Finance Gaps Threaten Global Climate Targets

The Global South may reassess climate goals due to insufficient funding from developed countries. India's Economic Survey highlights a pessimistic view of the financial package agreed at COP29. Experts stress the need for affluent nations to contribute more to address historical emissions and aid developing countries.

Developing nations, faced with a lack of adequate financial support from richer countries, are considering revising their climate commitments, as revealed in India's Economic Survey 2024-25.

The survey, presented in Parliament, criticized the recent finance package from COP29 as lacking the necessary optimism to bolster developing regions' climate efforts.

Experts argue that without significant contributions from affluent nations responsible for the bulk of historical emissions, the quest for sustainable development may falter, impacting global climate objectives.

(With inputs from agencies.)