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In a historic yet contentious outcome at COP29 in Baku, Azerbaijan, wealthy nations pledged to provide $300 billion annually by 2035 to help developing countries combat the escalating effects of the climate crisis. Despite the agreement being lauded as a step forward, it drew sharp criticism from many vulnerable nations, which viewed the sum as inadequate given the enormity of the challenge, CNN reported. The deal was reached after more than two weeks of heated negotiations, marred by boycotts and disagreements. Talks nearly collapsed when representatives from small island states and the least-developed countries walked out in protest on Saturday. However, after 30 hours of extended discussions, negotiators managed to finalise the agreement early Sunday morning. Simon Stiell, head of the United Nations Framework Convention on Climate Change, described the deal as "an insurance policy for humanity," acknowledging the arduous process that led to its conclusion. "It has been a difficult journey, but we've delivered a deal," he said. The funding will assist poorer nations in managing devastating climate impacts and transitioning to clean energy. The $300 billion figure falls significantly short of the $1.3 trillion economists estimate is required to address the crisis in developing countries. India's representative, Chandni Raina, condemned the amount as "a paltry sum" in a fiery post-agreement speech, calling the deal "nothing more than an optical illusion." Similarly, Tina Stege, climate envoy for the Marshall Islands, criticised the agreement for leaving vulnerable nations with "a small portion" of the funds they urgently need. Stege also highlighted the obstructive role of fossil fuel interests in the negotiations, accusing them of undermining multilateral goals. "Fossil fuel interests have been determined to block progress," she said in a statement, reported CNN. The new agreement commits developed countries, including the US and European nations, to provide $300 billion annually by 2035. While there is an aspiration to eventually scale up to $1.3 trillion, <keyword id="20353838" type="General" weightage="20" keywordseo="developing-nations" source="keywords">developing nations</keyword> argued for a greater share of the funding to come from grants rather than loans, fearing debt entrapment. The G77 group of developing nations had called for $500 billion annually, but wealthier nations deemed this unfeasible under current economic conditions. Avinash Persaud, special advisor to the President of the <keyword id="22580866" type="General" weightage="20" keywordseo="Inter-American-Development-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Inter-American Development Bank" meta.hostid="261" meta.entityid="Inter-American Development Bank">Inter-American Development Bank</keyword>, acknowledged the compromise, stating, "We have arrived at the boundary between what is politically achievable today in developed countries and what would make a difference in developing countries." Efforts to include contributions from wealthier emerging economies like China and Saudi Arabia yielded little success. The agreement only "encourages" such countries to make voluntary contributions without imposing any obligations. Li Shuo, director of the China Climate Hub at the Asia Society Policy Institute, described the deal as "a flawed compromise," reflecting the difficult geopolitical landscape. COP29 unfolded against the backdrop of a record-breaking year for extreme weather, with catastrophic events highlighting the urgency of climate action. However, the summit faced significant challenges, from its host country's status as a petrostate to the overwhelming presence of fossil fuel lobbyists. More than 1,700 fossil fuel representatives attended the talks, outnumbering many national delegations. This prompted criticism from climate groups like Kick Big Polluters Out, which accused such interests of derailing meaningful progress. The political climate further complicated negotiations. Saudi Arabia, a key oil exporter, openly rejected any mention of fossil fuels in the agreement. Meanwhile, the potential re-election of Donald Trump in the US loomed large, raising concerns about the future of global climate commitments. The agreement has drawn widespread condemnation from <keyword id="20013620" type="General" weightage="20" keywordseo="climate-activists" source="keywords">climate activists</keyword> and developing nations, CNN reported. Friederike Otto, a climate scientist at Imperial College London, described the summit as "another shady, oil-stained COP," criticising the low public engagement and pervasive cynicism. Tasneem Essop, executive director of Climate Action Network, accused developed nations of betraying the Global South. "This was meant to be the finance COP, but the Global North turned up with a plan to betray the Global South," she said. Harjeet Singh of the Fossil Fuel Treaty Initiative echoed these sentiments, calling the outcome "false hope" for those already suffering the worst climate impacts. "We must persist in our fight, demanding a significant increase in financing and holding developed countries to account," he added. Despite the criticisms, the agreement represents a fragile step toward addressing the global climate crisis. Yet, with mounting climate disasters and political challenges ahead, the path to meaningful action remains fraught with obstacles. India rejected a new climate finance package of $300 billion for the Global South at the UN climate conference here, saying it was too little and too late. Nations agreed on the $300 billion climate finance deal for the Global South at the UN climate talks taking place here in Azerbaijan. 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. "$300 billion does not address the needs and priorities of developing countries. It is incompatible with the principle of CBDR (Common but Differentiated Responsibilities) and equity, regardless of the battle with the impact of climate change," she said. "We are very unhappy, disappointed with the process, and object to the adoption of this agenda," the Indian negotiator said. Supporting India, Nigeria said the $300 billion climate finance package was a "joke." Malawi and Bolivia also lent support to India.

