TERI @ COP29

The 2024 United Nations Climate Change Conference (COP29), to be held in Baku, Azerbaijan from November 11–22, will focus heavily on climate finance and the countries’ updated national climate action plans. Themed ‘In Solidarity for a Green World,’ the conference’s priorities will include enhancing ambition, enabling action, ensuring inclusivity, and delivering equitable outcomes. Mukhtar Babayev, Azerbaijan's Minister of Ecology and Natural Resources, will preside over the conference, while Samir Nuriyev will head the Organizing Committee.

A key determinant of the success of COP29 agenda will be the establishment of the New Collective Quantified Goal on Climate Finance (NCQG), a central component of the Paris Agreement aimed at setting a more ambitious and realistic financial framework to support developing nations in their climate actions post-2025. The NCQG builds on the previous $100 billion target set in 2009 and seeks to address persistent gaps in climate finance, ensuring that the funds are accessible, equitable, and aligned with the specific needs of developing countries. As a top priority for the COP29 Presidency, developed nations are expected to take the lead in mobilising resources through various channels, fostering global partnerships, trust, and cooperation essential for the successful implementation of the Paris Agreement.

Azerbaijan’s presidency has emphasised the need to finalise a deal on the NCQG, focusing on developing countries and island states. The discussions will also highlight the importance of achieving just transitions in line with the 1.5°C global temperature target.

India, as a key player in the Global South, will play a significant role in shaping the discussions at COP29, particularly on climate finance. India has consistently advocated for a clear agreement on how developed countries will share the burden of providing climate finance to developing countries. India is pushing for $1 trillion per year, but developed nations are reluctant to shoulder the burden alone, putting pressure on expanding the contributor base. India’s stance is rooted in the principle of ‘common but differentiated responsibilities and respective capabilities,’ which asserts that developed nations should take greater responsibility in mobilising financial resources to support developing countries. India has also argued that the conference’s success should be evaluated based on whether developed countries meet their financial commitments. Indian negotiators have stressed that future climate finance goals should align with the Paris Agreement, which emphasises equity and sustainable development.

At COP29, India will continue to push for climate finance commitments that are adequate, transparent, and equitable. The country is also expected to advocate for the inclusion of the loss and damage fund, established at COP28, in the new climate finance target. As one of the leading voices for developing nations, India’s involvement will be critical in ensuring that the outcomes of COP29 reflect the needs and priorities of the Global South.

 

Key Takeaways from COP29

Sharing her perspective on Baku climate talks, Dr Vibha Dhawan, Director General, TERI, said, “India, representing the interests of the Global South, rejected the inequitable agreement and processes on the climate finance goal. The outcome sadly fails to address the urgency of the climate crisis and disregards the principles of fairness and inclusivity. COP29 has failed the developing world who are most affected by the climate crisis, a problem they did not cause. The positive aspect of the discussions was Global South’s show of solidarity. The hope remains that green technology will be supported by markets and the government supports adaptation measures through public finance.
Mr RR Rashmi, Distinguished Fellow, TERI, noted, "The goal of USD 300 billion adopted by COP29 in the face of categorical objections of countries including India, Nigeria, Bolivia, Cuba and a walk out staged by AOSIS and LDCs, bodes ill for the future of the NCQG and the collective efforts to address climate change. 

“The multilateral process has not emerged in a good light in this event. The declared goal is clearly a prisoner of the geopolitics of the present times and is paltry compared to the financing needs of mitigation and adaptation faced by the developing world. The USD 300 billion commitment of the developed world is further diluted by the inclusion of debt funds routed through multilateral developments banks. 

“The only positive feature is that the developed countries have agreed to triple the amounts to be channelled through the Global funds like GCF, AF etc while recognizing the need to reform the institutions for easier access to finance and agreeing to drop the insistence on counting voluntary contributions of developing countries as part of NCQG.”
“The resolution adopted at COP29 is too little, and too long a duration. The planet needs solutions and not semantics, results and not rhetoric and above all trust rather than manipulation,” Mr Jiwesh Nandan, Distinguished Fellow, put it succinctly.
Ms Suruchi Bhadwal, Director, TERI, said, “Striking a deal at 300 billion dollars is an understatement of the requirements of developing countries for implementing their climate actions and in NDC compliance.”
Dr Ritu Mathur, Director, TERI, underscored, “The closing plenary of COP 29 was shrouded in a cloud of mistrust and disappointment voiced by India as well as other Parties. In particular, the disappointment with regard to the NCQG is both in terms of the miniscule quantum of finance as well as the spread of sources from which it is expected to be mobilized. Compared to the demand put forth by developing countries (at least 1.3 trillion USD per year), developed countries would provide 300 billion USD per year by 2035 for developing countries to undertake climate action. This level, when compared to the earlier pledge of 2009 which committed 100 billion USD per year, hardly represents any major change in real flows, and is probably a target that could be achieved with minimally additional efforts if we account for inflation.

“That said, 2035 is still a decade ahead, and if the narrative of urgency in climate action is something we believe in globally, the landscape would hopefully evolve further in the interim, with modifications not only in the scale of finance mobilized, but also through partnerships and innovative ways of reducing cost of capital, de-risking investments in new and emerging technologies etc. that would allow greater action and co-operation among all Parties. Re-building trust and keeping in line with CBDR-RC principles is central to moving forward in the true spirit of solidarity,” she said.
Dr JV Sharma, Senior Director, TERI noted, “Article 6.4 has been operationalized which would help Carbon Finance. TERI is already implementing 40 carbon finance projects. This is an important decision for us from COP29.”
“Overall, the COP29 outcome has placed the principle of equity within brackets. Developed countries made all efforts to invert the concept of Common but Differentiated Responsibility and Respective Capability (CBDR-RC),” opined Dr Manish Kumar Shrivastava, Associate Director, TERI.

