How COP29 Summit in Azerbaijan accelerated trek to green financing

As the world's third-largest greenhouse gas emitter, India requires over $10 trillion to achieve its net zero emissions target by 2070

The recently concluded COP29 in Azerbaijan left many with mixed feelings. While the $300 billion per annum figure pledged by developed countries appears reasonable prima facie, it falls significantly short of the $1 trillion needed to address the climate crisis. India alone needs funding of around $160 billion a year to meet its climate commitments made at COP26 in 2021.

 

Aggravating the situation, the developed nations are projected to increase emissions by 0.5 per cent from 2020 to 2030, contradicting the Paris Agreement goals. Their emissions reductions have fallen short by 3.5 billion tonnes CO2 annually.

 

COP29 also paved the