From the CEO’s Desk: Demand accountability, deliver finance

Dear friends and colleagues

As we head into the second week of COP29 Azerbaijan , the stakes have never been higher for the Global South and the world at large. We are calling for accountability, tangible climate finance, and meaningful action to protect the most vulnerable. The promises made at COP28, while ambitious on paper, left the door open for major emitters to delay real change. COP29 must close that door to ensure that developing countries like India can decarbonise without compromising economic growth, as I wrote recently in The Indian Express.

New CEEW Climate Accountability Matrix shows G20 countries need to step up on climate action

CEEW launched a Climate Accountability Matrix at our press conference in Baku last week. The matrix is a first-of-its-kind assessment tool from the Global South that analyses the performance of G20 members in climate aspects across five themes and 42 indicators. These go beyond mitigation and include adaptation and means of implementation. We found that while developing countries aim to reach net zero in 33 years on average, developed ones will take 51 years on average. More importantly, most G20 countries need to significantly step up climate action.

We also launched three major studies to underline the urgency of this moment.

1. On loss and damage: 65 per cent of global climate events lack economic damage data, rising to 90 per cent for Small Island Developing States and over 70 per cent for India. COP29 must prioritise data systems that give every country, especially the most vulnerable, the tools to track their losses, assess risks, and make informed decisions on financial needs. Let’s start by asking who has the data, who needs it, and how to close that gap swiftly. ?
2. On India's climate policies: Our findings show that India’s climate policies will reduce approximately 4 billion tonnes of CO? emissions between 2020 and 2030, compared to a no-policy scenario. That is nearly 1.6 times the European Union’s emissions in 2023. This is ambition in action, and the foot cannot be taken off the pedal now. To enable such efforts in the Global South, COP29 must ensure climate finance flows to developing countries without riders. Read our latest study. ?
3. On climate finance: ?We found that no developed country has deposited 100 per cent of the funds they pledged. The New Collective Quantified Goal on finance being decided at COP29 must be in the trillions. As my colleagues at the CEEW-Centre for Energy Finance wrote in The Hindu Explained (paywall), these funds should be “(i) actual disbursals, not just commitments; (ii) new and additional; (iii) public capital in the form of direct grants; and (iv) private capital mobilised by public capital.” More importantly, as climate disasters increase, the money needs to flow for adaptation, not just mitigation. Read more.

These negotiations are playing out at COP29 under the shadow of several geopolitical tensions. However, India must continue to pursue strategic partnerships such as the one with the US, which presents a unique opportunity to lead on green trade. I outlined this in greater detail in my recent Foreign Affairs (paywall) article with Trevor Sutton.?

As we collectively advance climate ambition, it is time the world delivers on accountability, ensuring equity and justice for those most vulnerable to climate change.?

Snapshot from COP29

Last week at COP, I spoke at UN Secretary-General H.E. Mr António Guterres's High-Level Event on Net-Zero Emission Commitments. Watch my full address here.

Very best

Arunabha

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