The Paris climate summit is seen to have failed to deliver on climate finance expectations for poorer countries because it did not provide enough funding to help these countries adapt to the effects of climate change and mitigate their emissions. Critical and fragile mountain economy systems like Jammu & Kashmir, facing the brunt of climate change, anxiously awaited the outcomes of the summit, hoping a more just and equitable climate financing agreement would be reached for countries like India. That, unfortunately, did not happen. The World Bank’s decision to only pause debt repayments for countries struggling with climate disaster on new loans, and the UK’s decision to do the same for its existing loans but only for 12 countries in Africa and the Caribbean, is further evidence of a lack of commitment to make less wealthy countries fight climate change meaningfully.
This situation will have a significant impact on developing countries like India that have external debt repayments obligations and are need finance to fight against climate change. These countries will have less money to invest in climate adaptation and mitigation measures, which will make them more vulnerable to the effects of climate change. They will also have less money to invest in their economies, which will slow down their development and make it more difficult for them to escape poverty.
The lack of climate finance is a major barrier to the fight against climate change in developing countries. It is essential that developed countries provide more funding to help these countries adapt to the effects of climate change and mitigate their emissions. This is the only way to ensure that everyone, regardless of their income or location, can live in a safe and sustainable environment.
Under these circumstances, countries India could be forced to divert funds from other essential sectors, such as health and education, to do little to address climate change. India could be less able to invest in climate adaptation measures, such as introducing mass climate resilient farming and building seawalls to protect coastal communities from flooding. Governments would also be less able to invest in climate mitigation measures, such as developing renewable energy sources. Communities could be more vulnerable, something we already see in Jammu and Kashmir to the effects of climate change, such as droughts, floods, and heat waves. It is essential that the international community take steps to provide more climate finance to developing countries like India and make fight against climate change a truly global pursuit.
