NEW DELHI: India in its latest submission to the
UN climate
body has called for developed countries to provide “at least” $1 trillion per year in climate finance to developing countries from 2025 for taking required actions to face the challenges of
global warming.
It’s not only a jump from the existing goal of $100 billion per year but also in sync with what the G20 New Delhi Declaration estimated it last year. India in its submission also reminded the rich nations of their “unmet $100 billion target” and urged them to take lessons from their failure while finalising new commitments.
India made its five-page submission before the United Nations Framework Convention on Climate Change (
UNFCCC
) on Feb 13 on the new collective quantified goal (NCQG) for climate finance.
Details under the new goals for 2025-35 are expected to be decided at the 29th session of UN climate conference (COP29) in November in Baku, Azerbaijan. Besides submitting its own proposal, India has also submitted the relevant documents on behalf of like-minded developing countries (LMDC) on Feb 16. The LMDC includes China, Pakistan, Indonesia, Nepal, Bhutan and Sri Lanka.
Though the European Union and several other countries, including the USA, UK, Australia, Canada, Norway and Japan, have submitted documents on the NCQG, India is possibly the first country to put a number on it.
It said, “In line with the needs of developing countries, developed countries need to provide at least $1 trillion per year, composed primarily of grants and concessional finance.” India also underlined that the quantum “can be scaled up in proportion to the rise in the needs of developing countries” as per updated needs determination report.
In addition, the country also emphasised that the fund flow under the new goal should be “affordable, accessible, new, and additional”. Besides, India also underlined that the NCQG should effectively embody equity, and common but differentiated responsibilities, and respective capabilities (CBDR-RC).
Noting that climate finance is an important enabling pillar for climate action under the UNFCCC and its Paris Agreement, India said, “To be effective and in line with the decisions so far, the goal must have quantum, time frame, and qualitative elements.
“The time frame needs to be 10 years (2025-35) and should have annual mobilization targets for 2025-30 and 2030-35 separately to be in sync with nationally determined contribution (NDC) cycles and UNFCCC processes.”
Referring to the rich nations’ unmet $100 billion per year target, India suggested that developed countries must adopt a proactive stance towards fulfilling their climate finance commitments.
“By addressing past shortcomings and rectifying deficiencies, developed countries can instill greater confidence and trust in the climate finance process, fostering a conducive environment for effective collaboration and progress,” said India in its submission.
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