Global Climate Finance Debate: A Call for Enhanced Support at COP-29

The government voiced dissatisfaction with COP-29’s outcome, labeling the annual USD 300 billion climate finance goal as insufficient for developing nations' needs. Minister Kirti Vardhan Singh stressed the incompatibility with the CBDR-RC principle. India calls for a higher target of USD 1.3 trillion yearly by 2035, via public finance from developed countries.

The government has expressed its dissatisfaction with the outcome of COP-29, which concluded in Baku, Azerbaijan. The new annual climate finance target of USD 300 billion by 2035 was deemed 'substantially insufficient' to meet the financing needs of developing nations.

In the Lok Sabha, Environment Minister Kirti Vardhan Singh critiqued the New Collective Quantified Goal on climate finance for not addressing the priorities of developing countries and for conflicting with the principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC) and equity. This call comes amid UN estimates suggesting much higher financial needs.

India has advocated for a USD 1.3 trillion annual goal to accommodate global climate finance demands until 2030, emphasizing public funding from developed nations. The 'Baku to Belém Roadmap to 1.3T' highlights the pivotal role of equity and CBDR-RC principles as global negotiations proceed to COP-30 in Brazil.

(With inputs from agencies.)