India has reminded the global community how the impact of climate change has increasingly become evident in the form of one disaster or another.

Intervening on the behalf of Like-Minded Developing Countries (LMDCs), at the High-Level Ministerial on Climate Finance on Thursday in CoP29 of the UNFCCC (United Nations Framework Convention on Climate Change Summit) in Baku, Mr Naresh Pal Gangwar, India’s lead negotiator, stated that extreme weather events are so frequent and strong that the impacts are being felt by the people across the world, especially the Global South.

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Underlining the need for heightened ambitions on climate action, he 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 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 and common but differentiated responsibilities and respective capacities.

India’s intervention reiterated that the developed countries need to commit to provide and mobilise at least $ 1.3 trillion every year till 2030, 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.

The statement recognised that such a scenario is vital for advancing towards COP30, where all parties are expected to submit their updated Nationally Determined Contributions (NDCs). Achieving this outcome will set a solid foundation for meaningful progress in global climate efforts, the Indian statement noted.

Talking further on the importance of the New Collective Quantified Goals (NCQG) on Climate Finance, the Indian official emphasised that it cannot be changed into an investment goal when it is a unidirectional provision and mobilisation goal from the developed to the developing countries.

India strongly laid down the point that bringing in elements of any new goal, which are outside the mandate of the convention and the Paris Agreement, is unacceptable to it. The statement ruled out any scope for re-negotiation of the Paris Agreement and its provisions.

Asserting that Transparency and Trust are the backbones of any multilateral process, India noted that there is no understanding of what comprises climate finance. Developed countries’ performance regarding their existing financial and technological commitments has been disappointing, the Indian official said.

India’s intervention stated that a clear definition of climate finance, in line with the provisions of UNFCCC and its Paris Agreements, will promote transparency and is vital for furthering constructive deliberations and building trust. In this regard, the statement said, “We take note of the work carried out by the Standing Committee on Finance, however, there is need to further work in arriving at a meaningful definition of climate finance”.