India calls for adequate, predictable climate finance for vulnerable nations at COP29
India calls for adequate, predictable climate finance for vulnerable nations at COP29
India has set forth its key expectations for COP29, held in Baku, Azerbaijan, highlighting the necessity for a carbon market mechanism that avoids trade barriers and a reassessment of climate finance goals.
During the COP29 climate negotiations, India's priorities center around ensuring robust financial support for developing nations, particularly for adaptation projects. A critical aspect of India's agenda is recalibrating climate finance under the New Collective Quantified Goal (NCQG), which mandates annual climate finance contributions from developed nations to support climate action in developing countries.
India stresses that the discussions should focus on the adaptation needs of vulnerable communities, advocating for finance that is "adequate, predictable, accessible, grant-based, low-interest, and long-term." The country also seeks the establishment of carbon market mechanisms under Article 6 of the Paris Agreement. These mechanisms should leverage carbon credits to incentivize low-carbon development without hindering trade.
Securing more substantial commitments for adaptation and resilience-building is another major focus for India at COP29. This includes targeted support for agriculture, water resources, and urban infrastructure. Given India's heightened vulnerability to climate impacts like floods, droughts, and extreme heat, these areas are critical.
Addressing financing for "loss and damage" remains a top priority, with India expecting solid commitments from developed nations to fund the adverse impacts of climate events on vulnerable communities. Any mechanisms agreed upon should prioritize technology transfer and bridge financing gaps to ensure effective participation from developing countries.
India's position at COP29 underscores the importance of a fair and equitable approach in all climate negotiations, emphasizing that adequate and predictable finance is crucial for the success of global climate action efforts.
