The Global Climate Action Summit, held in Kolkata this week, has concluded with a groundbreaking agreement that establishes differentiated emission reduction targets for developing nations, acknowledging the principle of common but differentiated responsibilities.
The Kolkata Declaration, as it has been named, commits participating nations to reducing carbon emissions by 45% by 2035, while providing a flexible framework for emerging economies to transition at a pace consistent with their development needs.
India played a pivotal role in brokering the agreement, with the Environment Minister chairing the crucial final negotiating session that lasted 18 hours.
Financial commitments
Developed nations have pledged $200 billion in climate finance over the next five years, a significant increase from previous commitments. The funds will be directed towards renewable energy infrastructure, climate adaptation, and loss and damage in vulnerable nations.
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