India Demands Fair Climate Finance at COP29 in Baku
- Muhammad Ahmad
- Nov 20, 2024
- 2 min read
Pushing for better access to adaptation funds, India highlights gaps in global climate financing mechanisms
India urges Developed countries to honour their commitments under the Paris Agreement to support climate adaptation in Developing nations
India calls for ambitious financial targets and streamlined processes for accessing climate finance.
Highlights an $854.16 billion requirement for adaptation by 2030, with domestic resources currently shouldering the burden.
Stresses the urgency of bridging gaps in global adaptation finance to ensure sustainable livelihoods in the Global South.
India delivered a significant statement on November 19, 2024, at the High-Level Ministerial Dialogue on Climate Change Adaptation during COP29 in Baku, Azerbaijan. The statement underscored the disproportionate burden of climate change borne by Developing countries due to the historical emissions of Developed nations. India emphasized the critical importance of accessible and credible climate finance for adaptation efforts.
India's message gains urgency as the gap in adaptation finance continues to widen, threatening the livelihoods and survival of vulnerable populations in developing countries. Addressing the complexities of current financing mechanisms, India demanded a more ambitious and inclusive New Collective Quantified Goal (NCQG) post-2025, ensuring Developing nations receive the support necessary to meet their adaptation goals.
Technical Focus
Slow Disbursement: Lengthy approval and disbursement timelines delay urgent projects.
Inflexibility: Current systems fail to adapt to evolving needs in dynamic climate scenarios.
Complex Criteria: Stringent requirements hinder Developing countries from accessing funds
India stressed that climate adaptation finance is primarily reliant on domestic resources, sharing its efforts to draft a comprehensive National Adaptation Plan. In its Initial Adaptation Communication submitted to the UNFCCC, India highlighted the immense requirement for adaptation funding, which could reach $854.16 billion. "A significant boost in adaptation finance flows is essential," the statement read, urging Developed nations to honour their commitments under the Paris Agreement.
India called upon developed countries to provide the promised support to bridge adaptation gaps, ensuring a sustainable and prosperous future. The nation's appeal was clear: equitable financial flows are key to building global climate resilience and safeguarding vulnerable populations.