India voices disappointment at COP29 over shift from climate finance to mitigation focus

Baku: India has expressed strong disappointment at the shifting focus from adequate climate finance to mitigation efforts at the Plenary Session of the 29th Conference of the Parties (CoP29) of the UN Climate Change Summit in Baku, Azerbaijan.

Aligning with Bolivia’s statement on behalf of the Like-Minded Developing Countries (LMDCs), India emphasized the need for financial support to combat climate change effectively.

Delivering India’s statement, Secretary (MoEFCC) and Dy. Leader of the Delegation, Leena Nandan highlighted the critical importance of climate finance for developing nations.

She reiterated that the fight against climate change must be guided by the principles of the UN Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.

Nandan pointed out that without adequate financial support, mitigation efforts would be severely hindered.

“This CoP started with Focus on enablement through New Collective Quantitative Goals (NCQG), but as we move towards the end, we see shifting of the focus to mitigation” she added.

India’s stance comes at a crucial time when the conference has seen a shift in focus from the enablement of climate finance to mitigation actions.

The introduction of the New Collective Quantitative Goals (NCQG) aimed to address this issue, but as the conference nears its end, the emphasis has moved back to mitigation.

“We feel disappointed by the fact that we continue to shift focus when the time has come to ensure that the mitigation actions are fully supported through provisions of adequate Finances as per CBDR-RC and equity considerations”.

Nandan stressed that developed countries must fulfill their financial commitments to support developing nations in their climate actions.

She called for a balanced approach where both mitigation ambitions and the enablement of these ambitions through adequate finance are given equal attention.

Earlier at COP29, India proposed a mobilization goal of USD 1.3 trillion, with USD 600 billion of this amount to be in the form of grants and grants-equivalent resources.

The expansion of the contributor base and the inclusion of conditional elements such as macroeconomic and fiscal measures were deemed contrary to the mandate of the New Collective Quantitative Goals (NCQG).

India emphasized that the NCQG should be viewed not as an investment goal but as an enabler for essential climate action.

Moreover, India rejected suggestions for carbon pricing and focusing on private sector actors for scaling up resource flows as investments, arguing that these approaches deviate from the primary objective of providing direct financial support to developing countries.

It was stressed that climate actions must be country-driven, tailored to the unique circumstances of each nation, and aligned with national priorities.