BAKU: With negotiations at CO on the crucial issue of climate finance heading for an intense round of talks against the backdrop of a new draft decision text, India has asked developed countries to commit to provide and mobilise at least $1.3 trillion every year till 2030 through grants, concessional finance and non-debt-inducing support, without subjecting developing nations to “growth-inhibiting conditionalities in provision of finance”.
It also emphasised that the support must cater to “evolving needs and priorities of developing countries”. The heavily-bracketed draft text was released on Friday without actually addressing the concerns of developing countries. Though the number of pages of the new text was reduced from 34 to 25 by removing inconsequential options, the key points of concerns of the Global South continue to be there without any acceptable changes.
India through its intervention during high-level meeting on the issue also linked developing countries’ move to update their climate action targets next year with climate finance commitment of rich nations, saying such a scenario (adequate financial support) is “vital for advancing towards COP30, where all parties (countries) are expected to submit their updated Nationally Determined Contributions (NDCs)”. The remark is a clear message to Global North (rich nations) that the developing countries won’t be able set ambitious emission cut targets unless provided with adequate and ‘no strings attached’ finance.
India put across its point, in sync with demand of developing countries, through the intervention on Thursday on behalf of Like Minded Developing Countries (LMDC) representing over 20 nations during climate negotiations. Earlier, G77 plus China group, representing over 130 developing countries, had given a similar pitch in the submission, making it clear that anything less than $1.3 trillion annual finance flow from developed to developing countries for climate action may not be acceptable to the Global South.
Making the intervention, Naresh Pal Gangwar, environment ministry’s additional secretary and India’s lead negotiator at C0, also reiterated developing countries’ consistent stand on negotiation process and climate finance, indicating that dilution of principles of UNFCCC and its Paris Agreement will not be acceptable to the Global South keeping in view the historical responsibilities of rich nations.
