The annual COP summits on climate change, once hailed as landmark of global cooperation, have become predictable spectacles of high drama and low delivery. Leaders announce ambitious targets, delegates craft carefully worded declarations, and the Global North dominates the narrative. Yet, year after year, the outcomes fall short of the promises, leaving the most vulnerable nations to bear the brunt of climate crises they did not create.
India, a leading voice of the Global South and one of the most climate-vulnerable nations, must now ask itself: Are these summits still worth attending? The COP29 in Baku has again exposed the structural inequities of these forums. While the Global South demands urgent action and fair financing, the Global North offers only incremental pledges — often wrapped in the guise of loans that further burden struggling economies.
India has a choice. It can continue to participate in a broken process that perpetuates inequity or lead a transformative initiative by hosting a Global South Climate Summit. Such a platform would refocus the climate debate on justice, equity, and actionable solutions — principles that are crucial for the survival of billions.
A Crisis of Climate and Credibility
The statistics paint a grim picture. Climate disasters kill hundreds of thousands annually and cause over $300 billion in economic losses, disproportionately impacting the Global South. According to the World Bank, by 2030, climate change could push 132 million people into poverty, with South Asia bearing a significant share of this burden. India, with its 1.4 billion people, is already facing the consequences: unprecedented heatwaves, erratic monsoons, and catastrophic floods are wreaking havoc on lives and livelihoods.
Yet, at COP29, the so-called New Collective Quantified Goal on Climate Finance — an agreement to triple climate finance to $300 billion annually by 2035 — falls woefully short of the $1.3 trillion demanded by developing nations. Worse, much of this finance will likely come as loans rather than grants, exacerbating debt in countries already struggling to meet basic developmental needs.
These outcomes are symptomatic of a deeper problem. COP summits, underpinned by principles of equity and common but differentiated responsibilities, have been hijacked by the Global North’s agenda. The focus has shifted from justice to convenience, from action to rhetoric.
Western nations have long relied on domestic economic challenges — such as inflation, unemployment and voter resistance — to justify avoiding climate finance commitments. While these concerns are real, they ignore the global nature of climate risks, which inevitably affect developed countries through supply chain disruptions, migration crises, and geopolitical instability. Climate finance should be reframed as an investment in global resilience, aligning both public and political will in developed nations to safeguard their own economic and security interests.
Western nations often deflect responsibility by citing rising emissions from countries like India and China, claiming these nations should contribute more to global mitigation. Yet, while emerging economies are investing in clean energy, their cumulative emissions remain a fraction of those from the Global North. The responsibility for solving this crisis remains with the developed nations, which have historically been the largest contributors. The principle of common but differentiated responsibilities is not charity but a rather requires climate justice, requiring those who caused the damage to finance the solutions.
Another usual tactic is shifting the burden to the private sector, suggesting market forces should drive climate solutions. While private capital is necessary, public finance is essential for foundational projects in areas like disaster adaptation and rural electrification, where profitability is low but stakes are high. Western nations must lead by creating blended finance models that use public funds to de-risk private investments, ensuring significant resources are mobilised without abandoning their own financial commitments.
To address concerns about transparency and misuse of funds, climate finance should be clearly defined as grants or concessional funding, not loans or repackaged aid. New funding mechanisms must prioritise transparency with independent audits, clear reporting, and pooled funds managed by multilateral bodies to ensure efficient, equitable allocation. Simplified processes and minimal conditionality will dismantle bureaucratic barriers and ensure the Global South can hold Western nations accountable for meaningful, actionable commitments.
The Case for a Global South Climate Summit
India has been a consistent advocate for climate justice. Its initiatives, such as the International Solar Alliance and Mission LiFE (Lifestyle for Environment), showcase its commitment to sustainability and equity. India’s push for renewable energy, ambitious emissions targets, and advocacy for the principle of “common but differentiated responsibilities” underline its leadership.
But continued participation in COP summits risks undermining India’s credibility. These gatherings, dominated by Western priorities, offer little scope for addressing the urgent needs of the Global South. Instead, India should lead by example, creating a platform that is by and for the nations most affected by the climate crisis.
A Global South Climate Summit, hosted by India, could serve as a turning point. This initiative would:
1. Prioritise Vulnerable Nations: Unlike COP, where the agenda is often dictated by the Global North, this summit would focus exclusively on the needs of climate-vulnerable countries.
2. Ensure Tangible Outcomes: The summit would move beyond rhetoric, fostering actionable solutions in areas like adaptation, renewable energy transitions, and disaster resilience.
3. Promote Climate Democracy: By giving equal representation to smaller nations, the summit would democratise the climate debate and amplify voices that are often sidelined.
To bring the wealthier nations to the table and ensure their commitments translate into action, India and the Global South must rethink their strategy. Relying on appeals to morality or historical responsibility has proven ineffective, as these nations continue to evade accountability despite their outsized role in the climate crisis. A practical solution is to tie their participation to tangible contributions. For instance, the proposed Global South Climate Summit could require advanced economies to deposit a baseline climate finance contribution into an escrow fund as a prerequisite for entry. This fund, managed transparently and independently, would ensure that their presence is tied to measurable financial support rather than empty rhetoric. Additionally, leveraging geopolitical and economic negotiations—such as linking access to markets or trade benefits to climate finance commitments—could create additional incentives for these nations to engage meaningfully. By shifting the burden of proof from vulnerable nations to wealthier ones, this approach would turn promises into resources, ensuring that participation equates to genuine action.
India’s leadership in hosting this summit would align with its broader geopolitical strategy. As a champion of multilateralism, India has consistently advocated for a more equitable international order. Partnering with other Global South leaders, such as Brazil and South Africa, India could create a coalition that challenges the dominance of the Global North while offering constructive solutions.
This approach need not undermine COP processes. Instead, it could complement them, serving as a preparatory forum that consolidates the Global South’s position and strengthens its bargaining power at future summits. The latest IPCC report is unequivocal: the world is on track to exceed 1.5°C of warming within the next decade, with catastrophic consequences for humanity. The window for action is closing rapidly. For the Global South, this is not merely a crisis of climate but a crisis of survival.
The fractured world we inhabit today needs bold leadership and decisive action. India, with its rich history of resilience and innovation, is uniquely positioned to rise to this challenge. A Global South Climate Summit would not only address the immediate needs of vulnerable nations but also challenge the status quo of global climate diplomacy.
The Global South deserves better than hollow promises and incremental pledges. It deserves a platform that prioritises its concerns, delivers tangible results, and holds the Global North accountable. The question is not whether India should act but how soon it will lead.
If not now, when?
Dr Srinath Sridharan is a corporate adviser and independent director on corporate boards. X: @ssmumbai