COP 29: India Highlights Climate Finance Gap, Demands Fulfilment of Pledges by Developed Nations

India made a powerful intervention at the 2024 Annual High-level Ministerial Roundtable on pre-2030 Ambition during the COP29 UN Climate Change Summit, laying out a roadmap for global climate action. Represented by Leena Nandan, Secretary of the Ministry of Environment, Forest and Climate Change, India called for transformative steps across four critical areas: technology transfer, climate finance, international cooperation, and fostering mutual trust among nations.  

Scaling Innovation and Technology Transfer: India underscored the urgent need to scale up innovative climate actions, particularly through the unrestricted transfer of green technologies. “New technologies and solutions, such as clean energy and carbon removal, are crucial for the transition to a low-carbon economy,” the delegation stated, emphasizing that Intellectual Property Rights (IPR) restrictions must not hinder developing nations’ access to these technologies.  

Addressing the Climate Finance Gap: Highlighting a severe shortfall in funding, India called for developed nations to fulfill their long-standing commitments to climate finance. “Trillions of dollars are required to deploy clean energy, build disaster-resilient infrastructure, and implement adaptation projects,” the Indian delegation noted, stressing that developed countries must bear the financial burden for deviations from least-cost development pathways in developing nations.  

Advocating for Equity and Climate Justice: Reiterating the principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC), India demanded that developed nations take the lead in achieving economy-wide emission reductions. The Indian delegation warned against burdening developing countries with the consequences of inadequate pre-2020 mitigation efforts by industrialized nations.  

“Equity must remain central to climate policies. Developing nations, despite contributing minimally to climate change, are disproportionately affected,” the ministry stated.  

The Role of Mutual Trust: India stressed that mutual trust among nations is essential to achieving climate goals. COP29, it said, is an opportunity for developed countries to restore confidence by fulfilling their pledges and supporting equitable solutions.  

Citing the “2024 Nationally Determined Contributions (NDC) Synthesis Report”, Nandan noted that “86% of the remaining carbon budget” would be consumed by cumulative CO2 emissions between 2020 and 2030. However, she also highlighted progress, including a projected 2.6% reduction in greenhouse gas emissions by 2030 compared to 2019 levels, signaling hope for further improvements.  

References:

https://www.ndtv.com/world-news/india-highlights-4-key-aspects-of-climate-action-at-cop29-7051008

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