COP29: India calls for ‘no strings attached’ climate finance, new draft text fails to address key concerns – Times of India

BAKU: As negotiations at COP29 on the crucial issue of climate finance head towards an intensive round of talks in the backdrop of a new draft decision text, India has asked developed countries to commit to providing at least $1.3 trillion annually by 2030 to establish and mobilize. subsidies, concessional financing and non-debt support, without subjecting developing countries to ‘growth-inhibiting conditions on the provision of financing’. It also stressed that support must respond to the ‘evolving needs and priorities of developing countries’
The heavily bracketed draft text was released on Friday without actually addressing the concerns of developing countries. Although the number of pages of the new text was reduced from 34 to 25 by removing unimportant options, the main concerns of the global South remain, without any acceptable changes.
Through its intervention at a high-level meeting on the issue, India also linked developing countries’ move to update their climate action targets next year to the commitment to climate finance of rich countries say that such a scenario (adequate financial support) is “critical for reaching COP30, where all parties (countries) are expected to submit their updated Nationally Determined Contributions (NDCs)”. The comment sends a clear message to the Global North (the rich countries) that developing countries will not be able to set ambitious emissions reduction targets unless they are provided with adequate and ‘no strings attached’ financing.
India put forward its position, in line with the demand of developing countries, through its intervention on Thursday on behalf of the Like Minded Developing Countries (LMDC), representing more than 20 countries, during climate negotiations. Previously, the G77 plus China group, which represents more than 130 developing countries, had made a similar pitch in the submission, making clear that anything less than $1.3 trillion in annual financing flows from developed to developing countries for climate action might is not acceptable for the global economy. south.
During the intervention, Naresh Pal Gangwar, Additional Secretary, Ministry of Environment and India’s Chief Negotiator at C0P29, also reiterated developing countries’ consistent position on the negotiation process and climate finance, indicating that the dilution of the principles of the UNFCCC and Paris Agreement is not acceptable to the Global South, given the historical responsibilities of rich countries.
He also called for a definition of climate finance and made it clear that the new post-2025 climate finance – called the New Collective Quantified Goals (NCQG) – cannot be turned into an investment goal when it is a unidirectional delivery and mobilization objective of the developed to the developing countries. “The Paris Agreement is clear on who should provide and mobilize climate finance – it is the developed countries,” Gangwar said, seeking to calm the debate over expanding the donor base beyond rich countries.
“The context of different national circumstances, sustainable development goals and poverty eradication, especially in relation to the Global South, should not be lost sight of. These principles must form the basis for a strong outcome of the NCQG at COP 29,” he said in his intervention.
Calling out that the rich countries have not fulfilled their earlier commitment, Gangwar reminded the meeting that the developed countries have committed to collectively mobilize $100 billion per year by 2020, a deadline extended to 2025. needs of the developing countries the actual amount mobilized has been even less encouraging,” he said.
“The $100 billion was set in 2009, fifteen years ago. We have a common timeline for expressing ambitions every five years. There is a similar need in the area of ​​climate finance. We are very hopeful that developed countries will realize their responsibility to enable greater ambitions and make this CoP29 a success,” Gangwar said.