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.