Key Points
The COP29 climate talks present a historic opportunity for the Global South, where populations are most vulnerable to climate change, to commit to ambitious mitigation action, India stressed during a key round of talks, where its lead negotiator also reiterated calls for the rich world to commit to mobilising at least $1.3 trillion.g)..
During Thursdays High-Level Ministerial on Climate Finance, Indias lead negotiator Naresh Pal Gangwar also warned against attempts to dilute developed nations financial obligations under the Paris Agreement amid unprecedented presence of fossil fuel interests at the negotiations..
Gangwar pushed for developed countries to commit at least $1.3 trillion annually until 2030, specifically through grants, concessional finance and non-debt-inducing support for developing nations..
India took a firm stance against attempts to redefine the New Collective Quantified Goal (NCQG) on climate finance, which is set to replace the Paris Agreements $100 billion annual target - a commitment made in 2009 that remains unfulfilled fifteen years later..
The intervention highlighted two main concerns: about attempts to shift climate finance obligations away from public sources in developed countries toward market mechanisms and private investment, and for the need to recognise historical responsibility that the Paris Agreement clearly pins on developed countries..
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