India Demands $1.3 Trillion Climate Finance Commitment from Developed Nations

India calls for developed nations to commit $1.3 trillion annually until 2030 to assist developing countries in coping with climate change. Speaking at COP29, India emphasized that this climate finance should be provided as grants and concessional financing, warning against turning it into an investment goal.

India has urged developed countries to commit at least $1.3 trillion each year until 2030 to assist developing nations in addressing climate change challenges. This call was made at the UN climate conference, COP29, in Azerbaijan.

Representing the Like-Minded Developing Countries (LMDC), India stated that this financial support should come through grants and concessional financing, rather than becoming an investment target. The new climate finance package, known as the New Collective Quantified Goal (NCQG), should reflect the priorities of developing nations without overburdening them with debt.

During the conference, Harjeet Singh, a climate activist, criticized the idea of turning climate finance into an investment opportunity, emphasizing that developed countries have a responsibility under the Paris Agreement to deliver accountable finance. India echoed this sentiment, highlighting that the previous $100 billion target was not met satisfactorily.

(With inputs from agencies.)