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At the High-Level Ministerial on Climate Finance during COP29 in Baku, India, representing Like-Minded Developing Countries (LMDCs), pushed for the urgent need for heightened climate ambitions to address escalating climate disasters.
Delivering India’s statement, Naresh Pal Gangwar, Additional Secretary of the Ministry of Environment, Forest and Climate Change (MoEFCC) and lead negotiator at COP29, highlighted the disproportionate impacts of climate change on the Global South. “Extreme weather events are becoming more frequent and severe, impacting millions, especially in developing nations,” he said. “This COP is historic as it shapes the future of our climate response.”
India’s intervention reaffirmed the principles of equity and common but differentiated responsibilities (CBDR) outlined in the UNFCCC and the Paris Agreement.
It emphasised that developed countries must commit to providing at least $1.3 trillion annually until 2030 through grants, concessional finance, and non-debt-inducing support.
“Climate finance must cater to the evolving priorities of developing nations without growth-inhibiting conditionalities,” India’s statement urged, adding that the New Collective Quantified Goal (NCQG) should strictly adhere to the Paris Agreement’s unidirectional financial commitment from developed to developing nations.
India strongly opposed any attempts to alter the Paris Agreement’s provisions or introduce new elements outside its mandate.
The statement called for greater transparency, criticizing developed countries for failing to meet their $100 billion annual climate finance pledge, a target set in 2009 and extended to 2025.
“Fifteen years later, the $100 billion goal remains unmet, inadequate, and inconsistent with developing countries’ actual needs,” Gangwar stated. He stressed the need for a clear definition of climate finance to enhance trust and transparency in multilateral negotiations.
India emphasised the importance of the Standing Committee on Finance’s work but called for further efforts to establish a meaningful definition of climate finance.
India urged developed nations to fulfill their financial responsibilities, enabling enhanced climate action and ensuring COP29’s success.
“Transparency and trust are the backbones of any multilateral process,” the statement said, pressing for robust outcomes to set the stage for COP30 and the next round of Nationally Determined Contributions (NDCs).