Failure of developed countries on climate finance makes NDCs unachievable: India at COP30

Economic Times
Economic Times
1M ago
37 views
At COP30, India condemned developed countries for failing to meet climate finance commitments, jeopardizing developing nations' climate goals. Reliable financial support is crucial for achieving Nationally Determined Contributions (NDCs).
Failure of developed countries on climate finance makes NDCs unachievable: India at COP30
A What happened
At COP30, India voiced strong criticism against developed countries for their failure to meet climate finance obligations, which it argues is essential for developing nations to achieve their climate goals. India's negotiator, Suman Chandra, stated that without predictable and reliable financial support, developing countries cannot fulfill their Nationally Determined Contributions (NDCs) under the Paris Agreement. The country pointed out that developed nations have not honored their legal obligations as outlined in Article 9.1 of the Paris Agreement. India also expressed concerns over the New Collective Quantified Goal (NCQG), deeming it inadequate and lacking clear commitments from developed countries. Furthermore, India highlighted discrepancies in financial reporting, with some developed nations reporting significant decreases in climate finance. The country called for improved financial mechanisms and emphasized the need for predictable and additional support to ensure progress under the Paris Agreement.

Key insights

  • 1

    Legal Obligations Ignored: Developed countries are failing to meet their legal climate finance obligations.

  • 2

    NDCs at Risk: Without financial support, developing nations cannot achieve their climate goals.

  • 3

    Inadequate Financial Reporting: Many developed nations provide outdated or inconsistent financial data.

Takeaways

India's strong stance at COP30 highlights the critical need for developed countries to fulfill their climate finance commitments. Without reliable support, the goals of the Paris Agreement may remain unattainable for developing nations.

Topics

Business & Markets Economy World & Politics Policy & Regulation Climate & Environment Climate Change

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