India made a decisive statement at the third meeting of the ad hoc work programme on the new climate finance goal, emphasizing that there should be “no digressions” from the commitment to provide finance to developing countries. The Indian spokesperson stressed that the new collective quantified goal (NCQG) should not be considered an investment goal or a domestic mobilization goal.
Clarification on the New Climate Finance Goal
“The goal is for developing countries to be provided finance by developed countries and there should be no digressions from this,” the Indian spokesperson asserted during the meeting that commenced on Monday. This position aligns with the views of several groups, including the Arab group, Like-Minded Developing Countries (LMDC), Alliance of Latin America and the Caribbean, and the Alliance of Small Island States.
India has called for the removal of a particular paragraph in the draft of the new climate finance goal that discusses economic capacities, emission profiles, and contributions from parties. The draft, published last week, outlines the expectation that the new goal will involve contributions running into trillions from developed countries to support mitigation efforts in developing nations. However, the US has yet to define specific numbers or timelines and has indicated that contributions should come from various sources, including “contributing parties.”
Concerns Over Draft Language
The draft’s suggestion to recognize evolving needs and circumstances of countries has been met with resistance. It proposes acknowledging that needs, priorities, national circumstances, economic capacities, and emissions profiles are dynamic. The European Union has suggested that the collective goal can only be met if high GHG-emitting and economically capable parties contribute.
India has voiced strong objections to this language. The spokesperson highlighted that certain sections of the draft appear to be outside the scope of the Paris Agreement. “We are not here to renegotiate the Paris Agreement as it appears that paras in the current draft,” she said, emphasizing that the essence of the agreement should not be compromised. The preamble of the agreement should include all relevant articles of the United Nations Convention on Climate Change and the Paris Agreement to address the divergence of views among parties.
Global Reactions and Expectations
China also echoed India’s sentiments, asserting that the NCQG is neither a domestic finance goal nor an investment goal, and criticized the unsubstantiated mention of mobilizing $100 billion in 2022.
Harjeet Singh, Climate Activist and Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative, criticized wealthy nations for their failure to meet their climate finance obligations. “India is standing firm in reminding wealthy nations that climate finance is not a business venture — it is a moral and legal obligation,” Singh said. “For too long, developed countries have dodged their responsibilities, neglecting the financial support owed to those least responsible for the climate crisis.”
Expectations from Like-Minded Developing Countries
The LMDC group, which includes India, expects developed countries to mobilize at least $1 trillion annually from 2025 to 2030, with updates extending to 2035 based on evolving needs.
COP29 Presidency’s Priorities
The COP29 Presidency has emphasized its commitment to ensuring a fair and ambitious NCQG. “The Presidency’s top negotiating priority is the agreement of a fair and ambitious NCQG that takes into account the needs and priorities of developing country Parties,” said COP29 President-Designate Mukhtar Babayev. He welcomed parties and observers to the meeting, highlighting its critical role in advancing this ambition.
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