Climate Fnance Is Central For Enabling And Implementing Climate Actions,Says India At COP29

Leena Nandan, Secretary of the Ministry of Environment, Forest and Climate Change (MoEFCC), emphasized four key areas of global climate action during her speech at COP29 on Monday. She stated that the period before 2030 presents a crucial opportunity to boost climate action through enhanced climate finance, aiming to reduce emissions and achieve net-zero targets.

Nandan highlighted that the successful implementation of the conditional aspects of Nationally Determined Contributions (NDCs) largely depends on access to increased financial resources, technology transfer, technical cooperation, and capacity-building support, as well as the availability of market-based mechanisms.

This statement comes as current national climate plans are significantly inadequate to prevent global warming from severely impacting economies, lives, and livelihoods worldwide. The UNEP Emissions Gap Report released last month emphasized the urgent need for action to meet the goals of the Paris Agreement but also noted that limiting global temperature rise to 1.5°C remains achievable.