Climate Policy

Best of BS Opinion: Risks and Outcomes in an Uncertain Future

Here's a quick capsule of the best of Business Standard's opinion pages today for your quick reading.

Consumer prices may rise in poor nations by 2050 despite climate policies

Even under ambitious climate policies, lower-income countries would see consumer food prices rise 2.45 times by 2050 while producer prices would rise 3.3 times, a study has found. While the rise in consumer prices is less pronounced for farmers in lower-income countries, it would still make it harder for people in these countries to afford sufficient and healthy food, said researchers from the Potsdam Institute for Climate Impact Research (PIK), Germany. "In high-income countries like the US or Germany, farmers receive less than a quarter of food spending, compared to over 70 per cent in Sub-Saharan Africa, where farming costs make up a larger portion of food prices," said David Meng-Chuen Chen, a PIK scientist and lead author of the study published in Nature Food. "This gap underscores how differently food systems function across regions," he said. The researchers projected that as economies develop and food systems industrialise, farmers will increasingly receive a smaller share

Too little, too distant: India rejects $300 bn climate finance at COP29

India on Sunday rejected the new climate finance package of a meagre USD 300 billion annually by 2035 for the Global South at the UN climate conference here, calling it "too little and too distant". The USD 300 billion figure is a far cry from the USD 1.3 trillion the Global South has been demanding over the past three years of talks to tackle climate change. Making a statement on behalf of India, Chandni Raina, Adviser, Department of Economic Affairs, said they were not allowed to speak before the adoption of the deal, undermining their trust in the process. "In continuation of several such incidents of not following inclusivity, not respecting country positions... We had informed the presidency, we had informed the secretariat that we wanted to make a statement prior to any decision. However, this is for everyone to see, this has been stage-managed. We are extremely disappointed," she said. "The goal is too little, too distant," Raina said, asserting that it is set for 2035, whic

Rich nations offer $300 billion annually after 10 years to Global South

Developed countries made a final offer of USD 300 billion annually by 2035 to help developing countries tackle climate change, hours after two groups of the world's most climate-vulnerable countries stormed out of the negotiating room at COP29 here. The USD 300 billion figure, however, is a far cry from the USD 1.3 trillion the Global South has been demanding in the three years of talks. The offer is part of the draft deal on a new climate finance package for developing nations, or the New Collective Quantified Goal (NCQG), which will be put before countries for approval in a plenary session shortly. The new amount will replace the USD 100 billion figure pledged in 2009. The draft deal also introduces the Baku to Belem Roadmap, an important request for Africa and other developing country groups to lay out a meaningful process towards aligning the global finance system with achieving the USD 1.3 trillion goal by 2035. Issued after tiring, mind-numbing negotiations that continued fo

COP29 gets Article 6 of Paris Agreement operational, opens carbon markets

Article 6 provides trusted and transparent carbon markets for countries as they collaborate to reach their climate goals

COP29 produces streamlined climate finance draft, but key issues remain

After an all-nighter, a draft text on the new climate finance package for the developing world finally dropped Thursday morning -- shrunk from 25 pages to 10, but the major sticking points remain. With less than two days left for the UN climate conference to close, negotiators face a gargantuan task to hammer it out. A quick glance at the text shows developed countries are still dodging a key question: How much climate finance are they ready to give developing countries every year starting in 2025? This has led to significant frustration among developing countries, who have repeatedly said they need at least USD 1.3 trillion to tackle the escalating challenges. "The revised draft text, while more streamlined, presents a spectrum of options -- some good, some bad, and some outright ugly," said Harjeet Singh, a climate activist and Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative. He said it acknowledges the need for public funds from developed ...

Time runs down for negotiators at COP29 to find deal to curb global warming

With time running down, negotiators at the United Nations annual climate talks on Wednesday returned to the puzzle of finding an agreement to bring far more money for vulnerable nations to adapt than wealthier countries have shown they're willing to pay. Pressure was building to drive a deal by the time COP29, as this year's summit is known, concludes this week. COP29 President Mukhtar Babayev asked negotiators to clear away the technical part of talks by Wednesday afternoon so they can focus on substance. That substance is daunting. Vulnerable nations are seeking USD 1.3 trillion to deal with damage from climate change and to adapt to that change, including building out their own clean-energy systems. Experts agree that at least USD 1 trillion is called for, but both figures are far more than the developed world has so far offered. Half the world away in Rio, Brazil, where the Group of 20 summit was wrapping up on Tuesday, the United Nations Secretary-General Antonio Guterres told

Earth might warm by 2C or 5.5C, narrowing it would just be a distraction

Will the Earth warm by 2C or 5.5C? Either way it's bad, and trying to narrow it down may be a distraction

Climate policy success cases reveal right steps crucial for emissions cut

Merely a higher number of climate policies aimed at reducing emissions do not lead to better outcomes, instead, the right mix of measures is crucial, according to researchers who analysed 1,500 policy interventions implemented between 1998 and 2022. In their study, published in the journal Science, the authors described 63 success cases, which involved "rarely studied policies and unappreciated policy combinations". "For example, subsidies or regulations alone are insufficient; only in combination with price-based instruments, such as carbon and energy taxes, can they deliver substantial emission reductions," lead author Nicolas Koch from the Potsdam Institute for Climate Impact Research (PIK), Germany, said. The climate policies that the researchers studied covered wide-ranging aspects, from energy-related building codes to purchase subsidies for climate-friendly products and carbon taxes. The team used a new Organisation for Economic Co-operation and Development (OECD) database,

'Urgent need for climate risk evaluation rules, more adaptation funding'

