Rich nations must hit net zero and pay up on climate, says India

More than 115 countries have now lodged updated climate plans with the United Nations, required under the terms of the 2015 Paris Agreement

Richer nations must move faster on zeroing out emissions and do more to mobilize funding to help developing economies meet climate targets, India’s Environment Minister Bhupender Yadav told the COP30 summit in Brazil.

“Developed countries must reach net zero far earlier than current target dates and deliver new, additional, and concessional climate finance at a scale of trillions, not billions,” Yadav said on Monday at the talks in Belém, according to a statement from the ministry.

India, the world’s third-largest polluter, has long argued that industrialized nations should carry a greater decarbonization burden, and that still-developing countries require more assistance to simultaneously curb emissions and drive economic growth.

The country, which is targeting net zero by 2070 — two decades later than many major nations, and 10 years later than China — intends to publish a new strategy for emissions reductions through 2035, Yadav said in the statement, without specifying a date.

More than 115 countries have now lodged updated climate plans with the United Nations, required under the terms of the 2015 Paris Agreement. An initial assessment of the pledges warned they would leave the world far off track to limit global warming this century to 1.5C.