TERI experts gear up for COP29, advocating inclusive climate solutions and enhanced global action
New Delhi, November 09, 2024: As the 29th session of the Conference of Parties (COP29) in 2024 approaches, The Energy and Resources Institute (TERI) experts are set to present their seasoned insights and innovative strategies on the global stage. Their focus is on advancing climate finance solutions, addressing loss and damage, and promoting resilient, sustainable development pathways.
With a dedicated agenda, TERI's experts will contribute to a diverse array of events and discussions, engaging as organizers, co-organizers, and panellists. They will explore critical areas which will include accelerating climate action through sustainable development pathways, enhancing climate resilience, advancing climate finance mechanisms, and fostering greater transparency and governance in the global climate regime. Recognizing the urgency of the global climate crisis, TERI's involvement at COP29 is driven by a commitment to advance actionable solutions and collaborative efforts that align with the goals of the Paris Agreement and beyond.
As TERI's experts convene at COP29, their goal is to shape a resilient and inclusive future, leveraging their expertise to inspire and drive meaningful change on a global scale. Through their active engagement and insightful contributions, TERI aims to ensure that COP29 becomes a pivotal moment for renewed climate ambition and collective action.
With this backdrop, TERI presents its key expectations for COP29, outlining the need for a robust global response to the climate crisis that is both scientifically sound and socially equitable.
“COP29 at Baku carries with it an expectation for decision making around the New Collective Quantified Goal on Climate Finance, with the objective to assist countries in the achievement of Article 2 of the Paris agreement thereby steering global climate action,” said Dr Vibha Dhawan, Director-General, TERI.
Ms Suruchi Bhadwal, Director, TERI, expressed her expectations from the conference, stating, “The new goal on climate finance should assist developing countries for their NDC compliance contributing to reduction in greenhouse gas emissions thereby reducing the impacts of climate change.”
Dr Manish Kumar Shrivastava, Associate Director, TERI, shared his views on climate finance at COP29. “A successful agreement on finance at COP 29 goes beyond the quantum of climate finance. The ultimate objective is to strengthen fiscal capacities of developing countries and unlocking of financial markets for making financial flows for climate action. This would require reducing the debt burden of developing countries and ensuring that the financial markets begin to look at the risks and returns differently in a manner that they favour investment in climate,” he said.
Dr Shailly Kedia, Associate Director, TERI, observed, “The result of the New Collective Quantified Goal (NCQG) on climate finance will be a pivotal measure of success for COP29. A positive NCQG outcome is also essential to restore confidence in multilateral efforts and mend the fractured trust between developed and developing countries. If this process overlooks historical responsibility, the specific challenges faced by developing countries, and the critical need for capacity building, it could lead to outcomes that are unjust in addressing climate change. The NCQG and climate finance pledges must be grounded in Article 9 of the Paris Agreement. Moreover, achieving climate finance goals must balance support for adaptation and mitigation, with an especially strong emphasis on public and grant-based finance.”
“At COP29, India can spearhead a call for equitable climate finance and carbon trading systems that support urban resilience and sustainable infrastructure. By establishing transparent carbon markets in transport and buildings, we create incentives for private investment in green construction, energy efficiency and electric mobility. Through partnerships with multilateral banks and international cooperation on technology transfer, India can drive scalable, impactful solutions for cleaner cities and resilient urban growth—setting a powerful precedent for global climate action,” expressed Mr Sanjay Seth, Senior Director, TERI.
Ms Shabnam Bassi, Director, TERI, emphasized the critical need to tackle climate change. She stated, “The urgency to address climate change has never been greater. The path to decarbonisation is not only a global imperative for sustainability but also an opportunity to rethink how we build, consume, and innovate. India stands at the crossroads of sustainable development, where the acceleration of climate action is key—not only to mitigate climate change but also to unlock new opportunities in green technology, renewable energy, and sustainable infrastructure. The transition to a low-carbon economy will pave the way for a future where economic growth and environmental stewardship go hand in hand.”
Dr JV Sharma, Senior Director, TERI, shared insights on the expectations for COP29, stating “Working with the international voluntary carbon for the past 4 years on NbS sector projects, we expect more clarity on the operationalisation of the Article 6.4 from COP29 especially for the nature-based solutions and carbon dioxide removal activities. We intend to continue to explore opportunities so as to provide additional financial benefits to the farmers and forest-dependent communities for their conservation efforts. We have worked with the compliance market in the past and it will be interesting to see things unfold by the end of the two weeks.”
TERI’s engagements at COP29 span the entire two weeks of the session. For information on TERI’s activities at COP29, please click here: https://www.teriin.org/teri-at-cop29