At COP27, Move the Needle on Climate Action

India and other developing economies are rightly concerned about the damage to growth COVID-19, Russian war in Ukraine, and the slowdown of the global economy. But these troubles fade in comparison climate disaster Already as a result of the current trajectory of greenhouse gas (GHG) emissions, the impact of which affects most developing economies and the poor. therefore it is necessary that COP27 – United Nations Climate Summit Which opens in Egypt from November 6th – making real progress in curbing the worst effects of global warming. it means to go beyond Important Paris Agreement of COP21 (2015) on national commitments cut GHG emissions and The remarkable Glasgow Agreement of COP26 (2021) To stop deforestation.

key issues

Despite the nervousness to make bold commitments in these uncertain times, a breakthrough must be made in rectifying decades of unilateral emissions by rich countries. They are still unwilling to compensate for past excesses by expanding the massive financing that developing economies need for climate action. Just as the top five emitters – China, the United States, India, Russia and Japan – as well as Southeast Asian countries face the problem of continued and heavy burning of fossil fuels. Worse yet, many of his plans to reach carbon neutrality by 2050 are insufficient to help keep temperatures below 2 degrees Celsius as envisaged in the Paris Agreement. If progress is made on both these issues then COP27 will be successful. One way would be for the summit to name the countries that are most out of line and ask them to do more.

Rich countries, on the other hand, have already shown that they can mobilize vast resources to deal with global emergencies. They did so in the global financial crisis of 2008–09 and the $15 trillion (by one estimate) in 2020, done brilliantly by major economies to fight COVID-19. But when it comes to climate change, rich countries are failing dismal in meeting the UN goal of at least $100 billion annually in climate finance for developing countries. COP27 should move the needle over this critical area.

Reaching carbon neutrality by 2050 is the absolute minimum for all major emitters if unimaginable scenarios of global warming are to be averted. The resonating message from COP27 should be that the price of achieving carbon neutrality is a fraction of the cost of adapting to an increasingly unusable planet. Ahead of COP27, Singapore has announced that it will achieve net zero emissions by 2050, a powerful sign even if only coming from a country with a 0.1% carbon footprint.

Proceed the Year to Net Zero

India’s dependence on fossil fuels is very high. High GDP growth, India’s biggest goal, cannot be achieved in the face of rushing climate change. The country has set a target date of 2070 for Net Zero. China is the world leader in renewable energy, but with coal and gas accounting for over 70% of energy production, the country continues to finance large-scale fossil fuel-based infrastructure. China has announced net zero for 2060. India and China strangely weakened the target of COP26 from “phase-out” of coal power to “phase-down”. However, it is time to move their date from zero to 2050. Energy is responsible for about three-quarters of the GHG in the air, and low-carbon energy is needed to lead the decarbonization of the global economy. India’s plan for decarbonisation, albeit very slowly at present, will still need to see a massive switch to renewable energy. Electric power has made progress in adopting renewable energy in its energy mix, but household heating and cooling requires a far larger switch than fossil fuels. Factors in the way of more ambitious adoption of renewable energy such as solar and wind include variability in their generation due to weather conditions, weak transmission grids and the poor financial position of power distribution companies.

Banks can step up climate projects

COP27 should call for wider use of markets to help shift the global economy on a low-carbon path. The summit could support a radical change in countries adopting carbon pricing, for example, through a significant carbon tax on the source of pollution. It should reiterate the need for all countries to end fossil fuel subsidies. In terms of climate financing, something similar can be done to what was achieved during the COVID-19 pandemic, when wealthy countries raised large amounts of funding. Climate projects can be widely scaled up by multilateral development banks such as the World Bank and the Asian Development Bank, all of which have strong climate-action mandates.

Comment | COP27 in Egypt should focus on food systems

Based on the mixed track record of past summits, expectations cannot be high for what COP27 can bring. One way that it can advance the climate agenda is by choosing commitments supported by UN member states that will be seen by governments to benefit them – in terms of health and clean cities, to give just two examples – and Putting their economies on a more environmentally sustainable path that alone can serve the national interest in these stressful economic times. Unlike other large emitters, India has historically been a hesitant climate actor. COP27, which will be held in Sharm el-Sheikh, Egypt (November 6-18), is an opportunity for the country to strongly support environmentally sustainable development in its national interest.

Vinod Thomas is a former Senior Vice President of the World Bank and Director General of the Asian Development Bank. He is currently a Visiting Professor at the National University of Singapore. Twitter @vthomas14.