India with other developing countries at COP29 call for fair and effective climate finance agreements to support global climate action. Representing the Like-Minded Developing Countries (LMDCs), India emphasise the need for equitable financial support from developed nations, spotlighting the burden placed on vulnerable economies.
Negotiators have said that around 69% of the climate finance currently comes as loans, a structure that can impose heavy debt burdens rather than alleviating economic strain.
The New Collective Quantified Goal (NCQG) for climate finance remains a central focus of the summit, as discussions continue around establishing clearer financial targets and accountability measures.
The LMDCs, working with the G77, BASIC, and the African and Arab groups, express concerns over develop countries failure to meet a $100 billion annual funding goal, which has long contentious in international climate negotiations.
Representatives have urge for a transparent and consistent approach in climate finance, ensuring that commitments are tracked and upheld in good faith.
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India and other LMDC members raise concerns about stringent investment requirements being propose within the ongoing negotiations, as they can place smaller, less-develop nations at a disadvantage.
The bloc argue that such policies may inherently benefit nations with robust financial infrastructures, potentially sidelining economies with limited investment access.
LMDC negotiators have reiterate the importance of the “common but differentiated responsibilities” principle, emphasising that climate goals must consider the specific needs and capacities of all countries.
India and other LMDC countries continue to press for a collectively agreed-upon definition of climate finance, pushing for accessible and fair funding options for all developing nations.
As discussions advance, the group remains commit to achieving a balance outcome that fosters inclusivity, accountability, and transparency in international climate finance, crucial components for building global trust and cooperation in addressing climate change.
