India Demands $1.3 Trillion Annual Climate Finance Commitment from Developed Nations

India urged developed countries to commit $1.3 trillion annually until 2030 to assist developing nations in climate efforts. Speaking at the UN climate conference in Azerbaijan, India emphasized that this funding should come via grants and concessional finance, warning against turning these funds into an 'investment goal'.

In a powerful statement at the UN climate conference in Azerbaijan, India called on developed nations to commit an annual $1.3 trillion until 2030 to support developing countries grappling with climate change. This commitment, India stressed, needs to be free of strict conditions that could stall growth.

Representing Like-Minded Developing Countries at a high-level dialogue on climate finance, India underscored that financial assistance must be provided through grants and concessional funding. The meeting in Baku emphasized that the New Collective Quantified Goal should not become an investment target, but rather focus on mandates set by the Paris Agreement.

India's lead negotiator, Naresh Pal Gangwar, highlighted the inadequacy of the unmet $100 billion commitment made by developed nations in 2009, stressing transparency and trust as crucial elements in upcoming climate financial negotiations to advance global climate goals.

(With inputs from agencies.)