Let COP26 Not Be A Cop-Out

Context: Discussing the needs of developing countries, including India, at COP 26 (Glasgow) scheduled in October-November 2021.

What developing countries should ask for -

• Close financing gap in adaptation: According to UN Environment Programme (UNEP), developing countries need for adapting to climate change will amount to $180-300 billion a year by 2030.
  • Finance flows directed at the adaptation needs of developing countries are outstripped by mitigation flows by a ratio of 1:18.
• Push for a decision on ‘loss and damage’: The unavoidable losses caused by climate change, such as sea-level rise, must be taken care of.
  • The Maldives and the Pacific states are already considering buying up land to relocate their people. There is need for clarity in vision.
• Better measurement and understanding of adaptation: The absence of recognised and standardised measurements has become the key reason that ‘donors’ ignore adaptation finance.
• Less Environmental, social and corporate governance (ESG)-‘washing’: 
  • Current ESG investments are at $40 trillion. But this seems to be making no difference in overall climate trends as there are increased methane emissions and degrading social indicators 
  • There is a need to examine the impact that this money is making on social equality, empowerment and inclusion, people’s resilience and overall greenhouse gases.
  • Developing countries, because they are far more vulnerable socially and environmentally, should push for these contractual and verification systems that are validated locally.
• The world needs to move on carbon pricing: Prices need to reflect the true costs of production.
  • Entire industry will need to be created to understand carbon outflows and inflows. This will, in turn, lead to a more honest understanding of social and environmental impacts.
• Innovation and evidence on what works to improve climate resilience: Innovation in this space and understanding what works is both possible because of technology and data. 
  • While cash transfer and self-help groups have been implemented well, other popular investments have more nuanced impacts.
  • For e.g. payment for ecosystem services may work but are usually exclusionary; community-driven development programmes work to increase public infrastructure but do not increase social cohesion.

Conclusion: Climate change is a wicked problem. Dealing with it means we find solutions at the intersection of social, technological, economic and natural systems.