Union environment minister Bhupender Yadav on September 2 said India is going to push for the implementation of global carbon markets and climate finance under the New Collective Quantified Goal (NCQG) in the upcoming United Nations Climate Change Conference (COP30) to be held in Brazil.
The minister said India is concerned about the Global South’s rights in climate talks and added that developing countries need finance and technology to fight climate change. "Climate change is global threat and it is beyond boundaries. We are seeing changes in the weather patterns, natural disasters because of climate change. The caution is that those who are not responsible for this threat are the most vulnerable, especially the developing countries... We know that the commitment of climate finance by developed nations remains unfulfilled since long," Yadav said at Confederation of Indian Industry’s (CII) 20th Global Sustainability Summit.
In COP29, a historic milestone was achieved with the finalisation of the rulebook on carbon markets under Article 6 of the Paris Agreement, which is a legally binding treaty that commits nations to reduce their greenhouse gas emissions and limit global warming to well below 2°C, preferably to 1.5°C, compared to pre-industrial levels.
However, Yadav said not much has happened since the finalisation of the global carbon markets in COP29" that was held in Baku, Azerbaijan in 2024. "No action has been taken on the trading of this carbon market mechanism. So, we will emphasise on doing that,” he said.
Moneycontrol on August 26 reported that the government has reconstituted the National Designated Authority (NDA) as per the decision taken in COP29. India has doubled its members from 10 to 20, ahead of COP30 and as the country prepares to launch its first carbon market next year.
COP30 is scheduled between November 10 and 21 this year at Belem, Brazil, and the understanding at Baku was that countries would use the year between the two conferences to arrive at a roadmap for climate funding goal of $1.3 trillion.
“At the last COP (COP29), the New Collective Quantified Goal was agreed upon. We for the first time participated in the Global Stocktake (GST) process at the Dubai COP (COP28), but a lot of finance and other things are required to achieve that. We discussed all these issues with the COP30 President on September 1 who visited us in Delhi. We are very concerned about the rights of the Global South," Yadav said, while adding that India believes COP is a multilateral forum and hence, every country must contribute its positive role.
Yadav met COP30 President, Andre Correa do Lago, and his team in Delhi on September 1 and discussed key agenda items for the gathering in November in Brazil’s Belem. In a post on social media platform X, Yadav said the discussion focused on the Global Goal on Adaptation, the status of Nationally Determined Contributions (NDCs), and its Presidency plans.
The minister said the government has notified the Environment Audit Rules, 2025, which create a formal framework for environmental auditing across the country. These rules establish a two-tiered system of auditors and set up a dedicated agency to transparently oversee the process. “These rules are designed to supplement the existing monitoring and inspection framework of the government, not to replace it”, he said.
Yadav stated that the government has also notified a revised methodology for the Green Credit Programme last month, adding that the scheme has now been strengthened with provisions that allow direct participation by private entities, establish minimum restoration commitments, mobilize private capital for climate action, and utilize Earned Green Credits.
"The environment ministry has also amended the Forest (Conservation and Augmentation) Rules, 2023 to facilitate the objectives of achieving self-reliance in the critical mineral sector under the newly launched National Critical Mineral Mission, 2025," Yadav said.
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