The success of COP26 is on the fact that how many countries signed up for the net-zero targets. But, it will depend on how much finances the rich countries are willing to invest to achieve the set targets.
In the final week of the Conference of Parties (COP26), the issues on climate change took center stage. On Monday, the Indian delegation addressed the concerns of climate change. Also, stressed the need for timely and adequate funds from the developed nations to deal with the crisis.
India’s take on Climate Crisis:
The developed countries did not come up with any roadmap or action plan. Rather, were negotiating on who will contribute resources for the mitigation of climate change. Also, the developed nations were concerned about how often the nationally determined contributions will be revised and updated. Thus, violating principles of equity and common but differentiated responsibilities.
India also pointed out that “trust in multilateralism” is challenged because of the failure of the rich countries to deliver $100 billion every year. Many developing countries shared a similar viewpoint.
India and other developing nations have their reasons to feel shortchanged. Why? In 2009, the developed economies promised to give the developing economies financial support of $100 billion each year by 2020. It will help the developing countries to adapt to the crisis brought by climate change. However, the developed economies are now insisting on a time extension till 2025.
Moreover, there is an issue on whether other countries like China, Saudi Arabia, and India should be added to the list of donors.
There was pressure on the developing economies to upgrade their climate ambitions. Although, the developing countries are not responsible for the climate crisis. It has come as an attribute of the developed economies.
As of now, the real problem seems that the developed economies don’t want to end the bargain. So, the concern is not that how many countries signed the COP 26 agreement. But, the success will depend on whether or not the developed economies are ready to support with funds.
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