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India stated that climate finance (money to help developing countries switch to renewable energy) should not be treated as an investment goal for developed countries.
The focus should remain on providing financial support to developing countries, not expecting returns or profits.
COP-29 in Baku is focusing on the New Collective Quantified Goal on Climate Finance (NCQG), which aims to estimate how much funding developing countries need to address climate change
India, representing the Like-Minded Developing Countries (LMDCs), urged that developed countries commit to providing at least $1.3 trillion per year in climate finance until 2030.
This should come in the form of grants, concessional finance, and non-debt-inducing support, avoiding measures that hinder growth in developing countries.
India made it clear that any proposals outside the Paris Agreement's framework or its mandate are unacceptable.
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