India had expressed its disappointment with the New Collective Quantified Goal (NCQG) outcome of COP 29 at Baku as it does not address the needs and priorities of developing countries and is incompatible with the principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC) and Equity.

The mobilisation target of USD 300 billion annually by 2035 is substantially insufficient to address the financing needs of developing nations, which are estimated to be between USD 5.1–6.8 trillion for up to 2030 (or USD 455–584 billion per year) by the Standing Committee on Finance under United Nations Framework Convention on Climate Change (UNFCCC).

Further, the categorisation of climate-related outflows and financial efforts by multilateral development banks (MDBs) as contributions to the USD 300 billion goal would include contributions from developing countries (which are shareholders in MDBs), despite UNFCCC and its Paris Agreement mandating that developed countries provide and take lead in mobilising climate finance for developing countries.

India has submitted its view on the “Baku to Belém Roadmap to 1.3T”. It is mentioned that the roadmap must reflect the perspectives and concerns of developing country Parties and that its suggestions must adhere to the principles of the UNFCCC and its Paris Agreement, including equity, common but differentiated responsibilities and respective capabilities (CBDR-RC) and the principles of Article 9.1 of the Paris Agreement.

This information was provided by UNION MINISTER OF STATE FOR ENVIRONMENT, FOREST AND CLIMATE CHANGE, SHRI KIRTI VARDHAN SINGH, in a written reply to a question in Lok Sabha today.

***

GS

(LS US Q3482)

(Release ID: 2155199)