions across India.

Commitment To Reduce Emissions

India's commitment to achieving Net Zero by 2070 reflects a significant stride towards a sustainable future. Pioneering a comprehensive approach, India is not only focusing on reducing emissions but is also emphasising adaptation strategies to address the impacts of climate change. The country aims to increase the share of non-fossil energy capacity and enhance forest and tree cover, playing a crucial role in carbon sequestration. India's ambitious plans include scaling up renewable energy capacity, promoting electric mobility, and investing in sustainable agriculture practices. The emphasis on technology development and transfer underscores a commitment to innovation as a cornerstone of climate action.

Indian companies can play a pivotal role in shaping climate action by integrating sustainable practices into their operations. Embracing renewable energy sources, optimising resource use and adopting eco-friendly technologies are crucial steps. Beyond reducing their carbon footprint, companies can invest in research and development for green innovations and promote environmental awareness within their workforce and communities.

On another front, the success of India's Net Zero 2070 initiative hinges on the availability of climate-action funds. An estimated $12-15 trillion would be needed to achieve this transition. These funds are essential to facilitate the transition from brown assets to green, and towards sustainable practices, renewable energy adoption, and the development of carbon capture technologies. India-focused climate funds can support the development and implementation of climate-resilient infrastructure, renewable energy projects and initiatives aimed at enhancing adaptation capabilities. The encouragement of such funds with tax incentives by the government will signal a commitment to addressing India's specific climate needs, fostering innovation, and creating a pathway for a more sustainable and resilient future.

Srinath Sridharan is author, policy researcher and corporate advisor. Twitter: @ssmumbai. Views are personal, and do not represent the stand of this publication.