Editorial: Glasgow pact a mixed bag
Blocking the establishment of even a modest fund to help vulnerable communities is a serious blow
The just-concluded global climate change summit offers a mixed bag of opportunities and challenges. While there was no consensus among the negotiators over specific targets regarding climate financing and technology transfers, India has scored a big point in international diplomacy when its suggestion on reducing dependency on coal was accepted and incorporated in the final draft. The pact was signed by 200 countries after intense negotiations at the UN Climate Change Conference — Conference of Parties (COP26)— at Glasgow. India, backed by China, South Africa and other countries, managed to convince the world to change the wording of the final agreement—from “phasing out” (coal power) to “phasing down”. For the first time, a global climate deal included a pledge to reduce the use of fossil fuels. The final text commits the nations to the Paris agreement to “phase down” unabated coal power and “phase out inefficient fossil fuel subsidies.” The pact also commits countries to strengthen their 2030 emissions reduction targets by the end of 2022, and asks rich nations to “at least double” the amount of money they give to the developing countries for adapting to climate change. India took the lead in calling upon the parties to escalate development and deployment of technologies and a transition towards clean energy. Fossil fuels and their use have enabled parts of the world to attain high levels of growth. Even now, developed countries have not completely phased out coal. Developing countries have the right to their fair share of the global carbon budget and are entitled to the responsible use of fossil fuels. In fact, the lack of commitment by the West to climate finance is problematic.
The failure of the United States and European Union to deliver on the promised $100 billion in climate finance remains central to any ambitious climate action. Blocking the establishment of even a modest fund to help vulnerable communities around the world with the massive loss and damage they are experiencing at the hands of the climate crisis is a serious blow. The Paris Agreement, signed in 2015, wants the nations to strive to curtail emissions that would keep temperatures from rising over 1.5 degrees Celsius by 2100. This would require significant adaptation to renewable energy, cutting global emissions by as much as 45% by 2030 and effectively zero emissions by mid-century. India had indicated that it needed a trillion dollars in the coming decade to be able to meet its 2030 commitment — announced by Prime Minister Narendra Modi at the Glasgow meet — to increase the share of renewable energy in the total electricity generation to 50%. In addition, the emissions intensity, or emissions per unit GDP, will be reduced by at least 45% by 2030 from the 2005 levels. A massive initiative to transition to clean energy is required to meet these ambitious targets.
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