“The COP29 outcome on the NCQG is minimal in quantum and delayed in timelines. Developed countries will provide USD 300 billion per year by 2035 through public and private finance, which is meagre compared to the needs of developing countries.”

Dr Shailly Kedia, Associate Director, TERI, said, “At COP29, the USD 300 billion climate finance mobilization goal by 2035 insulted the Global South. India exposed the betrayal, yet developed countries cling to tokenism and erode trust. Climate justice demands ambition, not excuses. Will COP survive this breach of trust, or will the Paris Agreement crumble under the weight of broken commitments? 

“For the world’s most vulnerable countries, these trust breaches are not just frustrating—they are life-threatening. Climate finance is a key instrument that makes the (historical) polluters pay principle actionable. The NCQG’s reliance on private finance feels like building a house on shifting sands. Adaptation needs public and grant-based finance provisioning.”

TERI's Presence @ COP29

Event ScheduleEvent TitleTERI Speakers
November 11, 2024       
13:30-14:45 AZT       
ISA Pavilion, Blue Zone
Making Solar the Energy Source of Choice - Building Resilient Supply Chains for Clean Energy Transitions in the Global SouthMr RR Rashmi       
Mr Arupendra Nath Mullick
November 11, 2024       
16:45-18:15 AZT       
SE-4, Blue Zone
Global Risk Resilience Discourse and AdaptationMr RR Rashmi       
Ms Suruchi Bhadwal       
Mr Anshuman
November 12, 2024       
15:30-16:30 AZT       
BCG, Blue Zone
Transformative Leadership for Climate Actions on Finance, Technology and International CooperationDr Vibha Dhawan       
Mr RR Rashmi       
Mr Arupendra Nath Mullick
November 13, 2024       
17:30-18:25 AZT       
Solar Hub, Blue Zone
SDG-Climate Synergies and Multilateralism: Implications for Energy FuturesDr Vibha Dhawan       
Amb Manjeev Puri       
Ms Palak Khanna
November 13, 2024       
18:00-19:00 AZT       
WGEO Pavilion, Blue Zone
Panel Session with IPCC Chair and Indian Business LeadersMr RR Rashmi       
Mr Arupendra Nath Mullick
November 14, 2024       
10:00-11:00 AZT       
WGEO Pavilion, Blue Zone
Energy Sustainability as an Industry Growth Agenda to Shape Global South’s Climate AmbitionDr Vibha Dhawan       
Mr RR Rashmi       
Mr Arupendra Nath Mullick
November 18, 2024       
15:00-16:30 AZT       
SE-4, Blue Zone
Holistic approach to climate-resilient, just development: Translating evident into action Dr Vibha Dhawan       
Mr Jiwesh Nandan       
Dr Manish Shrivastava
November 18, 2024       
16:45-18:15 AZT       
Side Event 1, Blue Zone
Governance for Strengthening SDG-Climate SynergiesDr Vibha Dhawan       
Dr Shailly Kedia

Recent Events

 

TERI Policy Briefs

 

Expectations from COP29

 

TERI Delegates @ COP29

Dr Vibha Dhawan

Director General

Mr R R Rashmi

Distinguished Fellow, Green Shipping

Mr Manjeev Singh Puri

Distinguished Fellow, Earth Science and Climate Change

Mr Jiwesh Nandan

Distinguished Fellow, Industrial Energy Efficiency

Dr Jitendra Vir Sharma

Senior Director, Water Waste and Natural Resources

Mr Sanjay Seth

Senior Director, Sustainable Infrastructure

Dr Dipankar Saharia

Senior Director, Social Transformation & Strategic Alliance and Administrative Services & Regional Centres

Ms Suruchi Bhadwal

Director, Climate Change and Air Quality

Dr Ritu Mathur

Director, Energy Assessment & Modelling

Mr Anshuman

Director, Water Resources

Ms Shabnam Bassi

Director, Sustainable Buildings

Dr Shailly Kedia

Associate Director, Sustainable Development and Outreach

Dr Manish Kumar Shrivastava

Associate Director, Earth Science and Climate Change

Mr Sharif Qamar

Associate Director, Transport and Urban Governance

Dr Amit Kumar Thakur

Associate Director, Social Transformation and CSR

Dr Syed Arif Wali

Associate Director, Centre for Sustainable Land Management

Mr Arupendra Nath Mullick

Area Convenor, TERI Council for Business Sustainability

Mr Sayanta Ghosh

Associate Fellow, Land Resources

Mr Varun Grover

Associate Fellow, Land Resources

Mr Aniruddh Soni

Area Convenor, Centre for Biodiversity & Ecosystem Services

Dr Sanchit Saran Agarwal

Associate Fellow, Energy Assessment & Modelling

Ms Palak Khanna

Research Associate, Sustainable Development and Outreach

Ms Tanvi Khurana

Research Associate, Earth Science and Climate Change

Mr K Sai Dinesh

Research Associate, Earth Science and Climate Change

Highlights from COP28