India to focus on climate finance at COP29

India to focus on climate finance at COP29
/ Unsplash - Avinash Kumar
By bno - Mumbai Office November 10, 2024

India plans to spotlight climate finance, accountability, and support for vulnerable communities at COP29, set to begin in Baku on November 11, according to Press Trust of India (PTI).

Prime Minister Narendra Modi will not attend, and Environment Minister Bhupender Yadav may also be absent. India will be represented by Union Minister of State for Environment, Forest, and Climate Change Kirti Vardhan Singh who will lead the 19-member delegation, with India’s national statement expected on November 18-19.

India’s main objectives at COP29 include holding developed nations accountable for climate finance commitments, strengthening resilience for vulnerable communities, and promoting an equitable energy transition. Dr. Arunabha Ghosh, CEO of the Council on Energy, Environment, and Water (CEEW), stressed the need for COP29 to ensure that developed nations deliver on their financial promises, which he felt COP28 failed to enforce.

Ghosh said that the largest historical emitters must increase their ambition and climate finance should be consistent, convenient, catalytic, and credible, delivering real resources to protect the most vulnerable.

Discussions are expected to address the New Collective Quantified Goal (NCQG) for climate finance, which many developing countries insist should be set in the trillions to meet the urgency of climate impacts. Kenya’s Climate Change Envoy, Ali Mohamed, highlighted the importance of COP29 as a “Finance COP” that prioritises funding without adding to the debt burden of already vulnerable nations. He emphasised the need for practical frameworks that support resilience in agriculture, water, health, and infrastructure, according to PTI.

The urgency of these commitments is underscored by the recent re-election of Donald Trump in the US, who is expected to favour fossil fuel expansion, said Center for American Progress’ Dr. Frances Colan. This shift places greater responsibility on other global players to drive forward climate action. Linda Kalcher, Executive Director of Strategic Perspectives, noted that while the EU remains a reliable climate finance partner, it must step up its efforts. She stated the EU cannot hide from this moment.

Li Shuo, Director of the China Climate Hub said that the financial commitments and loss and damage action are essential to keeping the global economy afloat. He added that the evolving US stance may push China and the EU into greater climate leadership roles, PTI reported.

India’s strategy at COP29 focuses on securing transparent, fair finance from developed nations to support equitable climate action, balancing its development needs with the goal of pragmatic, accountable climate solutions. By pushing for reliable funding for vulnerable communities, India aims to challenge developed nations on climate finance pledges while addressing its own priorities as a developing economy.

 

 

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