India advocates for equitable climate finance at COP29
LMDCs demand transparency in financial commitments
Concerns raised over loans burdening vulnerable nations
A discussion on multi-lateral development banks at COP29 in Baku.
Photo Credit: X/@COP29_AZ
India, along with other developing countries at COP29 called for fair and effective climate finance agreements to support global climate action. Representing the Like-Minded Developing Countries (LMDCs), India emphasised the need for equitable financial support from developed nations, spotlighting the burden placed on vulnerable economies. Negotiators have noted that around 69% of the climate finance currently comes as loans, a structure that can impose heavy debt burdens rather than alleviating economic strain.
Push for Accountability and Consistency in Climate Funding
The New Collective Quantified Goal (NCQG) for climate finance remains a central focus of the summit, as discussions continue around establishing clearer financial targets and accountability measures. The LMDCs, working alongside the G77, BASIC, and the African and Arab groups, expressed concerns over developed countries' failure to meet a $100 billion annual funding goal, which has long been contentious in international climate negotiations. Representatives have urged for a transparent and consistent approach in climate finance, ensuring that commitments are tracked and upheld in good faith.
Challenges with Existing Funding Mechanisms
Within the ongoing negotiations, India and other LMDC members voiced concerns about stringent investment requirements being proposed, as they could place smaller, less-developed nations at a disadvantage. The bloc argued that such policies may inherently benefit nations with robust financial infrastructures, potentially sidelining economies with limited investment access. LMDC negotiators have reiterated the importance of the "common but differentiated responsibilities" principle, emphasising that climate goals must consider the specific needs and capacities of all countries.
India and other LMDC countries continue to press for a collectively agreed-upon definition of climate finance, pushing for accessible and fair funding options for all developing nations. As discussions advance, the group remains committed to achieving a balanced outcome that fosters inclusivity, accountability, and transparency in international climate finance—crucial components for building global trust and cooperation in addressing climate change.
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