Developing Nations Demand Fair Climate Finance at COP29

At COP29, India and other LMDCs call for fair financial support from developed nations, raising concerns over loans burdening vulnerable countries. The LMDCs stress the importance of equitable climate finance, accountability, and transparency, pushing against stringent investment goals that could marginalize smaller economies.

India, alongside the Like-Minded Developing Countries (LMDCs), is steadfastly advocating for equitable financial backing from wealthy nations during COP29 climate discussions, as reported by multiple sources from the bloc.

The LMDCs have expressed unease over the fact that 69% of the reported finance is in loans, exacerbating financial pressure on vulnerable economies. This concern is central to the ongoing climate talks, where India collaborates with influential groups such as the G77 and China, and BASIC, to champion issues like climate finance and technology transfer.

The LMDCs, along with the African and Arab Groups, are questioning developed countries' commitment to the $100 billion annual climate finance pledge. Their emphasis is on establishing trust through a clear accounting methodology while opposing new financing norms that could disadvantage nations lacking robust investment infrastructures.

(With inputs from agencies.)