COP29, held in Baku, Azerbaijan, has positioned climate finance as the cornerstone of global discussions, with nations rallying to balance developmental aspirations with climate action. The outcomes have sparked critical conversations on financial equity, resource mobilization, and the road ahead for developing nations like India.

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Key Outcomes of COP29

• New Financial Goal: Developed nations pledged $300 billion annually by 2035 to support climate action in developing countries. While significant, this falls short of the $1.3 trillion per year demand from developing nations.
• Focus on Climate Finance: The conference emphasized the urgent need for accessible financial resources, particularly for vulnerable economies grappling with climate-induced challenges.

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India’s Stand at COP29

• Equity at the Core: India reiterated the principle of “common but differentiated responsibilities,” urging developed nations to shoulder a larger financial burden without imposing restrictive conditionalities.
• Advocacy for Adequate Support: India demanded $1.3 trillion annually until 2030 to enable developing nations to meet their climate commitments while addressing economic disparities.

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Impacts and Implications

• Sustainable Development Boost: India’s emphasis on equitable finance aligns with its dual goal of achieving net-zero emissions by 2070 and sustaining economic growth.
• Global Climate Justice: The financial commitments are viewed as a step toward addressing historical emissions and supporting nations disproportionately affected by climate change.

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India’s Progress on Climate Action

• National Green Hydrogen Mission: With a budget of ₹19,744 crore, India is ramping up its green hydrogen production, aiming for 5 MMT by 2030.
• Solar Energy Leadership: India has installed over 71 GW of solar capacity as of 2024, demonstrating its commitment to renewable energy.
• Ethanol Blending Success: The country achieved 12% ethanol blending in petrol by 2023 and is on track for 20% blending by 2025, saving ₹30,000 crore annually on oil imports.

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The Road Ahead

While COP29’s outcomes are a step forward, the quest for sustainable finance continues. India, as a leading voice for developing nations, will play a critical role in shaping future negotiations, advocating for fair financial mechanisms to combat climate change effectively.