COP29: India Pushes For $1.3 Trillion Annual Climate Finance, Stronger Action By Developed Nations

Last Updated:November 15, 2024, 18:58 IST

India strongly asserted that bringing in elements of any new goal outside the Paris Agreement’s mandate is unacceptable, and ruled out any scope for negotiating the 2015 accord

The two-week-long UN Climate Conference continues in Baku, Azerbaijan, as delegates from nearly 200 countries negotiate a deal to finalise the next climate finance goal, the New Collective Quantified Goal (NCQG), to replace the previous commitment of $100 billion per year. (Pic: UN Climate Change Conference)

India at COP29 drew attention to the devastating impacts of climate change on the Global South and called on developed nations to realise and fulfil their responsibility for stronger climate action.

Intervening on behalf of Like-Minded Developing Countries (LMDCs) at the High-Level Ministerial on Climate Finance at the UN Climate Summit in Baku, India pushed for at least $1.3 trillion every year till 2030 to be mobilised by the developed countries through grants, concessional finance and non-debt-inducing support.

This support must address the changing needs and priorities of the developing countries, without imposing any growth-restricting conditions on the provisions of finance, it emphasised.

Delivering the statement, India’s lead negotiator at COP29, Naresh Pal Gangwar, additional secretary in the ministry of environment, forests and climate change (MoEFCC), said this is vital for advancing towards COP30, where all parties are expected to submit their updated ly Determined Contributions (NDCs). “What we decide here will enable all of us, particularly those in the Global South, to not only take ambitious mitigation action but also adapt to climate change. This COP is historic in this context," he added.

NCQG not an investment goal

Making its focus clear on the New Collective Quantified Goals (NCQG) on climate finance which is currently under negotiation, India asserted that it cannot be changed into an investment goal when it is a unidirectional provision and mobilisation goal from the developed to the developing countries.

India also stressed that bringing in the elements of any new goal outside the Paris Agreement’s mandate is unacceptable, and ruled out any scope for negotiating the accord. “The Paris Agreement is clear on who is to provide and mobilise the climate finance – it is the developed countries," it stated.

The statement also made it clear that the developed nations must take the lead in climate action in view of their historical responsibilities and differences in capacities, underscoring the principles of equity and common but differentiated responsibilities. “The context of different national circumstances, sustainable development goals and poverty eradication, particularly with respect to the Global South, should not be lost sight of," it added.

Highlighting that transparency and trust are key to any multilateral process, India stated that there is no understanding of what comprises climate finance, and stressed the need for a meaningful definition of climate finance.

Performance of developed countries ‘disappointing’

India also reminded the rich nations of their previous commitment to jointly mobilise $100 billion per year by 2020, a deadline extended to 2025. The target was not just inadequate, the real amount mobilised has been even less encouraging, it stated, expressing disappointment over the performance of the developing countries in terms of their financial and technological commitments so far.

“The $100 billion was committed in 2009, 15 years ago. We have a common time frame for expressing ambitions every five years. There is a similar need in terms of climate finance. We are very hopeful that developed countries will realise their responsibility to enable enhanced ambitions and make this COP29 a success," the statement read.

The two-week-long UN Climate Conference continues in Baku, Azerbaijan, as delegates from nearly 200 countries negotiate a deal to finalise the next climate finance goal, the New Collective Quantified Goal (NCQG), to replace the previous commitment of $100 billion per year.

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