India calls for $1 trillion per year in climate finance from next year and submits its proposal to the UNFCCC
In its latest five-page submission on Feb 13 to the United Nations Framework Convention on Climate Change (UNFCCC), India has called for developed countries to provide developing countries with at least $1 trillion per year from 2025 in climate finance for taking necessary steps to face and combat the upcoming challenges of global warming. In the five-page submission, India has reminded developed countries and rich nations about their unmet $100 billion target. Moreover, the submission also asked them to take lessons from their unmet target before promising new commitments and finalizing it for the new goal set.
It points out that the existing goal of $100 billion per year was a failure. Therefore, there is a chance of failure to meet a jump from the existing goal of $100 billion per year to $1 trillion per year. In reality, there was a great sync fund that the G20 New Delhi Declaration projected last year.
The new goal set and details about it are expected to be decided at the 29th session of the UN climate conference (COP29) to be held in November in Baku, Azerbaijan.
Details under the new goals for 2025-35 are expected to be decided at the 29th session of the UN climate conference (COP29) in November in Baku, Azerbaijan. India has submitted its five-page documents along with the relevant documents on behalf of like-minded developing countries (LMDC), including Pakistan, China, Indonesia, Bhutan, Nepal, and Sri Lanka.
Although developed countries like the USA, the UK, Canada, Australia, Japan, and Norway have submitted documents on the NCQG, India is probably the first developing country that has submitted documents on the NCQG.
The submission said that the developed countries need to provide at least $1 trillion per year to developing countries to combat new challenges related to global warming. The needs of developing countries for the same are grants and concessional finance.
India also underscored and explained the importance of it and the necessity to scale up the finance as per the needs of developing countries and updated requirement reports.
