India Demands Greater Climate Finance and Transparency at CoP29 Summit in Baku

Baku witnessed a passionate intervention from India on behalf of Like-Minded Developing Countries (LMDCs) during the High-Level Ministerial on Climate Finance at CoP29 of the UNFCCC Summit. Addressing the forum, Naresh Pal Gangwar, Additional Secretary (MoEFCC) and India's lead negotiator, highlighted the escalating impacts of climate change, marked by an unrelenting cycle of extreme weather events disproportionately affecting the Global South.

“This CoP is historic,” Gangwar declared. “We are at a crucial juncture in our fight against climate change. Decisions here will empower all nations, especially those in the Global South, to pursue ambitious mitigation and adapt to evolving climate challenges.” He underscored the necessity of aligning climate actions with the principles of equity and common but differentiated responsibilities, as outlined in the UNFCCC and Paris Agreement.

India called for the developed world to honor its commitment to mobilize at least USD 1.3 trillion annually until 2030 through grants, concessional finance, and other non-debt-inducing mechanisms. These funds, Gangwar emphasized, should address the specific needs of developing countries without imposing restrictive conditionalities that hinder growth.

Central to India’s appeal was the New Collective Quantified Goal (NCQG) on Climate Finance. The intervention rejected any attempts to dilute the NCQG into an investment goal, stressing its unidirectional nature, from developed to developing nations. The Paris Agreement, Gangwar noted, clearly designates developed countries as responsible for providing climate finance.

Transparency and trust formed a significant part of India’s message. Highlighting the lack of clarity around what constitutes climate finance, Gangwar called for a precise definition consistent with the UNFCCC’s provisions. He acknowledged the work of the Standing Committee on Finance but emphasized the need for further progress in this area.

India also expressed disappointment with the developed nations’ track record in fulfilling their financial and technological commitments. Despite pledging USD 100 billion annually by 2020, a target extended to 2025, the actual mobilization has fallen short. “This promise was made 15 years ago,” Gangwar reminded the gathering. “We need a similar ambition for climate finance to keep pace with the evolving needs of the developing world.”

India’s intervention concluded with a hopeful note, urging developed countries to rise to the occasion, enabling enhanced ambitions and making CoP29 a turning point in the global climate fight.