World agrees on $300 billion climate aid for developing nations; India rejects the offer

As <keyword id="20082972" type="General" weightage="100" keywordseo="COP29" source="keywords">COP29</keyword> approaches, global attention is turning to the pressing issues that will dominate the climate talks in Baku, Azerbaijan, from November 11-22. The stakes are high, as the world grapples with the undeniable consequences of <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword>. But while the event draws global leaders, scientists, and activists together, its true impact will hinge on whether tangible actions can be taken to address both the causes and effects of the climate crisis. One of the major themes of COP29 will be financing. Climate change is expensive, with many of the world’s poorest nations, which have contributed the least to global warming, are facing the worst impacts. Rising seas, devastating storms, and intense heatwaves threaten their existence. At the same time, the resources required to deal with these disasters, and to pivot away from fossil fuels, are vast. While wealthy countries have committed to providing $100 billion per year in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword>, the reality is that these funds are still insufficient. Nations in the Global South are calling for more robust financial support to adapt to these challenges and build a greener future. Another key focus at COP29 will be the ongoing challenge of reducing <keyword id="20107362" type="General" weightage="20" keywordseo="greenhouse-gas-emissions" source="keywords">greenhouse gas emissions</keyword>. This issue isn’t just about reaching agreements — we have to meet the promises that have been made in previous conferences, such as those made under the <keyword id="20104670" type="General" weightage="20" keywordseo="paris-agreement" source="keywords">Paris Agreement</keyword>. Countries must ramp up their efforts to reduce carbon emissions, but the question remains: how quickly can the world transition from fossil fuels to <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> without hurting economic growth? It’s a difficult balance, especially for countries that rely on oil, gas, and coal exports. Yet, there is growing consensus that an equitable transition, one that brings both economic development and environmental protection, is the only way forward. In addition to mitigation, COP29 will delve deeply into <keyword id="23852066" type="General" weightage="20" keywordseo="adaptation-strategies" source="keywords">adaptation strategies</keyword>. Even if the world successfully limits future warming, the reality is that some changes — such as more frequent extreme weather events — are already locked in. The focus here will be on how nations, particularly those most vulnerable, can adapt to these changes. This may involve improving infrastructure to withstand flooding or heatwaves, or it might mean finding new ways to ensure food and water security in the face of shifting weather patterns. For many of the world’s island nations and low-lying countries, this issue is not theoretical — it's a matter of survival. Yet, perhaps the most contentious issue on the table at COP29 will be loss and damage. This is a relatively new area of focus — first brought up mere two COPs ago — and one that has emerged from the climate movement’s call for justice. Loss and damage refers to the destruction caused by climate change that can’t be avoided or adapted to. It’s about compensation for the irreversible harm suffered by countries that are disproportionately affected by climate change. These nations are demanding financial support to help rebuild and recover from the effects of climate disasters. The establishment of a <keyword id="20260326" type="General" weightage="20" keywordseo="loss-and-damage-fund" source="keywords">loss and damage fund</keyword> at COP27 was a significant step, but as COP29 approaches, questions about its structure, funding, and effectiveness remain unanswered. In addition to these global negotiations, COP29 is also expected to grapple with the role of <keyword id="20867843" type="General" weightage="20" keywordseo="carbon-markets" source="keywords">carbon markets</keyword>, which allow countries and companies to buy and sell carbon credits to meet emission reduction goals. While they offer a potential pathway for reducing emissions cost-effectively, critics argue that carbon markets can be easily manipulated or used as a cover for inaction. Ensuring that these markets are transparent, equitable, and truly beneficial to the planet will be a key issue. As always, the dynamics of geopolitics — especially the positions of major powers like the United States and China — will shape the outcome. The US, under its current leadership, has recommitted to the Paris Agreement, but there are concerns that any future political shifts, such as a return to office by former President Trump, could derail global climate action efforts. Ultimately, COP29 will be a critical moment for global climate policy. Will world leaders rise to the occasion and take bold action, or will their promises remain just that — empty promises? As the effects of climate change worsen, the world can only hope that COP29 marks a turning point in the battle against global warming, where countries finally find the will and the way to secure a livable planet for future generations.

