India to pitch for grants and concessional loans, instead of investments, at COP29
Subscribe to enjoy similar stories. New Delhi: India plans to leverage its climate commitments to pitch for grants and concessional loans, instead of investments for the Global South, at the upcoming climate negotiations in Baku, two people aware of the matter said. This comes on the backdrop of the global loss and damage fund agreed upon at the Egypt accord and operationalised at COP28 failing to gain traction.
“Our position is grant-based and concessional finance in terms of NCQG (new collective quantified goal, or climate funding target for developing nations). India’s stance would be to get as much of grant and concessional loan," the first of the two people quoted above said on condition of anonymity. “We don’t want big figures as investment in NCQG, but they (developed nations) want to push for investment." The Indian team, led by Union minister of state for environment, forest and climate change Kirti Vardhan Singh, will also push for finalizing the rules for transfer of carbon credits to meet climate targets under Article 6 of the Paris Agreement, the people said on the condition of anonymity.
The UN Framework Convention on Climate Change (UNFCCC) in Azerbaijan’s capital city will see negotiations ahead of the 29th Conference of the Parties (COP29) to be held from 11 to 24 November. Also read | Infrastructure, data resilience on G20 and COP29 agenda CDRI to assess fiscal risk in 4 countries 4 Indian states The first person cited above said that India is not against mobilizing investments for climate change. “Suppose $1 trillion will be required in the form of investment.
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