Fri Nov 15 12:08:24 UTC 2024: ## India Demands $1.3 Trillion Yearly in Climate Finance from Developed Nations at COP29
**Baku, Azerbaijan –** India has urged developed nations to commit to providing at least $1.3 trillion annually until 2030 in climate finance, rejecting attempts to redefine the funding as an “investment goal.” This demand was made by India’s lead negotiator, Naresh Pal Gangwar, during the ongoing COP29 climate talks in Baku.
The statement, released by India’s Union Environment Ministry, emphasizes that climate finance, crucial for developing countries’ transition to renewable energy, is a unidirectional obligation of developed nations, as clearly outlined in the Paris Agreement. Currently, negotiations center around the New Collective Quantified Goal on Climate Finance (NCQG), aiming to replace the $100 billion annual target (2020-2025), which was only met in 2022 and deemed insufficient.
India, representing the Like-Minded Developing Countries (LMDCs), highlighted the escalating impacts of climate change and stressed the need for a significant increase in funding to support both mitigation and adaptation efforts, particularly in the Global South. The statement underscored the principles of equity and common but differentiated responsibilities, urging consideration of developing nations’ unique circumstances and sustainable development goals.
India firmly rejected any attempts to renegotiate the Paris Agreement or deviate from its mandate in defining the NCQG. The statement criticized the lack of transparency and a clear definition of climate finance, calling for a more precise definition aligned with UNFCCC and Paris Agreement provisions to foster trust and constructive dialogue. India also expressed disappointment with developed countries’ performance in meeting their existing financial and technological commitments. The statement concluded by expressing hope that developed nations will recognize their responsibility and ensure COP29’s success.
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