India pitches for $1.3 trillion per year till 2030 in NCQG for developing nations at COP29
Subscribe to enjoy similar stories. Intervening on behalf of like-minded developing countries (LMDCs), India said that developed countries need to commit to provide and mobilise at least $1.3 trillion every year in the New Collective Quantified Goal (NCQG) till 2030.
It should be though grants, concessional finance and non-debt-inducing support that cater to the evolving needs and priorities of developing countries, without subjecting them to growth-inhibiting conditionalities in the provision of finance, it said in an official statement. This comes as extreme weather events have become frequent and increasingly strong, affecting especially the Global South, which calls for heightening ambitions on climate action.
Delivering the statement, Naresh Pal Gangwar, additional secretary of the environment ministry and India's lead negotiator at CoP29 on Thursday said, “We are at a crucial juncture in our fight against climate change. What we decide here will enable all of us, particularly those in the Global South, to not only take ambitious mitigation action but also adapt to climate change.
This CoP is historic in this context". “The context of different national circumstances, sustainable development goals and poverty eradication, particularly with respect to the Global South, should not be lost sight of.
These principles must form the basis for a strong outcome on the NCQG at CoP29," he said at the High-Level Ministerial on Climate Finance on Thursday at the global climate summit in Baku, Azerbaijan. The statement firmly asserted that recognising the historical responsibilities and differences in capacities, the UNFCCC and its Paris Agreement envisage a global response to climate change, adhering to the principles of equity
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