COP29 to commence from Nov 11; here’s what to expect from the world's biggest climate conference this time

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

With a renewed Trump presidency on the horizon, his stance on climate and energy raises pressing questions about the direction of US and global climate action. Known for skepticism towards climate science and favoring deregulation, Trump has outlined a path that contrasts sharply with the green initiatives spearheaded by the Biden administration, from re-entering the <keyword id="21951062" type="General" weightage="20" keywordseo="paris-climate-accord" source="keywords">Paris Climate Accord</keyword> to rescinding funding from the <keyword id="20132812" type="General" weightage="20" keywordseo="inflation-reduction-act" source="keywords">Inflation Reduction Act</keyword> (IRA). Trump’s views — describing climate initiatives as a "green scam" — suggest a radical policy shift that could challenge both national and international climate objectives. <h2>Trump’s climate record and proposed policies</h2>During his previous term, Trump took a distinct approach to environmental regulation, withdrawing from the Paris Climate Accord and dismantling over 100 environmental rules, mostly around emission standards, clean water, and public land protections. Trump argued that these regulations were burdensome for the American economy and placed it at a disadvantage on the global stage. His administration supported <keyword id="560717" type="General" weightage="20" keywordseo="Fossil-fuel" source="Orion">fossil fuel</keyword> industries, eased restrictions on methane <keyword id="40976" type="General" weightage="20" keywordseo="Emissions" source="Orion">emissions</keyword>, and championed oil drilling, including controversial efforts to open the Arctic National Wildlife Refuge for exploration. Looking to 2024, Trump has promised to “drill, baby, drill” to make the US energy independent, proposing an expansion of oil and gas drilling, and loosening permitting processes. We might even see a re-approval the highly controversial Keystone XL pipeline construction, which Biden had blocked. If implemented, these actions would likely increase the US’s greenhouse gas emissions, putting the country at odds with international climate goals. <h2>Impact on the Paris Climate Agreement and global efforts</h2>Should Trump return to office, many speculate that one of his first actions could be to exit the <keyword id="3087299" type="General" weightage="20" keywordseo="Paris-agreement" source="Orion">Paris Agreement</keyword> again. This 2015 accord aims to limit global warming to well below 2°C above pre-industrial levels, a target many countries consider essential for averting catastrophic climate impacts. The Biden administration’s reentry into the accord underscored a commitment to global cooperation, but Trump’s approach — characterising the agreement as an unfair "wealth transfer" — reflects his belief that the US should prioritise economic autonomy over climate action. <div type="Article" hostid="261" msid="114840631" title="India could lose a quarter of its economy by 2070 – here’s why" mstype="2" mssubtype="0"></div>A Trump-led US withdrawal would likely affect other countries' commitments as well, especially developing nations dependent on US funding through initiatives like the Green Climate Fund, which Trump criticised as financially draining. Analysts fear that without US leadership, global cooperation on climate may weaken, and other large emitters, such as China and India, might feel less pressure to curb their emissions aggressively. <h2>Implications for renewable energy and electric vehicles</h2> Trump has shown strong opposition to subsidies and mandates promoting EVs, criticising Biden’s goal for 50% EVs by 2030 as unrealistic and detrimental to traditional auto jobs. Trump argues that such mandates increase costs for consumers and prefers a market-driven approach that doesn’t “push” Americans toward EVs. This could halt or reverse the rapid EV infrastructure buildout, leaving American manufacturers potentially less competitive as global auto markets increasingly embrace electrification. Trump has also promised to cut back on renewable energy subsidies, which he views as artificially propping up a “niche” industry. Wind and solar, growing under Biden’s policies and supported by the IRA, might see reduced investment, stalling progress towards the administration’s goal of a 100% carbon-free power sector by 2035. In place of renewables, Trump advocates — albeit cautiously — for more nuclear energy, arguing it provides consistent, “zero-emission” power without relying on foreign components. <h2>Economic and environmental costs of fossil fuel focus</h2>While Trump frames increased fossil fuel production as a path to energy independence, experts argue it could yield mixed economic and environmental outcomes. Expanding drilling on federal lands and off US coasts might boost jobs and reduce reliance on imports, yet it risks escalating greenhouse gas emissions. The focus on fossil fuels also raises concerns about environmental impacts — particularly in ecologically sensitive areas like the Arctic — where drilling could disrupt wildlife and fragile ecosystems. <div type="Article" hostid="261" msid="115027412" title="Trump&amp;#39;s presidency will hurt Europe&amp;#39;s economic growth amid renewed trade tensions, Goldman Sachs says" mstype="2" mssubtype="0"></div>Moreover, Trump’s approach might create friction with states pushing for clean energy transitions, such as California and New York, which have ambitious climate goals. These states may resist federal mandates on fossil fuel development, setting the stage for legal battles and further polarisation on climate policy within the US <h2>International reactions and the future of climate policy</h2>International climate activists worry that a Trump 2.0 administration would discourage other countries from fulfilling their own climate commitments. With COP29 climate talks approaching in Baku, Azerbaijan, a Trump presidency would likely put the US at odds with global goals, slowing progress at these crucial negotiations. Trump’s stance could also embolden climate-skeptical governments worldwide, as they may see reduced consequences for inaction. China, for example, might interpret a US retreat as an opportunity to scale back its own commitments without fearing international backlash. This lack of pressure risks an intensifying climate crisis, especially for vulnerable regions like Southeast Asia and Africa, where extreme weather events are already reshaping economies and communities. Trump’s climate policy contrasts sharply with his predecessor’s environmental approach, leaning heavily toward traditional energy sources and away from multilateral climate commitments. While some Americans may welcome his promises to cut regulatory "red tape," the broader consequences for both national and global climate goals could be significant. Trump’s potential 2024 victory would likely rekindle debates around climate science, renewables, and economic sustainability — and may push global climate action into uncertain territory at a time when scientists urge immediate, unified efforts.

