There may be hostility between India and Pakistan, but when it comes to the effects of climate change and the cost of compensating for the damage caused by it, both countries are on one side. At the Climate Change Conference (COP 29) held in Baku, the capital of Azerbaijan, developing countries led by India demanded trillions of dollars from developed countries, including Pakistan, to address the effects of change. climatic.
The United Nations Standing Committee on Finance report was released at COP29 on Wednesday, stating that some countries in Asia, led by India, need $4 trillion to address the effects of climate change.
There is a difference of opinion between developed and developing countries regarding this 34-page report. However, it is expected to be debated and concluded at COP29 which will end on November 22.
At COP15 in 2009, developed countries pledged to provide $100 billion each year until 2020 to help developing countries address climate change. However, this goal could only be achieved in 2022 and even then, 70% of the money given by developed countries to developing countries was loans. This increased pressure on developing countries.
What do India, Pakistan and China demand from developed countries?
Asian countries India and Pakistan have been greatly affected by climate change in recent years. These countries are pressuring developed countries to adopt an ambitious climate finance package (NCQG) that is also supported by China. Developing countries want this package to be concessional and take into account their needs and priorities. Developing countries demand that the package cover loss and damage caused by climate change.
Estimates show that poor and developing countries will need trillions of dollars in the coming years to address climate change and this is also mentioned in the UN report.
How much money do countries in the Global South ask for?
Like-minded developing countries (LMDCs) in the Global South say they will need trillions of dollars each year to tackle climate change. Countries like India, China, Pakistan, Arab countries and Sri Lanka are among the LMDC countries. To address climate change, the Arab group has demanded 1.1 trillion dollars, the African group has demanded 1.3 trillion dollars, India has demanded 1 trillion dollars and Pakistan has demanded 2 trillion dollars.
But developed countries oppose this demand of developing countries. These countries want the climate finance package to be a global investment goal, in which money will be raised from multiple sources, including governments of all countries, private companies and investors.
He argues that the global economic landscape has changed significantly since the adoption of the United Nations Framework Convention on Climate Change in 1992. Some countries that were somewhat poor then have now become rich, such as China and some Gulf countries. Developed countries demand that China and Gulf countries also contribute to the new climate finance package.
Developing countries oppose the demands of developed countries
Developing countries are not accepting this demand of developed countries. He says that by doing this, those developed countries that have historically benefited from industrialization and that have emitted the most greenhouse gases are trying to evade responsibility.
Developing countries say that expecting developed countries to provide them with financial aid weakens the principle of equality. Especially when many people in these countries are still struggling with poverty and the worsening effects of climate change and don’t even have proper infrastructure.
