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According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

<ul class="summary-list"><li>President-elect Donald Trump has questioned the reality of the climate crisis.</li><li>He's expected to withdraw the US from the Paris Agreement, which he also did in his first term.</li></ul>President-elect Donald Trump has long questioned the reality of the climate crisis, describing it as a "scam" and accusing policies to tackle the crisis of destroying US jobs.Many expect him to withdraw the US from the Paris Agreement to limit emissions upon taking power in January, as he did in his first term.But his hostility to green policies conflicts with another of his priorities — challenging the rise of China."A second US withdrawal from the Paris Agreement would present a significant opportunity for China to expand its leadership role in multilateral climate issues," Herbert Crowther, an analyst with the Eurasia Group in New York told Business Insider.Trump's victory is overshadowing this week's UN climate summit in Baku, Azerbaijan, where pledges from Biden administration officials are tempered by the fact they won't be around for long.And China is already positioning itself to fill the power vacuum and build its global influence."In the week since the election, we're already seeing China try to claim the mantle of global climate leadership and portray itself as the more "responsible" actor in this space," Lily McElwee, fellow in the Freeman Chair in China Studies at the Center for Strategic and International Studies in Washington, DC, told Business Insider."Beijing is out in force at COP29 calling for the United States under Trump to engage in 'constructive dialogue' and highlighting China's contributions to decarbonization through major investments in electric vehicles and other greentech industries."<div type="image" title="Chinese solar power station" height="576" width="1024" msid="115335201" hostid="261" sizebytes="137800"></div><h2 id="f89b9ca3-aa4a-4bb2-a5bf-27324f610f4d">The green tech superpower</h2>China has a curious position as both the world's largest polluter, and a powerhouse of green technology.It tops the <a target="_blank" class="" href="https://interactive.carbonbrief.org/the-carbon-brief-profile-china/index.html#">rankings for greenhouse emissions</a>, which helped power its huge economic growth in recent decades. In 2020, President Xi Jinping pledged that China would become <a target="_blank" class="" href="https://chinaeucn.com/carbon-neutrality-china/#:~:text=In%20September%202020%2C%20president%20Xi,carbon%20neutrality%20to%20the%20world.">carbon neutral by 2060,</a> and it's on track this year to record its first drop in greenhouse <a target="_blank" class="" href="https://www.businessinsider.com/china-meeting-us-climate-solar-panels-coal-power-energy-security-2024-5">emissions since 2016.</a>At the same time, China has pushed harder to produce its own green technology — and sell it to the rest of the world.It is the world's largest producer of electric vehicles and solar panels, and the percentage of its energy coming from renewable sources <a target="_blank" class="" href="https://www.iea.org/reports/renewables-2023/executive-summary#">is rapidly growing.</a>That work brings practical and economic benefits. Analysts also point to other motives for Beijing's green push: influence and power."Where the Trump administration sees renewable energy as a threat to jobs, China is leveraging clean energy as part of a long-term strategic gambit," wrote <a target="_blank" class="" href="https://www.brookings.edu/articles/chinas-belt-and-road-initiative-is-poised-to-transform-the-clean-energy-industry/">Daniel Araya of the Brookings Institute in Washington, DC, in 2018.</a>China, as part of its "Belt and Road" initiative to grow its global influence, has provided developing countries with renewable energy technologies, including wind farms."Green tech plays a critical role in Xi's economic vision. While China has spent a decade trying to catch up to the United States and other advanced economies in existing tech (like semiconductors), it is increasingly focused on securing leadership in emerging industries like cleantech," said McElwee.The strategy is paying off, with global demand for renewable energy production technologies predicted to surge, and China set to account for 60% of installed global renewable energy capacity by 2030, according to an <a target="_blank" class="" href="https://www.iea.org/news/massive-global-growth-of-renewables-to-2030-is-set-to-match-entire-power-capacity-of-major-economies-today-moving-world-closer-to-tripling-goal">October report by the International Energy Agency.</a>The US lags China as a clean tech economic power.Trump has been explicit about his plans to repeal and otherwise roll back climate policies from the Biden administration.That included <a target="_blank" class="" href="https://www.politico.com/news/2024/09/05/trump-inflation-reduction-act-00177493">a pledge</a> just before the election to "rescind all unspent funds" from President Joe Biden's Inflation Reduction Act, which provided billions in funding for clean tech.<h2 id="d064aeb1-2497-4d9c-b893-7e2c1b98241d">Will China step up? </h2>There are also doubts over how much China is willing to take an international leadership role on climate issues.It's been wary of international agreements to tackle climate change in the past, and last year was accused by European officials of <a target="_blank" class="" href="https://www.reuters.com/business/environment/china-denies-reports-it-obstructed-g20-climate-discussions-2023-08-02/#:~:text=China%20denies%20reports%20it%20obstructed%20G20%20climate%20discussions%20%7C%20Reuters">obstructing G20 efforts </a>to tackle the climate crisis, Reuters reported. Assuming a leadership role would likely require China to send money to other countries, said Crowther. "The key question for officials in Beijing will now turn to whether China wants to deepen its financial commitments to helping other countries—particularly emerging markets—accelerate their own energy transitions," he said.Crowther said the run up to next year's COP30 summit in Brazil would provide clues of China's intentions. Ultimately, Xi may be more interested in cementing China's economic advantages than in concrete diplomatic pledges. "Although Beijing will try to boost its image as a global leader on climate change, I don't know how much substance will follow," said McElwee.

