TAG: GS-2: IR & GS-3: ECOLOGY AND ENVIRONMENT
CONTEXT: The Conference of Parties (COP-29) will be held in Baku, Azerbaijan from 11 to 22, 2024. In which the focus will be on reducing methane emissions.
EXPLANATION:
About COP29:
- Azerbaijan, as the host, will lead the 29th edition of the conference. It will build upon the agenda set in COP 28 in Dubai. Key points include transitioning away from fossil fuels to achieve net zero by 2050.
- Azerbaijan will aim to guide countries toward consensus on addressing the climate crisis, emphasizing the urgency of keeping global temperatures from rising more than 1.5°C above pre-industrial levels.
- A major issue to be addressed is the unfulfilled 2009 commitment by developed countries to provide $100 billion annually to developing countries for climate action.
- In 2024, the conference is expected to set a new annual target above $100 billion and determine whether the funds will be grants or loans.
Challenges in Achieving Net Zero:
- Many developing countries lack the institutional capacity and financial awareness needed to prepare effective NDCs.
- Nationally Determined Contributions (NDCs) are climate action plans that countries create to help meet the goals of the Paris Agreement.
- NDCs are self-defined pledges that outline how countries will reduce emissions, adapt to climate change, and secure funding to support these efforts.
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- Wealthy nations have hit a limit on their willingness to contribute to global conservation efforts, complicating the mobilisation of the targeted $200 billion annually by 2030.
- They are short- to medium-term plans that must be updated every five years with more ambitious goals based on each country’s capabilities.
- Azerbaijan is working towards its goal of carbon neutrality by 2050, but more support and awareness are needed to achieve this target.
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- NDCs are crucial for countries to contribute to reducing greenhouse gas emissions and meeting the 1.5°C target.
- Several countries submitted their latest NDCs by 2023, with the next submissions expected by 2028.
- Countries are increasingly looking towards private funding sources to fill the financing gap.
Opportunities and Strategic Leverage:
- COP29 and Methane Diplomacy: The U.S.-China partnership on methane offers India a strategic opening to seek international support for sector-specific methane reduction efforts.
- Waste Sector Focus: By emphasizing waste management, India can secure financing and technical assistance to improve waste infrastructure and methane capture projects.
- Agriculture-Specific Innovations: Targeted assistance can help India develop and adopt methane-reducing practices in agriculture, such as alternative wetting and drying techniques in rice cultivation.
What is Conference of the Parties (COP)
The COP is the supreme decision-making body of the Convention. All States that are Parties to the Convention are represented at the COP, at which they review the implementation of the Convention and any other legal instruments that the COP adopts and take decisions necessary to promote the effective implementation of the Convention, including institutional and administrative arrangements.
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