Stress on Multilateralism and Climate Policy
The current global climate policy framework is under severe strain, largely due to the US's withdrawal from major international treaties, including those aimed at climate protection. This has weakened the moral and ethical foundations of climate policy.
Challenges to Global Cooperation
- The absence of the largest economy, the US, from these multilateral bodies threatens global cooperation.
- There is a growing preference for bilateral and plurilateral deals, moving away from consensus-based legal orders.
Climate Goals and Implementation
- Scientific assessments suggest we may exceed the temperature stabilization target of 1.5 degrees Celsius.
- The US policy shift could reduce investments in clean energy, widening the achievement gap.
- The Global Implementation Accelerator was developed to focus on executing agreed actions rather than seeking procedural legitimacy.
Key Challenges
- Climate Finance: The most challenging issue, with global flows estimated at $1.9 trillion annually, far below the $6-9 trillion needed for a 1.5-degree trajectory.
- India's financing needs are projected at $10-20 trillion by 2070, but current flows are only $135 billion annually.
Need for Global Cooperation
- Multilateral cooperation must remain insulated from unilateral trade actions under the guise of climate protection.
- Global standards for carbon consumption should not be imposed unilaterally.
- Development strategies should include the voices of marginalized communities to ensure equitable outcomes.
India's Role and Opportunity
- India advocates for equity-based global cooperation and has aggressive domestic climate goals.
- The upcoming World Sustainable Development Summit hosted by TERI provides a platform for dialogue between developed and developing nations.
This summit is an opportunity for India to reaffirm its leadership in the Global South, promoting the principles of Vasudhaiva Kutumbakam and Sabka Saath Sabka Vikas.
