Global south bears the brunt of inaction of developed nations on climate finance-a lost 2024.
This will be the hottest year ever for 2024, considering that global temperatures have surpassed the pre-industrial levels by 1.5°C, marking the final critical moment when developed nations had a last major chance to ensure the world did not lock in permanently above this threshold that they failed to do because they did not provide adequate climate finance that could check catastrophic impacts of climate change in the Global South.
As deadly storms, record-breaking heatwaves, and floods forced millions of Global South residents out of their houses, they have faced climate change harsh realities. In a backdrop of increasing international pressure on governments to perform, all eyes were keenly placed on the Baku UN Climate Conference to see a powerful climate finance deal that would put pressure on developing countries to act now.
However, the response of developed nations has been unsatisfactory. According to an estimate in 2023, the debt of these developed nations for excessive emissions of carbon since the Industrial Era was around USD 170 trillion. It so happens that they have absorbed 70-90% of the global carbon budget, leaving very little room for developing nations to sustainably grow. However, the funding commitment in Baku was a pitiful USD 300 billion to be disbursed by 2035. This is but a drop in the ocean of trillions needed annually from 2025 onwards to combat the climate crisis, and many regarded this as “too little, too distant”.
India, like other developing countries, branded the plan too weak, an “optical illusion.” Presented even with a worse scenario by 2025, not to mention perhaps even backsliding climate-denial politicians like Donald Trump on the way back to power, the Global South reluctantly agreed to the plan on its head. The scenario was described by negotiators as one in which they were being made to accept just too-weakened a and ineffectual reaction to the climate emergency.
Climate Science Calls for Urgent Actions
Under the Paris Agreement, to which the countries committed in 2015, global warming must be capped at levels that are well below 2°C and at a target of 1.5°C. However, Earth has warmed by 1.3°C since the pre-industrial era mainly due to fossil fuel consumption. According to the Intergovernmental Panel on Climate Change, this means that for a 1.5°C limit, global emissions should peak before 2025 and decline 43% by 2030 and 57% by 2035. But the national policies in place now would likely raise temperatures by about 3°C at the end of the century.
Even if all nations implement their climate commitments, so-called NDCs, their overall emission would decrease only by some 5.9 percent by 2030-that is, much below what is needed to avert irreparable harm. Despite this gloomy news, developed countries-the traditional laggards on greenhouse-gas reduction-tightened the screws further, arguing that developing nations still needed to do more to help realize the Paris commitments. However, the very same developed world that has been speaking much fails to deliver the commitment needed to achieve limiting global warming to below 1.5°C.
Woes of the Global South
Poor, underprivileged, and vulnerable countries thus ask for exemption that their emissions are small compared to developed nations but urge them that they must meet and find funding and technological resources for alternative clean energy sources without reducing their economic activities at the same time. Mostly, these countries in developing worlds suffer from catastrophic results of this kind of climatic change, mainly unprecedented weather and ocean currents.
Though the Baku funding was appallingly inadequate to meet the requirements of the Global South, this would prove to be the final part of the jigsaw one could ever expect to garner. The consumption of fossil fuel accounts for more than 75% of worldwide emissions, but the transition from fossil fuel is anything but straightforward, particularly in the case of less developed countries who are reliant on it for jobs and cheap energy. Most of these countries lack the financial capability, technological know-how, and infrastructure to switch their reliance to renewable energy sources.
While renewable energy sources such as solar and wind are promising, they will not fill the bill for the Global South. Silicon-based solar panels cost about 26% efficient and are too expensive and relatively short-lived with only a lifespan of about 20 to 25 years. Direct air carbon capture remains virtually experimental and does not yet seem very viable on any scale.
The Need for Developed Countries to Cut Back
While the South faces such big challenges in stopping climate change, the cure cannot only come in the form of asking third world countries to do their part. Developed nations themselves have to cut back majorly on their consumption and emissions. The figures are stark: the average American spends over USD 5,400 a year on impulse buys, more than double India’s per capita income of just USD 2,500. How unsustainable these levels of consumption are and how there should be a check on it to allow for sustainable growth in these developing countries.
India’s Mission LiFE is a step in the right direction, encouraging mindful consumption and environmental responsibility, but that is where it ends-the richest nations must do better. The North needs to realize that the overconsumption of it is choking the South from responding appropriately to the climate crisis.
The moment has come. The developed nations are to take the lead on reducing emissions and financing transition to a greener and more sustainable future for all if the world is going to limit warming to 1.5°C and avoid the worst effects of climate change.
Conclusion
2024 shall remain one of those years when, as a global community, they missed the moment to step decisively towards climate change. Given the very meager climate finance package that falls far below what is needed, it was little choice but for the Global South to accept this weak deal. As the world witnesses increasing heatwaves, storms, and other disasters triggered by climate change, the sense of urgency for meaningful action cannot be overstated. Developed countries must fulfill their climate finance obligations and reduce their own emissions. They must work cooperatively with the Global South for a sustainable future of all.
Source: PTI