Eminent economist Jeffrey Sachs is not optimistic about COP29 and adds that international efforts have entered a phase of drift. He highlights the growing climate crisis, pointing out that despite urgent needs for financing—especially for low-income countries to invest in clean energy and climate resilience—the money simply isn’t available. Sachs laments the repeated promises by rich countries to provide financial support, but these commitments have consistently fallen short.
He specifically mentions the unfulfilled $100 billion per year pledge made in 2009, which was supposed to be realised by 2020. Despite multiple announcements, the promised funds were never delivered, and the terms for what constitutes available finance remain undefined. Sachs also cautions that the current administration in the United States is ineffective, and future administrations, particularly if led by former President Trump, might worsen the situation by withdrawing from international climate agreements. This weak global leadership and absence of tangible action makes decisive breakthroughs unlikely in the short term.
On the Climate Crisis and Geopolitical Tensions
Sachs stresses that, unlike the political games played in global summits, nature is indifferent to the delays and continues to exacerbate the crisis. Warming rates are accelerating, with temperatures increasing at a pace more than double that of the past few decades. As a result, the global target of keeping warming below 1.5°C is already unattainable, with the likelihood of surpassing 2°C or even 3°C rises in the future. Additionally, Sachs points out that key global leaders, including heads of state and financial institution leaders, are absent from COP29, further diminishing hopes for a breakthrough. He attributes this to the global political environment, with competing priorities and low expectations surrounding this year’s summit.
On Carbon Trading and SDGs
When asked about carbon trading, Sachs acknowledges some progress, especially with Article 6 of the Paris Agreement, but he remains sceptical about it being a decisive solution to the climate crisis. He views carbon trading as a useful tool but not a game-changer compared to national commitments or international financial mechanisms.
Turning to the SDGs, Sachs highlights the stark reality that only 16% of the targets are on track. He attributes this lag to insufficient political will, inadequate global cooperation, and especially a lack of financing. The upcoming International Conference on Financing for Development, he notes, will be a crucial opportunity for world leaders to agree on a financial architecture that ensures both wealthy and poorer nations can fund their sustainable development efforts. Sachs is particularly focused on reforming global financial institutions like the IMF, World Bank, and credit rating agencies to facilitate these investments. He emphasises that SDGs are not merely political or moral commitments but require substantial financial investments to improve lives globally.
On Extending the SDGs Timeline and Revising Goals
Given the current state of progress and the challenges faced by many nations, Sachs advocates for extending the SDGs timeline beyond 2030. He argues that the original timeline was overly ambitious, and with geopolitical crises, the COVID-19 pandemic, and conflicts like the war in Ukraine, meeting these targets by 2030 is increasingly unrealistic. Instead, Sachs suggests a long-term focus on achieving these goals by mid-century. He advocates for governments to shift to a longer-term perspective, extending beyond annual budgets or political cycles to foster sustainable planning in areas such as energy, infrastructure, and technology.
Furthermore, Sachs supports revising the SDGs to reflect the new realities of the world. While keeping the fundamental framework intact, he believes the goals need to be updated to include pressing issues such as the digital economy and artificial intelligence, which were under-emphasised when the SDGs were first established in 2015.
Sachs emphasises the importance of not abandoning the existing framework, as many governments have already invested heavily in aligning their policies with the SDGs. However, he acknowledges that new global challenges, particularly technological advancements and climate change, must be incorporated into the goals to ensure their relevance and success.
On India’s Role in Global Development
Sachs is optimistic about India’s future, recognising its rapid economic growth, digital transformation, and leadership in technological innovations. However, he underscores India’s vulnerability to climate change, with extreme temperatures, droughts, and climate disasters exacerbating its challenges.
Sachs calls for India to take a leading role in global climate action, both in transforming its energy system to clean sources and in advocating for richer nations to take responsibility for their historical emissions. He references Kim Stanley Robinson’s Ministry for the Future in which India has a central role. Sachs shares this vision, emphasising India’s potential to drive global policy and its urgent need to address both its own climate vulnerabilities and its role in the global ecosystem.
