India will continue to be vocal about climate finance at COP29

Sources said India will continue to be vocal about securing climate finance, mainly from developed countries that are large carbon emitters.

The 29th Conference of the Parties (COP) began on November 11 in Baku, the capital of Azerbaijan, and will continue until November 22.

India will host additional events in its pavilion at COP29 this year in partnership with the United Nations and other multilateral organizations, ensuring high-level participation and broader reach.

Environment Ministry sources said India will be vocal about the need for adequate finance, especially for the Global South.

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

India believes that developed nations bear a large historical responsibility for emissions and should play a leading role in mitigation and finance.

India is also of the view that COP29 should avoid imposing unfair obligations on developing countries.

“Currently, most of the climate finance discussions focus on investing in mitigation actions. COP 29 must maintain balance and highlight the urgency of addressing adaptation needs, especially for vulnerable communities in developing countries,” the sources said.

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

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

“As a country highly vulnerable to climate impacts (floods, drought, extreme heat), India hopes COP29 will focus on adaptation actions and enhancing resilience,” he/she said.

Additionally, India is also calling for addressing “losses and damages” related to climate impacts, and expects additional commitments at COP29 in terms of loss and damage funding.

At COP26 held in 2021, India committed to an ambitious five-part “Panchamrit” pledge. These include reaching 500 GW of non-fossil power capacity, generating half of all energy needs from renewable energy and reducing emissions by 1 billion tonnes by 2030.

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