Climate Change Accelerates, But Global Response Remains Inadequate

As extreme weather events become more frequent and intense, causing widespread devastation, the world must recognize the gravity of the situation. Enhanced global cooperation, substantial financial commitments, and accelerated implementation of adaptation and mitigation strategies are no longer options, but necessities for safeguarding the planet and ensuring a sustainable future for all

The year 2024 was the warmest year when we compare it with multi-dataset record of global temperature going back to 1850. According to Copernicuss the 2024 Annual Climate Summary in "Global Climate Highlights 2024" 2024 saw unprecedented global temperatures, following on the remarkable warmth of 2023. 2024 had a global average temperature of 15.10°C; 0.12°C higher than previous highest value in 2023.

Moreover 2024 was the first calendar year to exceed 1.5°C above pre-industrial level with 1.60°C warmer than pre-industrial level. It is further to be noted that the last 10 years have been the warmest ten years on record. UNFCCC Paris Agreement aims to "holding the rise in the global average temperature to well below 2.0°C above pre industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels." With this trend of warmest year 2023, 2024 and with the current rate of warming at more than 0.2°C per decade, according to the report, probability of breaching the target of 1.5°C target of Paris Agreement within the 2030 is highly likely.

According to WMO State of the Climate 2024 update 2015-2024 will be the warmest ten years on record, the loss of ice from glaciers, sea level rise and ocean hearing are accelerating and we have witnessed extreme weather is wrecking havoc on communities and economies across the world. Every global report points out the dangers of climate change happening each year due to heat fuelled by human activities and the World Meteorological Organization report in December 2024 again points out the greenhouse gas levels continue to grow to record observed highs, locking in even more heat for the future.

The challenge of climate change has not been receiving the required attention with adaptation and mitigation measures, thereby the climate change events are happening world over and thereby causing misery and pain to human kind and nature, also resulting in mass scale loss and damages. According to UN Secretary General Antonio Guterres, "Every fraction of a degree of warming matters, and increases climate extremes, impacts and risks." In view of climate change happening almost regularly in the form of increased occurance and impact of extreme weather events, the adaptation and mitigation measures are to be taken on a greater measure and countries cannot afford to waste further time to address the issue with enhanced steps and without further loss of time.

It is therefore imperative to recognise the risks of climate change as human caused climate change is accelerating. It is estimated that greenhouse gas emissions must fall by more than 40 per cent by 2030 to meet the goals of the Paris Agreement which with the current trend looks daunting task.

In view of the fact that climate impacts on people and ecosystems are more severe and wide spread, future risks will escalate rapidly with every fraction of a degree warming and creating more resilience with adaptation measures which are suffering due to lack of adequate climate finance particularly at low income and less developed countries.

In the recently held COP 29, only a small fraction of establishing a small mobilisation target of $300 billion annually by 2035 against the overall requirement of $5.1-6.8 trillion by 2030. According to Economic Survey 2025-26 of India, "It is out of sync with the need of the critical decade when action is required to keep the temperature goals of the Paris Agreement within the reach." Hence the Survey points out that the lack of “funds underscores the unwillingness of affluent developed nations to assume their equitable share of the responsibility to address emission reduction and mitigate climate change impacts on vulnerable populations in developing regions."

Various reports calls for global cooperation and support from developed nations and multilateral development financial institutions to allocate and extend substantial amount towards needs of developing countries for adaptation and mitigation measures towards climate change.

While developing countries are in need of further spending on development projects, finding resources for adaptation plans becomes challenging and particularly as few of low and less developed countries are also burdened with heavy debt already which they are finding difficult to service.

In the absence of such adaptation action, they are further vulnerable to recurrence of climate change events and that leads to substantial loss and damages which further require resources to for recovery and rebuild.

Economic Survey 2025-26 also points out that there is a lack of access to international finance for taking adaptation actions. The domestic expenditure for adaptation has increased from 3.7 per cent in financial year 2016 to 5.6 per cent in FY22.

In the absence of international finance which remained grossly inadequate, much of action is being financed from domestic resources. India has been taken and taking various initiatives towards adaptation and widening the source of alternative energy thereby reducing our dependence on fossil fuels and has a clear cut plans in place for achievement of net zero by 2070 with sub targets.

The target to reach 500CW non fossil energy capacity by 2030, 50 per cent energy requirement from renewable energy by 2030, reduction of the carbon intensity of the economy by 45 per cent over 2005 levels by 2030, achieving the target of net zero emissions by 2070, and reduction of total projected carbon emissions by one billion tonnes from now to 2030 are "Panchamrit targets set by India which is finding good progress. According to EY Report, "$10.1 trillion needed to achieve net zero goal by 2070 and at least 35-40 per cent shortfall expected and conventional financing may not be sufficient and every year 4-6 per cent GDP resources are required to achieving net zero by 2070.”

It is gratifying to note that under PM Narendra Modi leadership, India's commitment to reducing its carbon footprint is evident in its focus on renewable energy, clean tech investments and low carbon infrastructure. All stakeholders and all will have to strive and strengthen the government efforts to achieve these goals in the interest of providing future generations safe and secure life.

(The author is former Chairman & Managing Director of Indian Overseas Bank)