From Net Zero to Climate Financing: Key Strategies Shaping COP29

At the 29th Conference of Parties to the UN Framework Convention on Climate Change (COP29), the spotlight is once again on critical climate action. Over the years, COP has been instrumental in shaping policies to address climate change and accelerate sustainable solutions.

In India, a commitment to sustainable development emerged in the early 1990s, coinciding with the Rio Summit of 1992, when Indian Industry, led by the Confederation of Indian Industry, established the CII Centre of Excellence for Sustainable Development (CESD) in 2006. CESD has since championed sustainable development, offering innovative solutions for India and global businesses and aligning with major global climate initiatives such as the upcoming COP29.

Strategic Priorities for COP29

1. Limiting Global Temperature Rise to 1.5 Degrees Celsius

Limiting the global temperature rise to 1.5°C will remain a critical focus at COP29, aligning with the Paris Agreement’s core objective to strengthen the global response to climate change. To achieve this, greenhouse gas emissions must peak by 2025 and decline by 43% by 2030. COP29, occurring just before the 2025 benchmark, will serve as a crucial measure of global progress toward these targets. Many countries may also unveil updated Nationally Determined Contributions (NDCs), due for revision by early 2025, as mandated by the Paris Agreement, which was adopted at COP21 in 2015.

2. Achieving Net-Zero Emissions by 2050

Achieving net-zero emissions by 2050 is a shared global commitment and will be prominent in COP29 discussions. The conference will revisit Article 6 of the Paris Agreement, which addresses carbon markets, allowing countries to trade carbon credits to meet their climate goals. Following the COP26 Glasgow Climate Pact, in which over 140 countries committed to net-zero targets, nations have developed strategies to reduce emissions, phase down coal usage, and prioritize renewable energy. Moving closer to net zero requires sustained commitments, from reforestation and resource conservation to infrastructure innovation.

3. Building Climate Resilience in Vulnerable Communities

Mitigating climate change is essential, but fostering resilience in vulnerable communities is equally critical. Strengthening climate resilience will be a key agenda for COP29, following efforts like the UNFCCC’s Race to Resilience Campaign, launched in 2020 to bolster resilience for 4 billion people. India, too, has pledged to reinforce urban resilience, joining the Race to Resilience last year during COP28. CESD aligns with these global efforts, empowering businesses to adapt to climate-related challenges while building long-term resilience.

4. Advancing Climate Finance

Effective climate action requires significant funding to help countries meet their NDCs. The global goal is to mobilize trillions to advance clean energy, mitigate warming, and address climate-related disasters. COP29 will provide a platform to negotiate the New Collective Quantified Goal (NCQG), revisiting financial targets post-2025 and addressing gaps in climate finance. Achieving net-zero targets will depend on annual financial commitments that ensure all countries can contribute effectively to global goals. Tackling financial disparities will also be essential to reducing the vulnerabilities of low-income nations and fostering global climate security.

Working closely with stakeholders to drive meaningful change, CESD collaborates on a broad spectrum of intersecting areas, including Circular Economy, Climate Action, Biodiversity & Nature, and Resilient Business & Society. By forming sustainable alliances and fostering sustainability consciousness, CESD is shaping a more resilient future, empowering businesses to make long-term commitments. Through targeted interventions and strategic partnerships, CESD equips Indian Industry to address complex sustainability challenges and to build resilience across sectors.

As the ecosystem creator for sustainable development, CESD’s work underscores India’s commitment to a low-carbon, circular economy, reinforcing the country’s leadership in global climate action. At COP29, CESD will work towards supporting India’s long-standing commitment to sustainable practices and climate resilience.