India is yet to create a common framework for evaluating risks due to climate change and a systematic methodology for ascertaining the extent to which development programmes address climate risk and vulnerability, according to a new report released on Wednesday. The report by Climate Policy Initiative, a multi-national analysis and advisory organisation with expertise in finance and policy, said the lack of a common framework for evaluating climate risks makes it hard to tell how development projects address these issues, and to track funding for adaptation measures. Despite these challenges, it said, there is a growing push for climate adaptation action in India, leading to plans, policies, and schemes at national and state levels. However, the focus and progress vary among states. The report titled "Financing Adaptation in India" also highlighted the need for "significant" investment for adaptation (adjusting to the effects of climate change) in the country. An analysis of state

India will always be a 'champion' for climate action, says Ruchira Kamboj

We feel that climate change is interlinked with development matters and hence needs discussion in forums with universal participation, Kamboj said while addressing UNSC open debate

IFSCA forms committee on transition finance to formulate framework

The committee has been tasked to assess the trends in the segment and identify the best practices for transition finance in India by 2047

UN climate talks are focusing on the contagious effect on human health

In remarks read at the Vatican by an aide, the pope called for an end of what he called "bottlenecks" caused by nationalism and "patterns of the past"

COP28 climate summit 2023: Exxon, Aramco lead emissions cut pledge

The list of national oil companies includes Brazil's Petrobras, Nigeria's NNPC and Kazakhstan's KazMunaiGaz. China's largest oil and gas companies haven't joined

Global fossil fuel production plans threaten climate goals: Report

Countries are planning to produce around 110 per cent more fossil fuels in 2030 than would be consistent with limiting warming to 1.5 degrees Celsius, according to a new report. This comes despite 151 countries having pledged to achieve net-zero emissions and the latest forecasts that suggest global coal, oil and gas demand will peak this decade, even without new policies. The Production Gap Report 2023 tracks the discrepancy between governments' planned fossil fuel production and global production levels consistent with limiting warming to 1.5 degrees Celsius or 2 degrees Celsius. The report says the near-term increase in coal production is led by India, followed by the Russian Federation, both planning significant increases in coal production through 2030. India aims for self-reliance and considers the coal industry of paramount importance for income and employment generation. Around one-fifth of India's coal demand is met through imports, which exposes the country to price ...

Leadership roundtable at WETEX, DSS discuss ways to achieve climate goals

We seek to galvanise and coordinate the efforts of all stakeholders in the government and private sectors to support climate action

Current climate policies not enough to meet Paris targets: Lancet study

Attempts to pursue "green growth" in high-income countries will not deliver the emission reductions required to meet the climate targets and fairness principles of the Paris Agreement, according to a study. The study, published recently in The Lancet Planetary Health journal, shows that if current trends continue, even the 11 high-income countries that have "decoupled" carbon emissions from gross domestic product (GDP) growth would on average take over 200 years to get their emissions close to zero. These countries would emit more than 27-times their fair share of the "global carbon budget" that must not be exceeded if we are to avert catastrophic warming beyond 1.5 degrees Celsius, as required by the Paris Agreement. The researchers argue that the pursuit of economic growth in high-income countries is at odds with internationally agreed climate targets, and call for transformative "post-growth" climate policy centred around sufficiency, fairness, and wellbeing. The study compared

IFSCA, Climate Policy Initiative sign pact on sustainable finance

Offshore financial transaction regulator IFSCA on Tuesday said it has signed an agreement with think tank Climate Policy Initiative for cooperation to increase mobilisation of global sustainable capital flows into India. Sustainable development is a key priority of G20 working groups. Mobilisation of sustainable finance is critical to achieving transition to green and resilient economies. IFSCA (International Financial Services Centres Authority) has taken significant steps to accelerate global sustainable capital flows by creating a conducive regulatory environment, based on international best practices, focused especially on the needs of India and developing countries, the regulator said in a statement. With deep expertise in finance and policy, Climate Policy Initiative (CPI) is an analysis and advisory organisation that works to improve the most important energy and land use practices around the world, it said. CPI's mission is to help governments, businesses, and financial ...

European Commission's climate policy chief on two-day mission to India

The European Commission's climate policy chief Frans Timmermans is arriving in India on Thursday for a two-day crucial diplomatic mission to discuss latest developments at the national level on emission reductions and clean energy transition. Environmental protection and the United Nations Climate Change Conference in Dubai later this year will also be part of the discussion. According to a statement from the Delegation of the European Union to India, the Executive Vice-President for the European Green Deal will hold bilateral meetings with Union Environment Minister Bhupender Yadav; Minister of Power, New and Renewable Energy Raj Kumar Singh, Minister of Coal Prahlad Joshi; and Minister for Petroleum and Natural Gas Hardeep Singh Puri. These meetings aim to foster collaboration and explore potential avenues for cooperation between the European Union (EU) and India in tackling the pressing climate challenges. Timmermans will participate in a high-level round table organised by the

EC's climate policy chief on two-day diplomatic mission to India from Thu

European Commission's climate policy chief Frans Timmermans will be on a two-day crucial diplomatic mission to India from Thursday to discuss latest developments at the national level on emission reductions and clean energy transition. Environmental protection and the UN climate change conference in Dubai later this year will also be part of the discussion. According to a statement from the Delegation of the European Union to India, the Executive Vice-President for the European Green Deal will hold bilateral meetings with Union Environment Minister Bhupender Yadav; Minister of Power, New and Renewable Energy Raj Kumar Singh, Minister of Coal Prahlad Joshi; and Minister for Petroleum and Natural Gas Hardeep Singh Puri. These meetings aim to foster collaboration and explore potential avenues for cooperation between the European Union (EU) and India in tackling the pressing climate challenges. On Thursday, Timmermans will participate in a high-level round table organised by the Counci