India Surpasses Developed Nations in Climate Finance Contributions

India contributed USD 1.28 billion in climate finance through multilateral development banks in 2022, outpacing many developed countries. A UK-based analysis highlights discrepancies in contributions, with a significant finance gap due to inadequate contributions by some developed nations. A burden-sharing mechanism is proposed for future accountability.

India contributed a staggering USD 1.28 billion in climate finance via multilateral development banks in 2022, according to a report by UK-based think tank ODI and the Zurich Climate Resilience Alliance. This contribution surpasses those from many developed countries.

The analysis underscores a glaring discrepancy as only 12 developed countries met their fair share of climate finance obligations. Notably, major nations like the United States, Australia, Spain, Canada, and the UK fell short of their commitments.

The report calls for a burden-sharing mechanism in the New Collective Quantified Goal (NCQG) to ensure accountability. This mechanism is expected to be finalized at the upcoming UN climate conference in Baku, Azerbaijan, in November 2023.