Since the Achilles heel is lack of adequate funding from the developed countries, there is a need to review the global finance and trade structures in the global south so that alternate green business avenues can be explored to enhance the transition.
Though the world is in the midst of multiple geo- political conflicts, yet it is necessary to keep the attention focused on climate action. The government, business and civil society have to meet the deadline of 2025, which is the line for global stocktake. The developed and the developing world have different emission control goals. However, the historical emitters should take the lead.
Bharat Lal, Secretary-General, National Human Rights Commission, says, “The developed world needs to reduce emissions and shoulder their responsibility. The world has already consumed four-fifths of the carbon budget, leaving little space for emission intensive development pathways, which can maintain temperatures under 1.5 C. Many developed countries are making net zero commitments for 2050, when they should aim to achieve decarbonisation by 2025.”
In the backdrop of the climate crisis, global forums like G7, the COP29 and the recent G20 are setting the agenda for solutions for meeting the tripling of renewable energy, doubling energy efficiency, increase adaptation and enhance resilience by 2030. The commitments by global forums are interconnected and the results will determine the success of COPs and G20.
Interestingly, the forums have the leadership from the Global South, with G20 being headed by Brazil and COP 30 by Brazil as well. Recognising that the carbon budget has been utilised by the global north, the global south expects its help in just transition with transfer of technology and finance.
The focus on climate change is particularly important as the last global stocktake indicates that the world is not on track to meet the Paris targets. This year is also important as the Gaza war, Ukraine war and the critical mineral supply chain are stressing the faultlines.
However, the global north has promised the finance but not delivered. The era ofprocrastination is over, as the impacts of climate change are already been witnessed.
Stela Herschmann, Climate Observatory, Brazil says, “The world (emissions) need to peak before 2025 but that does not mean all countries have to peak simultaneously. For the developing countries, we can look at differentiated timelines because the developed nations are more equipped for the transition. At the same time, we need to keep the pressure to prevent any new Fossil fuel explorations in our countries.”
Since the Achilles heel is lack of adequate funding from the developed countries, there is a need for re-imaging the global finance structure and the trade structures in the global south so that alternate green business avenues can be explored to enhance the transition.
Joab Okanda, Senior Advocacy Advisor, Christian Aid, Africa, says, “We need to see beyond cash transfers and towards debt cancellation and transfer of technology so that we can invest in building our resilience because adaptation for us is a matter of life and death. We need to focus on what is happening with transition agenda within the wider global South so that we are not furthering the entrapments that have been happening for years.”
These deliberations were part of the webinar, “Navigating The Global South’s Climate Priorities”organised by Climate Trends.