COP29: India, other developing countries demand fair climate finance commitments

India, LMDCs advocate for equitable climate finance at COP29, pushing for transparency, fairness, and flexibility in financial commitments.

India, as part of the Like-Minded Developing Countries bloc, stood firm in calling for equitable financial support from developed nations at the ongoing COP29 climate negotiations, multiple sources from the grouping said here.

Concerns were also raised that nearly 69 per cent of reported finance came in the form of loans adding burdens on the already vulnerable countries.

At the annual climate talks, India negotiates in key groupings such as the Like-Minded Developing Countries (LMDCs), G77 and China, and BASIC (Brazil, South Africa, India, and China), where it aligns with other developing nations to advocate for climate finance, equity, and technology transfer.

On Tuesday (November 13, 2024), G77 and China - the largest bloc representing around 130 countries at the U.N. climate talks - rejected the draft text of a framework for negotiating a new climate finance goal.

The New Collective Quantified Goal (NCQG) is the central issue at this year’s climate summit, the 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) collectively negotiating and working to keep global greenhouse gases’ emissions under check.

During the negotiations, the LMDCs emphasised the principle of “common but differentiated responsibilities” (CBDR) to address the pressing financial gaps hindering effective climate action.

In the discussions centred on long-term climate finance, the LMDCs, alongside the African Group and the Arab Group, questioned the accountability of developed nations in reaching the USD 100 billion annual climate finance goal set years ago, which remains contentious.