India, other developing countries demand commitments on equitable climate finance at COP29 summit

India, along with other developing countries, called at COP29 for fair and effective climate finance deals to support global climate action. Representing like-minded developing countries (LMDCs), India highlighted the need for equitable financial support from developed countries, highlighting the burden placed on vulnerable economies. Negotiators noted that about 69% of climate finance is currently provided in the form of loans, a structure that can impose a heavy debt burden rather than alleviate economic stress.

Pushing for accountability and consistency in climate finance

The new Collective Quantified Target (NCQG) for climate finance remains a central focus of the summit, as discussions continue around establishing clearer financial targets and accountability measures. The LMDCs, working alongside the G77, BASIC and the African and Arab groups, expressed concerns about the failure of developed countries to meet an annual target of $100 billion. funding objective, which has long been controversial in international climate negotiations. Representatives called for a transparent and consistent approach to climate finance, ensuring that commitments are followed and fulfilled in good faith.

Challenges related to existing financing mechanisms

As part of the ongoing negotiations, India and other LMDC members have expressed concerns over the proposed strict investment requirements, as they could disadvantage smaller and less developed countries. The bloc has argued that such policies can inherently benefit countries with strong financial infrastructures, potentially sidelining economies with limited access to investment. LMDC negotiators reiterated the importance of the principle of “common but differentiated responsibilities,” emphasizing that climate goals must take into account the specific needs and capacities of all countries.

Call for equitable solutions

India and other LMDC countries continue to push for a collectively agreed definition of climate finance, supporting accessible and equitable financing options for all developing countries. As discussions progress, the group remains committed to achieving a balanced outcome that promotes inclusion, accountability and transparency in international climate finance – crucial elements for building global trust and cooperation in the fight against climate change. climate change.