Wed Nov 13 08:03:21 UTC 2024: ## India Calls for Fair Climate Finance at COP29
**Baku, Azerbaijan:** India, representing the Like-Minded Developing Countries (LMDCs) bloc, has reiterated its call for equitable financial support from developed nations at the ongoing COP29 climate negotiations in Baku, Azerbaijan.
The LMDCs expressed concern that nearly 69% of reported climate finance comes in the form of loans, which adds to the financial burden of vulnerable countries. They also voiced strong reservations against any new financing principles that could create an uneven playing field, potentially favoring nations with established investment infrastructure and marginalizing smaller economies.
India, alongside other LMDC members, advocates for sustainable climate finance that ensures accessibility for all developing nations. The bloc is pushing for a multilaterally agreed definition of climate finance to ensure consistency and transparency in financial commitments.
The LMDCs continue to emphasize the principle of “common but differentiated responsibilities” (CBDR) in addressing climate change, highlighting the need for developed nations to fulfill their financial commitments. They argue that reaching the USD 100 billion annual climate finance goal set years ago is crucial for building trust and facilitating effective climate action.
The negotiations on climate finance are expected to be intense, with the LMDCs advocating for an approach that prioritizes fairness and flexibility in meeting the climate needs of developing countries.
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