Developed Nations' Climate Funding Shortfall Sparks Tensions

India warns that a lack of climate funding from developed countries may force Global South nations to revise their climate targets. The 2024 UN climate conference's financial package offers little hope. Domestic resources might be crucial for India's climate actions, impacting sustainable development goals and international partnerships.

India has raised concerns over insufficient climate funding from developed countries, suggesting that it may prompt developing nations to adjust their climate goals. The 2024 UN climate summit's financial package is seen as inadequate, leading to worries over the implications for sustainable development and international cooperation.

The Economic Survey 2024-25, presented in the Indian Parliament, highlighted that the lack of adequate financial support could lead to a reassessment of Nationally Determined Contributions (NDCs) for the 2031-2035 period. India's Chief Economic Advisor stressed the importance of domestic resources in addressing climate challenges amid stagnant international support.

Hisham Mundol from the Environmental Defense Fund expressed that richer nations, responsible for most historical emissions, should shoulder the bulk of climate-related costs. With global warming already at 1.3 degrees Celsius above pre-industrial levels, meeting the Paris Agreement goals requires urgent comprehensive action, yet current policies fall short.

(With inputs from agencies.)