Developed Countries Must Provide At Least USD 1.3 Trillion Each Year Till 2030: India at COP 29

New Delhi: India on Thursday said developed countries must commit to providing at least USD 1.3 trillion each year until 2030 to developing nations and that new climate finance package being negotiated at UN climate conference in Azerbaijan cannot become an "investment goal".

Speaking on behalf of Like-Minded Developing Countries (LMDC) at sixth High-Level Dialogue on Climate Finance at COP29, India emphasised that this support for developing countries to cope with warming world should come through grants, concessional financing and non-debt-incurring aid.

It said new climate finance package or New Collective Quantified Goal (NCQG) -- top priority for this year's UN climate summit -- should align with evolving priorities of developing countries and be free from restrictive conditions that could hinder ir growth.

"Developed countries need to commit to providing and mobilising at least USD 1.3 trillion every year till 2030 through grants, concessional finance and non-debt-inducing support," Indian negotiator, Naresh Pal Gangwar, said.

official said this support is vital for vancing towards COP30 at Belem in Brazil, where all parties are expected to submit ir updated Nationally Determined Contributions or national climate plans.

"Achieving this outcome will set a solid foundation for meaningful progress in our global climate efforts," Gangwar said.

India also said "NCQG cannot be changed into an investment goal", when it is a unidirectional provision and mobilisation goal from developed to developing countries.

" Paris Agreement is clear on who is to provide and mobilise climate finance -- it is developed countries," it said.

India said bringing in elements of any new goal that is outside mandate of UN climate change convention and its Paris Agreement is "unacceptable".

"We do not see any scope for renegotiation of Paris Agreement and its provisions," it said.

Developing countries argue that under UN climate change convention and Paris Agreement, it is responsibility of developed nations to mobilise climate finance for m.

However, developed countries are pushing for a "global investment goal" that would draw funding from a variety of sources, including governments, private companies and investors.

Harjeet Singh, climate activist and global engagement director for Fossil Fuel Non-Proliferation Treaty Initiative, said turning climate finance into an "investment goal" is a betrayal of trust for those bearing brunt of climate impacts.

"India and or developing nations are clear -- y need commitment of trillions annually through grants and non-debt-inducing support, not investment schemes that let wealthy nations profit from crisis y played a large role in creating.

"Anything less is double injustice, heaping new financial burdens on those alrey struggling to transition away from fossil fuels and protect ir communities. Developed countries have a responsibility under Paris Agreement to deliver real, accountable climate finance -- redirecting this goal into a profit opportunity goes against both letter and spirit of that obligation," Singh said.

Terming developed countries' performance on ir financial and technological commitments "disappointing", India said USD 100 billion target, promised in 2009, is alrey inequate and has repeatedly been unmet.

It said re is no clarity on what developed countries are actually counting as climate finance.

"Transparency and trust are backbone of any multilateral process.... A clear definition of climate finance, in line with provisions of UNFCCC and its Paris Agreement, will promote transparency and is vital for furring constructive deliberations and building trust," India said.

At COP15 in 2009, developed countries pledged to mobilise USD 100 billion per year to help developing nations cope with climate change by 2020. However, this target was only met in 2022, with loans accounting for around 70 per cent of total climate finance provided.

NCQG is set to replace USD 100 billion target next year. 

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