Trump called the climate crisis a scam. It could prove a gift to China.

New Delhi: India's fossil fuel emissions are projected to rise by 4.6 per cent in 2024, while China could see a marginal rise of 0.2 per cent, according to new research by a group of international scientists. As the UN climate conference in Baku, Azerbaijan, discussed raising trillions of dollars to tackle <keyword id="19907392" type="General" weightage="20" keywordseo="Climate-change" source="keywords">climate change</keyword>, the group of scientists known as the "Global Carbon Project" warned that emissions from fossil fuels -- the main driver of warming -- could hit a record 37.4 billion tonnes in 2024, up 0.8 percent from 2023 levels. This comes despite rapid growth in renewable energy and a landmark agreement at COP28 in Dubai last year to move away from fossil fuels. The "<keyword id="23948569" type="General" weightage="20" keywordseo="Global-carbon-budget-2024" source="keywords">Global Carbon Budget 2024</keyword>" report said total global CO2 emissions are set to go up from 40.6 billion tons in 2023 to 41.6 billion metric tons in 2024, which is on course to become the warmest year on record. "The impacts of climate change are becoming increasingly dramatic, yet we still see no sign that burning of fossil fuels has peaked," Professor Pierre Friedlingstein of Exeter's Global Systems Institute, who led the study, said. The 'Global Carbon Project' team said India, the world's most populous country and fastest-growing major economy, may see its fossil fuel emissions rise by 4.6 percent. According to a UN report released last month, India's greenhouse gas emissions surged by 6.1 per cent in 2023, contributing to 8 per cent of the global total. However, the country's historical contribution to global CO2 emissions stands at only 3 per cent. India's per capita emissions remain low at 2.9 tons of CO2 equivalent (tCO2e), far below the global average of 6.6 tCO2e. India, the world's third-largest greenhouse gas emitter, has pledged to reach net zero emissions (balancing emissions with removals) by 2070 and aims to achieve 500 gigawatts of renewable energy capacity by 2030. China's emissions, which make up 32 per cent of the global total, are likely to increase slightly by 0.2 per cent, though there is a chance they could decline, according to the data released on Wednesday. Emissions from the United States and the European Union, which contribute 13 per cent and 7 per cent of the global total, are both set to decline, with drops of 0.6 per cent for the US and 3.8 per cent for the EU. Emissions from the rest of the world, which together account for 38 per cent of global emissions, could see a rise of 1.1 per cent. The researchers said that in 2024, coal emissions will likely increase by 0.2 per cent, oil by 0.9 per cent, and gas by 2.4 per cent, globally. Coal, oil, and gas contribute 41 per cent, 32 per cent, and 21 per cent of global fossil CO2 emissions, respectively. However, given the uncertainty in projections, it remains possible that coal emissions could decline in 2024, they said. The report also pointed out that emissions from international aviation and shipping, which account for 3 per cent of global emissions and are tracked separately from national or regional totals, are expected to rise by 7.8 per cent in 2024. However, these emissions will still be 3.5 per cent below the 2019 pre-pandemic levels. Globally, emissions from land-use changes, like deforestation, have dropped by 20 per cent over the past decade but are expected to rise in 2024. Permanent CO2 removal through reforestation and new forest planting now offsets about half of the emissions from permanent deforestation, they added. Technology-based CO2 removal accounts for only a tiny fraction -- around one-millionth -- of CO2 emissions from fossil fuels. The report said that emissions from fires in 2024 have been above the average since the beginning of the satellite record in 2003, particularly due to the extreme 2023 wildfire season in Canada (which continued into 2024) and severe drought in Brazil. Land and ocean carbon sinks continued to absorb around half of the total carbon emissions, despite being negatively affected by climate change.

Global fossil emissions to reach record high in 2024; India's share to rise by 4.6 pc: Report

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India provided more climate finance in 2022 than many rich nations, noted recent report

PTI

Trump called the climate crisis a scam. It could prove a gift to China.

Tom Porter

Global fossil emissions to reach record high in 2024; India's share to rise by 4.6 pc: Report

PTI

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