India’s Push for Fair Climate Finance

India’s Climate Finance Concerns

India’s Push for Fair Climate Finance: India emphasized that climate finance remains the biggest barrier limiting climate ambitions for many developing nations. Speaking on behalf of BASIC and the LMDC group at UNFCCC CoP30 in Belém, India highlighted the need for predictable and equitable financial support from developed countries. The country reiterated that ambitious climate action is impossible without assured flows of finance.

Need for a Clear Definition of Climate Finance

India stressed the urgency of having a universally accepted definition of climate finance. This ensures transparency and prevents countries from inflating numbers through vague classifications. It also helps developing nations track real financial assistance. Static GK fact: The term climate finance was formally recognized under the UNFCCC during the Copenhagen Accord 2009.

Strengthening Adaptation Finance

India highlighted the widening gap between available adaptation finance and actual requirements. Current flows fall short by nearly fifteen times, making it harder for vulnerable nations to build resilience. The country urged developed nations to prioritize public finance for adaptation. This aligns with Article 7 of the 2015 Paris Agreement, which introduced the Global Goal on Adaptation.

Upholding Legal Obligations Under Paris Agreement

India reiterated the importance of implementing Article 9.1, which places a legal obligation on developed countries to provide finance for mitigation and adaptation. The country stressed that developing nations must not be expected to shoulder climate responsibilities without means. Static GK Tip: The Paris Agreement was adopted during COP21 held in Paris in 2015.

Technology Transfer Without Barriers

India called for a strong outcome on the Technology Implementation Programme, established after the first Global Stocktake. It emphasized that intellectual property rights and market barriers should not limit technology transfer. Ensuring open access to climate-friendly technologies is essential for low-carbon growth across the Global South.

Bridging the North–South Development Gap

India urged that the UNFCCC Just Transitions Work Programme must lead to practical outcomes. The focus should be on equitable and inclusive transitions, enabling developing economies to shift to sustainable pathways without compromising growth. The country highlighted that climate solutions must not deepen existing development gaps.

International Climate Finance Targets

India also noted the importance of delivering on internationally agreed targets. Under the Baku to Belém Roadmap, nations committed to mobilizing at least $300 billion per year by 2035 for developing countries. A broader ambition was set to reach $1.3 trillion per year in total external finance by 2035. Additionally, the Glasgow Climate Pact committed developed nations to providing $40 billion in adaptation funding by 2025. Static GK fact: The Glasgow Climate Pact was adopted at COP26 in 2021.

Importance for Global Climate Justice

India’s stand reflects its long-standing emphasis on climate justice, equity, and the principle of common but differentiated responsibilities. Ensuring adequate finance and technology support will allow developing nations to pursue sustainable development while contributing to global climate goals.

Static Usthadian Current Affairs Table

India’s Push for Fair Climate Finance: