COP 29: India Calls for $1.3 Trillion Annual Climate Finance from Developed Nations

By  News On Air   Nov 15, 2024

India highlighted that the impacts of Climate Change are increasingly becoming evident in the form of frequent disasters, at the COP 29 Summit at Baku in Azerbaijan. India delivered the Statement on behalf of Like-Minded Developing Countries at the High-Level Ministerial on Climate Finance at the COP29 Summit yesterday.

Delivering the statement, Additional Secretary, Environment Ministry, Naresh Pal Gangwar asserted that principles of equity and common but differentiated responsibilities and respective capacities must form the basis for a strong outcome on the New Collective Quantified Goal at CoP29. He stated that extreme weather events are so frequent and increasingly strong, that the impacts are being felt by the people, especially of the Global South. He said there is a need for heightened ambitions on climate action.

India’s intervention reiterated that the developed countries need to commit to providing and mobilise at least 1.3 trillion dollars every year till 2030, through grants, concessional finance and non-debt-inducing support that cater to the evolving needs and priorities of developing countries.