Union Minister of State for Environment, Forests, and Climate Change Kirti Vardhan Singh reiterated on August 11 the Indian government's stance that the mobilisation target of $300 billion annually by 2035 is "substantially insufficient" to address the financing needs of developing nations.
In a written reply to a question raised by Andhra Pradesh MP CM Ramesh, Singh informed the Parliament that developing countries would need $5.1-6.8 trillion up to 2030 or $455-584 billion annually in climate finance as per estimates by the Standing Committee on Finance under the United Nations Framework Convention on Climate Change (UNFCCC).
At the COP29 climate talks in Baku, Azerbaijan, the New Collective Quantified Goal (NCQG) text set a climate finance goal of “at least $300 billion per year by 2035” and launched the “Baku to Belém Roadmap to 1.3T.” India was the first to reject the decision for not reflecting the priorities of the Global South — a dismissal endorsed by many other countries.
"India had expressed its disappointment with the NCQG outcome of COP 29 at Baku as it does not address the needs and priorities of developing countries and is incompatible with the principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC) and equity," the minister of state told the Parliament.
COP 30 is scheduled for later this year at Belem, Brazil, and it was decided at Baku that countries would use the year between the two conferences to arrive at a roadmap for the climate funding goal of $1.3 trillion.
Singh also stated that the categorisation of climate-related outflows and financial efforts by multilateral development banks (MDBs) as contributions to the $300 billion goal would include contributions from developing countries (which are shareholders in MDBs), despite UNFCCC and its Paris Agreement mandating that developed countries provide and take the lead in mobilising climate finance for developing countries.
In May, India submitted its view on the “Baku to Belém Roadmap to 1.3T” to the UNFCCC. "It is mentioned that the roadmap must reflect the perspectives and concerns of developing country parties and that its suggestions must adhere to the principles of the UNFCCC and its Paris Agreement, including equity, common but differentiated responsibilities and respective capabilities (CBDR-RC) and the principles of Article 9.1 of the Paris Agreement," Singh said.
Article 9.1 of the Paris Agreement states, “Developed country Parties shall provide financial resources to assist developing country Parties to both mitigation and adaptation in continuation of their existing obligations under the Convention.”
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