India Delivers Strong Statement at CoP29 on Climate Finance, Advocating for Equity and $1.3 Trillion in Annual Mobilization for Developing Countries

India has delivered a powerful statement at the High-Level Ministerial on Climate Finance during the CoP29 Summit in Baku, Azerbaijan, asserting the need for a robust global commitment to address climate change and advocating for the principles of equity, common but differentiated responsibilities (CBDR), and respective capacities. Representing the Like-Minded Developing Countries (LMDCs), India called on developed nations to commit to mobilizing at least USD 1.3 trillion annually until 2030, without attaching growth-inhibiting conditions that could harm the economies of developing nations.

At the summit on November 14, 2024, India’s lead negotiator, Shri Naresh Pal Gangwar, Additional Secretary at the Ministry of Environment, Forest and Climate Change (MoEFCC), highlighted the escalating impacts of climate change, particularly on the Global South. Gangwar emphasized that extreme weather events have become more frequent and intense, underscoring the urgency for heightened ambition in global climate action.

Historical Responsibility and Equity: A Call for Action

In his address, Gangwar emphasized that climate change is a global challenge requiring a global response. However, the principles that should guide this response must reflect the differing capacities and historical responsibilities of nations. He reiterated that the UNFCCC (United Nations Framework Convention on Climate Change) and its Paris Agreement provide a framework for addressing climate change, one that must be rooted in fairness and equity.

“Developing countries, particularly those in the Global South, are already experiencing the brunt of climate change. From devastating floods to severe droughts, the effects are being felt by millions of people. It is essential that the global response recognizes the varying circumstances of countries and upholds the principle of Common but Differentiated Responsibilities (CBDR) and respective capacities,” Gangwar stated. He further added that climate action must be tailored to the needs and priorities of each country, with a special focus on poverty eradication and sustainable development.

India’s statement highlighted that the New Collective Quantified Goal (NCQG) for climate finance, which is being discussed at CoP29, must be designed with these principles in mind. India made it clear that any outcomes or agreements on climate finance must ensure that developed countries honor their obligations to provide financial resources and technology transfer to developing nations, without imposing harmful conditions that could stifle growth.

India Calls for Mobilization of $1.3 Trillion Annually for Climate Action

A critical aspect of India’s intervention was its call for the mobilization of at least USD 1.3 trillion annually by developed countries to support climate action in developing nations. This financial support should come through grants, concessional finance, and non-debt-inducing mechanisms that allow developing countries to pursue ambitious mitigation and adaptation actions.

“Developed countries must live up to their commitments and ensure that at least USD 1.3 trillion is mobilized each year to support the climate priorities of developing countries,” Gangwar stated. “This support must be flexible and responsive to the evolving needs of developing nations, and it should not be tied to growth-inhibiting conditionalities.”

India emphasized that climate finance is an essential enabler of the Paris Agreement’s goals, including the ambitious mitigation targets and adaptation measures required to safeguard the future of vulnerable communities. Gangwar made it clear that the mobilization of climate finance cannot be a one-time effort; it must be sustained through 2030 and beyond.

The Importance of Defining Climate Finance and Building Trust

In his statement, Gangwar also called for greater transparency and clarity on what constitutes “climate finance.” While the term is frequently used in climate negotiations, there is a lack of consensus on its definition, which undermines trust among nations. India urged that the definition of climate finance be aligned with the provisions of the UNFCCC and the Paris Agreement to ensure that all parties are on the same page and can measure progress accurately.

“Transparency and trust are the backbone of any successful multilateral process,” Gangwar said. “There is still a significant gap in understanding what constitutes climate finance. We welcome the work done by the Standing Committee on Finance, but more efforts are needed to arrive at a meaningful, universally accepted definition of climate finance.”

India stressed that the $100 billion climate finance goal—which developed countries had pledged to mobilize annually by 2020 (a deadline now extended to 2025)—has been insufficient. The promise was made in 2009, and the mobilized amount has often fallen short of expectations. With the rapidly increasing costs of climate adaptation and mitigation, the existing financial commitments are no longer adequate to meet the needs of developing countries.

Addressing the Gap in Climate Finance Commitments

India also called out the lack of sufficient progress in meeting the $100 billion commitment. While the goal was set 15 years ago, the mobilized funds have not met the scale of the challenges faced by developing nations. India emphasized that this gap in financial commitments needs to be addressed urgently if the global community is to meet its climate targets.

“The $100 billion was set as a target 15 years ago, and it is already outdated. We need to significantly increase this amount to reflect the actual needs of developing countries. The world has a common time frame for updating national commitments every five years, but climate finance also requires a similar reevaluation,” Gangwar said. “We hope that developed countries will realize their responsibility and make the necessary financial commitments to enable enhanced ambition in climate action.”

The Path Forward: Ambition and Accountability at CoP29

India’s intervention emphasized that the outcome of CoP29 will play a crucial role in setting the stage for the updated Nationally Determined Contributions (NDCs) that all countries are expected to submit for CoP30. The mobilization of adequate climate finance and the establishment of a clear, actionable framework for accountability will determine whether the global community can meet the goals of the Paris Agreement.

Gangwar closed his remarks by reiterating the urgency for developed nations to fulfill their commitments and take concrete steps towards enabling climate action in developing countries. “We are at a historic juncture in the fight against climate change,” he said. “What we decide at this CoP will shape the future of the planet. Developing countries must not be left behind in this journey. The world’s most vulnerable nations, especially those in the Global South, need both financial support and technology transfer to ensure they can contribute to the global effort while adapting to the unavoidable impacts of climate change.”

Conclusion

India’s intervention at the High-Level Ministerial on Climate Finance at CoP29 was a strong call for equity, financial mobilization, and transparency in addressing climate change. By advocating for the principles of CBDR, India emphasized the importance of recognizing the different historical responsibilities and capacities of nations while ensuring that developed countries deliver on their financial commitments. The need to mobilize at least USD 1.3 trillion annually and to provide support without imposing harmful conditions is crucial for enabling developing countries to pursue climate action in line with their national priorities.

As CoP29 progresses, India’s position reinforces the critical role of climate finance in achieving the global climate targets and ensuring that no nation, especially in the Global South, is left behind in the fight against climate change.