Climate finance should not be seen as ‘investment goals’ by developed countries: India at COP29

Climate finance should not be seen as “investment goals” by developed countries, India said on Thursday at the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change in Azerbaijan’s Baku.

The conference, also known as COP29, is held annually and brings together countries to drive action on climate change. This includes developing clear plans and securing the necessary climate finance –or financial resources such as loans, grants or domestic budget allocations – to support such efforts.

A key point of negotiation during the conference is the New Collective Quantified Goal on climate finance.

This is an estimate of the financial support that developing countries will need from developed nations to adapt to climate change and transition to renewable energy sources, while still addressing their developmental priorities.

Climate finance worth between $5 trillion and $6.8 trillion until 2030 is being discussed in Baku.

On Thursday, India’s lead negotiator at COP29, Naresh Pal Gangwar, said that climate finance “cannot be changed into an investment goal when it is a unidirectional provision and mobilisation goal from the developed to the developing countries”.

“The Paris Agreement is clear on who is to provide and mobilise the climate finance – it is the developed countries,” said Gangwar.

The Paris Climate Agreement, an international treaty on climate change in...

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