A Crumbling Planet in Donald’s hands: What Trump’s victory in 2024 means for climate change and global policy

<keyword id="20243228" type="General" weightage="20" keywordseo="developed-countries" source="keywords">Developed countries</keyword> historically responsible for maximum <keyword id="19951337" type="General" weightage="20" keywordseo="carbon-emissions" source="keywords">carbon emissions</keyword> should come forward and own the responsibility of providing finance to <keyword id="20200084" type="General" weightage="20" keywordseo="developing-countries" source="keywords">developing countries</keyword> to address the <keyword id="20212385" type="General" weightage="20" keywordseo="climate-crisis" source="keywords">climate crisis</keyword>, Union Environment Minister Bhupender Yadav said on Friday. <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">Climate finance</keyword> will be at the centre of the UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) -- the new amount developed nations must mobilise every year starting in 2025 to support climate action in developing countries. "Temperature rise is a global problem. IPCC reports clearly say the increase in carbon emissions is driving average global temperatures up. Countries have prepared their Nationally Determined Contributions. India has achieved its climate targets, be it in the renewable energy sector or reducing carbon emissions," Yadav said at the India Climate Summit organised by Times Network. "Developed countries are required to provide finance and technological support to developing countries if we need equal growth in the world. Unfortunately, this could not happen but the New Collective Quantified Goal will be the central point of the COP29 in Baku. Countries historically responsible for maximum carbon emissions should come forward," he said. NDCs are national climate plans to achieve the goals set out in the 2015 Paris Agreement, including limiting global warming to well below 2 degrees Celsius and preferably to 1.5 degrees Celsius compared to the 1850-1900 average. With the Earth's global surface temperature already 1.15 degrees Celsius above the average in 1850-1900, climate scientists say countries need to take urgent action to reduce heat-trapping greenhouse gas emissions by at least 43 per cent by 2030 (compared to 2019 levels) to limit warming to 1.5 degrees Celsius. Developing nations argue they cannot be expected to reduce CO2 emissions faster if developed countries -- historically responsible for climate change -- do not provide enhanced financial support. Now, rich countries are expected to raise more than USD 100 billion, with developing countries demanding trillions of dollars to tackle climate change. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/stock-market/news/allied-blenders-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111317150.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/allied-blenders-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111317150.cms" target="_blank">Allied Blenders IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a>

You Searched For "COP29 Baku" and got 7 results

World agrees on $300 billion climate aid for developing nations; India rejects the offer

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COP29 to commence from Nov 11; here’s what to expect from the world's biggest climate conference this time

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

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

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

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A Crumbling Planet in Donald’s hands: What Trump’s victory in 2024 means for climate change and global policy

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Rich nations should provide climate finance to developing countries: Bhupender Yadav

PTI

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