India Calls for Increased Climate Contributions Ahead of COP 30 Meeting

Ahead of COP 30 set for later this year in Belem, Brazil, India urges developed nations to step up climate financing. The country argues that without sufficient funds, proposed NDCs and any future ambitious goals will falter. India’s latest submission emphasizes the necessity of public capital, constraints of excessive borrowing, and a firm call for honoring historical obligations regarding climate contributions.

India is calling for increased climate financing as the COP 30 climate conference approaches, set for later this year in Belem, Brazil. The country recently submitted its expectations in the form of the “Baku to Belem Roadmap to 1.3 trillion” plan, making it clear that without substantial climate funds, even the proposed nationally determined contributions (NDCs) will struggle to materialize, let alone any ambitious future climate goals.

In a firm statement to the UN climate body, known as the United Nations Framework Convention on Climate Change (UNFCCC), India emphasized the importance of climate finance flowing from developed to developing nations. They stressed that public resources need to be strategically utilized to attract private sector investments for climate initiatives. The submission also warned that excessive borrowing could undermine a nation’s fiscal stability, thus highlighting the need for effective frameworks to convert proposed NDCs into tangible actions.

India raised serious concerns about the existing gaps in climate finance provisions. The submission pointed out that the current financial support under the New Collective Quantified Goal (NCQG) is insufficient compared to what developing countries require to meet their 2030 NDC commitments. “Without sufficient climate finance, even the proposed NDCs would not fructify,” India noted.

During the previous COP 29 meeting in Baku, which ended in disputes, India was vocal in criticizing the lack of commitment from developed nations regarding climate funding proposals that failed to prioritize the Global South. The NCQG, promising at least $300 billion in climate financing per year by 2035, laid the groundwork for the “Baku to Belem Roadmap to 1.3 trillion,” but only if meaningful commitments were made.

However, India spotlighted specific issues that could derail these climate financing discussions. One negotiator, Chandni Raina, warned that proposed figures are simply inadequate to address the impacts of climate change and would hinder India’s NDC ambitions. Three problematic paragraphs from the Baku declaration were singled out, challenging the inclusiveness of climate finance sources and questioning the reliance on various funding mechanisms that do not guarantee the necessary support for developing nations.

India reiterated that the roadmap should not be seen as a negotiated outcome among different parties but rather as initiative driven by individual countries. They accentuated the importance of recognizing the “country-led nature” of climate actions while bridging critical financing gaps. This perspective aligns with maintaining a sustainable growth model in developing regions.

At the core of India’s submission was the call to avoid measures that lack a broad international consensus or that contradict principles of equity and common but differentiated responsibilities. It argued for developed nations to honor their historical obligations regarding greenhouse gas emissions, thereby ensuring substantive commitments to climate finance.

Given the backdrop of aid reductions and dwindling international cooperation, India accentuated the need for developed countries to uphold their financial responsibilities to developing nations urgently. In the words of Avantika Goswami, Programme Manager at the Climate Change Centre for Science and Environment, “Reinforcing their duty to provide finance is a demand that the Global South must not give up on.” The call for greater climate contributions comes at a pivotal moment ahead of a crucial international climate meeting, where the stakes for the future of global climate action are exceedingly high.

India’s recent assertions about climate finance have highlighted the pressing need for developed countries to fulfill their financial commitments to developing nations. As the COP 30 meeting looms, India’s submission underscores that without adequate support, ambitious climate goals are unlikely to be achieved. The situation remains critical, calling for serious international dialogue and action to ensure that climate finance translates into effective action to combat climate change.

Original Source: www.hindustantimes.com