Developed nations must mobilise USD 1.3 Trillion annually to combat Climate Change: India

Baku (Ajerbaijan), Nov 15 (FN Agency) India on Friday iterated that the developed countries need to provide and mobilise at least USD 1.3 trillion every year till 2030 to fight against Climate Change. Intervening on behalf of Like-Minded Developing Countries (LMDCs), at the ongoing COP29 here in Azerbaijan, Naresh Pal Gangwar, Additional Secretary in the Ministry of Environment, Forest and Climate Change (MoEFCC) said extreme weather events are so frequent and increasingly strong, that the impacts are being felt by the people of the global south, especially. “We are at a crucial juncture in our fight against Climate Change. 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 said. India stated that the funds must be mobilised though grants, concessional finance and non-debt-inducing support that cater to the evolving needs and priorities of developing countries, without subjecting them to growth-inhibiting conditions in finance.

Talking further on the importance of the New Collective Quantified Goals (NCQG) on Climate Finance, the statement emphasised 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. “Paris Agreement is clear on who is to provide and mobilise the climate finance – it is the developed countries,” it added. Asserting that “Transparency and Trust” are the backbones of any multilateral process, he said, “India noted that there is no understanding of what comprises climate finance. Developed countries’ performance regarding their existing financial and technological commitments has been disappointing”. “Bringing in the elements of any new goal, which are outside the mandate of the convention and its Paris Agreement, is unacceptable,” Gangwar said. The statement ruled out any scope for re-negotiation of the Paris Agreement and its provisions. India’s intervention stated that a clear definition of climate finance, in line with the provisions of UNFCCC and its Paris Agreements, will promote transparency and is vital for furthering constructive deliberations and building trust.

“In this regard, the statement said, “We take note of the work carried out by the Standing Committee on Finance, however, there is need to further work in arriving at a meaningful definition of climate finance “, he said. The statement emphasised the intervention called out by the developed countries and stated that they committed to jointly mobilise $100 billion per year by 2020, a deadline extended to 2025. While the $100 billion target is already inadequate compared to the actual requirements of developing countries, the real amount mobilised has been even less encouraging. “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 said.