India calls for more climate contributions ahead of key meet
New Delhi, June 3 -- India has put forth its expectations on the ideal "Baku To Belem Roadmap to 1.3T" ahead of the Bonn Climate Meeting which begins on June 16, stating that without sufficient climate finance, even proposed nationally determined contributions will not materialise, leave alone any ambitious future NDCs.
In a succinct and strongly worded submission to the UN climate body, United Nations Framework Convention on Climate Change (UNFCCC) on May 27, India has said climate finance should flow from developed countries to developing countries and that public capital should be used strategically to crowd in private investments for climate action, pointing out that excessive borrowing poses risks to a country's fiscal stability.
"At the outset, India expresses concern with the substantial gaps remaining between the current annual quantum provided under the New Collective Quantified Goal (NCQG) on Climate Finance and the financing needs currently identified by developing countries for their 2030 NDC commitments," India flagged in its submission.
"Without sufficient climate finance, even the proposed NDCs would not fructify, leave alone any enhanced level of ambition in future NDCs.
The NCQG outcome of COP 29 was adopted despite India's objection and signals the unwillingness and failure of developed countries to fulfil their responsibilities under the Convention and its Paris Agreement.
The "Baku to Belem Roadmap to 1.3T" is an opportunity to put the financial discussion on the right track in accordance with Article 9.1 of Paris Agreement," India added.
HT reported on November 25 last year that COP29 talks in Baku ended in unprecedented acrimony as India led a fierce pushback against what it called a "stage-managed" climate finance deal, moments after the Azerbaijan Presidency hastily gavelled through a contentious proposal. India was the first to reject the decision for not reflecting the priorities of the Global South - a dismissal endorsed by many other countries.
Baku was expected to see progress on NCQG, basically a new commitment on climate funding by developed countries....
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