Economy

India will continue to be vocal about climate finances at COP29

India will continue to be vocal about climate finance arrangements, primarily from the developed countries that are huge carbon emitters, sources said.

The 29th Conference of the Parties (COP) kick-started in Azerbaijan’s capital of Baku on November 11 and will continue till November 22.

India will be hosting side events at its pavilion in partnership with the UN and other multilateral organisations, at CoP29, this year, ensuring high level participation and wider outreach.

Sources in the environment ministry said India will continue to be vocal about the need for adequate finance particularly for the Global South.

Climate finance typically refers to any financing that seeks to support mitigation and adaptation actions that will address climate change.

India believes that developed nations bear a greater historical responsibility for emissions and should take the lead in mitigation and finance.

India is also of the view that COP29 must prevent the imposition of undue obligations on developing nations.

“Currently, much of the focus of the climate finance discussions are focused on investments in mitigation actions. The COP 29 should maintain balance and highlight the urgency of addressing adaptation needs, particularly for vulnerable communities in developing countries,” said the sources.

India said that COP 29 should ensure that climate finance is adequate, predictable, accessible, grant-based, low-interest, and long-term.

On the energy transition, India asserts that COP 29 should ensure that it is just and is achieved in a nationally determined manner.

“India, as a country highly vulnerable to climate impacts (floods. droughts. extreme heat), expects COP29 to emphasize on enhancing adaptation actions and resilience,” they said.

Further, India also has been calling for addressing “loss and damage” related to climate impacts, and it expects that at COP29 there will be additional commitments in terms of loss and damage funds.

At COP26 held in 2021, India committed to an ambitious five-part “Panchamrit” pledge. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, and reducing emissions by 1 billion tonnes by 2030.

India as a whole also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070. Green energy for climate mitigation is not just a focus area for India, but globally it has gained momentum.

ANI

Ani service

Recent Posts

VINBAX 2024: Vietnam-India bilateral army exercise concludes at Kaushalya Dam

The fifth edition of the historic Indo-Vietnam Joint Field Training Exercise, VINBAX-2024, successfully concluded its…

4 hours ago

India-Russia strengthen defence ties at 22nd Working Group meeting on military technical cooperation

The 22nd meeting of the India-Russia Working Group on Military technical cooperation and defence industry…

4 hours ago

“I want to have strong representation of India at World Nuclear Exhibition 2025”: Sylvie Bermann

Sylvie Bermann, President of the World Nuclear Exhibition expressed confidence in India's nuclear supply chain…

5 hours ago

PoJK: Joint Awami Action Committee protests against government following new ordinance, many injured

Joint Awami Action Committee core member Shaukat Nawaz Mir has condemned the attack of police…

6 hours ago

PM Modi meets 31 world leaders, heads of organisations during his 3-nation foreign visit

Prime Minister Narendra Modi participated in 31 Bilateral Meetings and informal interactions with global leaders…

8 hours ago

India- Australia conduct 11th Indian Air Force-Royal Australian Air Force Air Staff Talks

India and Australia conducted the 11th edition of the Indian Air Force and Royal Australian…

8 hours ago