[Opinion] COP29 – Deliverables in Terms of Climate Goals

CMA(Dr.) Ashish P. Thatte, CMA Puzhakara Sivakumar, Dr. Ranjith Krishnan & CS Anju Panicker – [2024] 169 taxmann.com 103 (Article)

1. Abstract

The 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), also known as the COP29, was held from 11th November, 2024 to 22nd November, 2024 in Baku, Azerbaijan. The summit held promising turn of events in the form of climate finance for developing countries like India to take a leap forward in combating climate crisis and averting its ill effects. The article explores the outcome of the COP29 and its scope for India. There is also impending scope for CMAs and the Sustainability Standards Board (SSB) of the ICMAI with the changing focus on climate crisis in all levels of the economy, where their expertise would be of immense benefit.

2. COPs: History and Importance

The United Nations Framework Convention on Climate Change (UNFCCC) was adopted in 1992 as an international treaty to combat climate change by keeping check on the average global temperatures and its effects on climate. It currently has 198 Parties to it, and has brought in significant outcomes like the Kyoto Protocol (1997), The Paris Agreement (2016). Its adoption can be seen as the first definite global step towards tackling climate crisis, with the Conference of Parties (COP), its decision-making body bringing countries together for discussions and collective action towards the climate goal. The COP holds yearly meetings, and reviews progress of the adopted steps to prevent climate change and the performance of its Parties in various goals set for the same.

With arresting global warming at the root of the COP, the Kyoto Protocol and the Paris Agreement were its landmark outcomes, with these legally binding treaties setting definite achievable goals on its Parties and reviewing progress on a yearly basis. Though the action to be taken towards climate change still remains the need of the hour and the effort needs to be greatly increased in this direction, initiatives under the Kyoto Protocol as well as the Paris Agreement, among other things, have fueled a positive response to low-carbon solutions and establishing carbon neutrality goals in micro and macro levels. The recently concluded COP29, held from 11th November, 2024 to 22nd November, 2024 in Baku, Azerbaijan, also comprised of the 19th session of the meeting of the Parties to the Kyoto Protocol, and the 6th session of the meeting of the Parties to the Paris Agreement.

3. The Kyoto Protocol

The Kyoto Protocol, though adopted on 11th December, 1997 in Kyoto, Japan, came into force on 16th February, 2005 owing to the complex ratification process. 192 countries are Parties to this at present. Its adoption is a milestone in the efforts towards reducing greenhouse gas (GHG) emissions, and places a commitment on the developed nations to stabilize GHG emissions under the principle of “common but differentiated responsibility and respective capability”, rightly identifying these economies are the largest contributors to the high emissions levels. Binding targets were set on developed countries and economies in transition for reducing emissions, with flexibility for each nation in designing the mechanisms for achieving these targets. The first commitment period from 2008 to 2012 aimed for a target to reduce emissions to an average of five percent against the 1990 levels, and the second commitment period from 2013 to 2020 targeted a reduction of 18 percent against this level.

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