BASIC Bloc Challenges Rich Nations on Climate Finance at COP29

At COP29, BASIC countries demand developed nations meet climate finance commitments and reject shifting responsibilities. They stress the importance of the Paris Agreement and a balanced New Collective Quantified Goal on climate finance. Developing countries call for binding contribution agreements to tackle global warming effectively.

The BASIC countries, including Brazil, South Africa, India, and China, have issued a strong demand for developed nations to fulfill their climate finance commitments at the ongoing COP29 summit. This push comes amid objections to attempts by wealthy countries to dilute their financial responsibilities.

As the annual climate change summit progresses, the BASIC bloc underscores the critical necessity of fully implementing the Paris Agreement, ensuring that global climate promises are transformed into binding commitments. The Paris Agreement, a key international accord, aims to curtail global warming to below 2 degrees Celsius while striving for a 1.5-degree limit.

While developed countries highlight increased global climate ambition, they face mounting criticism for not delivering on their financial promises. By demanding actionable financial strategies, the BASIC bloc seeks to align all parties with the vital objectives of the Paris Agreement, emphasizing the need for equitable financial support for developing nations.

(With inputs from agencies.)