India at COP29: Advocating for Equitable Climate Finance

India will voice strong demands for equitable climate finance at COP29 in Baku, highlighting developed countries' responsibility. It will host events emphasizing adaptation needs and fair energy transition, while advocating for funds addressing climate-induced loss and damage. India remains committed to its 'Panchamrit' pledge for a sustainable future.

In a decisive move at the 29th Conference of the Parties (COP29) in Baku, India intends to spotlight the importance of climate finance from developed countries, well-known carbon emitters, according to sources. COP29 commenced on November 11 and continues until November 22. With a robust presence, India aims to ensure high-level participation and broad outreach through various side events at its pavilion, in partnership with the UN and other multilateral organizations.

India's environment ministry stresses the need for adequate financial support from developed nations, especially for the Global South. Traditionally, climate finance involves backing mitigation and adaptation efforts against climate change. India holds that developed countries, due to their historical emissions, should lead these efforts. Additionally, India emphasizes that COP29 must avoid imposing undue obligations on developing nations.

The discussions, often centered around investments in mitigation, need to balance and address adaptation needs, particularly for vulnerable communities in developing nations, say sources. The country advocates for climate finance to be adequate, predictable, and accessible. It should be grant-based, low-interest, and long-term. Furthermore, India asserts the need for a fair energy transition, achieved in a manner determined individually by nations. As a country severely impacted by climate events, India expects COP29 to stress the enhancement of adaptation actions and resilience.

India also calls for addressing 'loss and damage' due to climate impacts, hoping for additional commitments regarding such funds at COP29. The country's ambitious 'Panchamrit' pledge, revealed at COP26 in 2021, includes reaching 500 GW of non-fossil fuel electricity, fulfilling half its energy needs from renewables, and dramatically cutting emissions by 2030 while aiming for net-zero by 2070. This global momentum towards green energy is essential for climate mitigation, making India's position at COP29 crucial.

(With inputs from agencies.)