India Urges More Climate Finance at CoP29 in Baku

India, on 19.11.2024, delivered a Statement at the High-Level Ministerial Dialogue Climate Change Adaptation, during the CoP29 to the UN Climate Change Summit in Baku, Azerbaijan. It read, “Developing countries are suffering the impacts of climate change largely due to the historical emissions of Developed countries. For us as developing countries, our people’s lives - their very survival - and their livelihoods are at stake.”

Talking on the importance of accessibility to credible Climate Finance to the Global South, India’s statement read, “The CoP28 Global stocktake decision emphasized the need to bridge the tremendous gap in adaptation, gaps in implementation that arise from the lack of sufficient attention and resources. Additionally, at CoP28, parties to the Paris Agreement adopted the UAE Framework for Global Climate Resilience. This framework acknowledges the urgent need for enhanced support and implementation resources from Developed countries to help Developing countries meet adaptation targets. This mobilization should go beyond previous efforts, supporting country-driven strategies while respecting the unique needs of developing countries.”

Bringing to the fore the urgent requirement of an ambitious flow of financial resources, India asserted, “The New Collective Quantified Goal (NCQG) for the period post-2025 needs to be an ambitious mobilization target at grant/concessional term. An important aspect that needs to be addressed is the slow disbursements, lack of flexibility to adapt to changing requirements, and long complex approval procedures with stringent eligibility criteria that make it difficult to access climate finance.”

It was informed that in India, adaptation financing has been primarily from domestic resources. The statement read, “We are currently developing our National Adaptation Plan. In our Initial Adaptation Communication submitted to the UNFCCC last year, we outlined that the requirements for building adaptation capital could rise to about USD 854.16 billion. Clearly, a significant boost in adaptation finance flows is essential.”

India, called upon the Developed countries to fulfil the agreed commitments, concerning the adaptation finance needs of Developing countries. Meeting these commitments would enable the World to travel through a pathway towards strides in creating a greener, more sustainable and prosperous planet for future generations.