India’s Firm Stand on Climate Finance at CoP29 – A Call for Equity and Action

Kumar Rakesh
New Delhi, 16th Nov. At the High-Level Ministerial on Climate Finance during the CoP29 Summit in Baku, Azerbaijan, India has once again emerged as a strong advocate for developing countries, reiterating the critical need for equitable climate finance and the mobilization of resources to tackle the global climate crisis.

Speaking on behalf of the Like-Minded Developing Countries (LMDCs), Shri Naresh Pal Gangwar, India’s lead negotiator at CoP29, emphasized the increasingly severe impact of climate change, particularly on the Global South. As extreme weather events become more frequent and intense, it is clear that the developing world is bearing the brunt of climate inaction. India’s intervention, delivered with a sense of urgency, called for enhanced ambition on climate action and for developed nations to fulfill their historical responsibilities by committing to climate finance.

A central tenet of India’s statement was the reiteration of the principles of equity, common but differentiated responsibilities, and respective capacities (CBDR-RC), which form the bedrock of the UNFCCC and the Paris Agreement. These principles, which recognize the differing capacities and historical emissions of countries, must underpin any agreement at CoP29, especially as the world looks to the New Collective Quantified Goal (NCQG) on climate finance.

India has called for developed nations to mobilize at least USD 1.3 trillion annually by 2030, a commitment that would provide grants, concessional finance, and non-debt-inducing support to developing countries. This funding should be without growth-inhibiting conditionalities, enabling nations in the Global South to pursue climate mitigation, adaptation, and sustainable development without compromising their economic growth prospects. The demands are clear – climate finance should be transformative, sufficient, and free from the constraints that limit the developmental aspirations of these nations.

As India rightly pointed out, the NCQG on climate finance should not be turned into an investment goal. The Paris Agreement mandates that the provision and mobilization of climate finance should be the responsibility of developed nations. This is not just a matter of financial support; it is about fairness and global solidarity in the fight against climate change. For too long, the commitments made by developed countries have been insufficient, and their failure to meet promises made in previous summits, such as the $100 billion annual target, has only eroded trust in the multilateral process.

India also highlighted the need for a clear, universally accepted definition of climate finance. Transparency and accountability are essential for building trust among nations, and the lack of clarity on what constitutes climate finance has been a significant roadblock. The country’s demand for a robust and clear framework will help ensure that the finance being provided aligns with the goals of the Paris Agreement and responds to the evolving needs of developing nations.

The Prime Minister’s vision for climate action hinges on equitable support for developing countries, and India’s statement at CoP29 exemplifies this approach. While the $100 billion target, initially set for 2020, has been extended to 2025, it remains grossly inadequate in meeting the actual needs of developing countries. As India pointed out, the funds committed in 2009 are no longer relevant to today’s challenges. The developed countries must step up and provide enhanced finance to enable nations like India to build resilience against climate change, pursue sustainable development, and contribute to global climate goals.

The stakes are high, and the climate crisis demands immediate and ambitious action. India’s intervention at CoP29 serves as a timely reminder to the international community that climate justice is essential for achieving global climate goals. As the world continues to face the consequences of unchecked climate change, it is imperative that developed nations honor their commitments and work collaboratively with the Global South to build a sustainable and equitable future for all.

In conclusion, India’s position at CoP29 is clear – climate finance must be rooted in equity, transparency, and solidarity. The developed world must fulfill its historical obligations and financial commitments to ensure that developing nations can adapt to and mitigate the impacts of climate change. This CoP is indeed a historic opportunity to set the course for a fairer, more resilient world. It is time for global leaders to act decisively and without delay.