17th December 2022 (6 Topics)
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Funding the energy transition
Context:
The long-term low-carbon development strategy is a fitting response from India. But when it comes to financial responsibility on the pathway to net zero, there is a need for better guidance.
Rift between developing and developed countries
- Financial Responsibility: There is a rift between developed & developing nations on account of asymmetries between the incidence of the financial responsibility assumed for climate change.
- Disproportionate Impact: About 92 percent of historical emissions are attributed to developed countries, still the economic impact of climate change is unfairly borne by developing nations.
- Dual costs of Transition: Costs of shifting away from fossil fuels & of climate catastrophes under the ongoing slowdown, inflation & sovereign debt raises red flags for developing nations.
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