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India on Monday made a strong intervention at the third meeting of the ad hoc work programme on the new climate finance goal, asserting that there should be “no digressions” from provision of finance to developing countries.
The Indian spokesperson said the new collective quantified goal is neither an investment goal nor a domestic mobilisation goal.
“The goal is for developing countries to be provided finance by developed countries and there should be no digressions from this,” the Indian spokesperson said, at the meeting that began on Monday, in views that align with the Arab group, Like Minded Developing Countries, Alliance of Latin America and the Caribbean, and Alliance of Small Island States.
A para, in the draft of the new climate finance goal, which talks of economic capacities, emission profiles and on how parties can contribute to the goal should be removed, India has said.
HT reported last week that the UN has published a draft on the new collective quantified goal or a new climate finance goal for mitigation of climate change. The draft indicates that developing countries are expecting the new goal to be in trillions which will be contributed by developed countries for mitigation efforts in developing countries. But, the US has not defined a number or a timeline yet, and has said that it expects contributions from all sources including “contributing parties”.
Under the UNFCCC principle of “common but differentiated responsibility and respective capabilities”, developed countries that have historically contributed more to global greenhouse gas emissions are expected to take the lead in addressing the climate crisis.
An option in the draft of the new finance goal has suggested recognizing the evolving needs and circumstances of the countries. “Recognition that needs, priorities, national circumstances, economic capacities and emissions profiles are constantly evolving and dynamic,” it said.
According to the draft, the European Union suggested that “collective goal can only be reached if Parties with high GHG-emissions and economic capabilities join the effort”.
“We strongly object to this language,” India’s spokesperson said, pointing to texts on economic capacities and emission profiles in the draft.
She said that there are some parts in the draft text that are outside the Paris Agreement. “We are not here to renegotiate the Paris Agreement as it appears that paras in current draft,” she said, adding that there should be “no compromise on the essence that developed countries respond to developing country needs through the goal without restricting their sovereignty in policy making and CBDR-RC.
She added that the preamble should cite all relevant articles of United Nations Convention on Climate Change and Paris Agreement, given divergence in views of parties.
China, which spoke before India, made similar interventions and said NCQG is not a domestic finance goal or an investment goal, and the mention of mobilization of $100 billion in 2022 remains unsubstantiated.
“India is standing firm in reminding wealthy nations that climate finance is not a business venture — it is a moral and legal obligation. For too long, developed countries have dodged their responsibilities, neglecting the financial support owed to those least responsible for the climate crisis. Now, they seek to water down their commitments with private sector investments. Wealthy nations must stop evading their duty and commit to the public finance needed, now running into trillions, due to decades of their inaction and failure,” said Harjeet Singh, Climate Activist and Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative.
According to the draft document, the Like-Minded Developing Countries (LMDC) group, which includes India, expects at least $1 trillion mobilised by developed countries yearly from 2025 to 2030, with updates until 2035 based on evolving needs.
The COP29 Presidency, meanwhile, has said its top priority is ensuring a fair and ambitious NCQG.
“The Presidency’s top negotiating priority is the agreement of a fair and ambitious NCQG that takes into account the needs and priorities of developing country Parties. These meetings are a critical opportunity to make substantive progress in realising this ambition,” said COP29 President-Designate Mukhtar Babayev in a statement welcoming parties and observers to the meeting on Monday.