India will continue to advocate for increased climate finance from developed countries.
This finance is crucial for developing countries to adapt to the impacts of climate change.
India will emphasize adhering to the principles outlined in the Paris Agreement.
The Copenhagen Accord (COP15) set a target of $100 billion per year in climate finance by 2020.
However, there's been ambiguity regarding the definition and sources of this finance.
The OECD claimed in 2022 that the $100 billion target was met, but this claim is contested.
New Collective Quantified Goal (NCQG):
COP21 recognized the need for increased climate finance beyond the $100 billion target.
Negotiations are underway to establish a new NCQG, including the amount and timeline.
A decision on the NCQG is expected at COP29.
India's Position on Climate Finance:
India is open to various forms of climate finance, including grants, concessional loans, and technology investments.
However, India will oppose any attempt to dilute the Paris Agreement principles or include non-Paris Agreement countries in climate finance discussions.
India will scrutinize any proposed climate finance mechanisms to ensure they align with its development priorities and climate goals.
COMMENTS