COP29 conference.
– Photo: ANI
Expansion
The United Nations Climate Change Conference held in Baku, Azerbaijan has expressed disappointment over rich countries not paying attention to financial aid for developing countries. India on Thursday said it will not accept any attempt to divert attention from climate finance (financial assistance) to developing countries to focus only on emissions reductions. The statement said that if adequate support is not provided in finance, technology and capacity building to fight climate change, its impact will be severe.
Leena Nandan spoke at India’s climate conference
Leena Nandan, India’s Environment and Climate Secretary, said it is disappointing that the emphasis is on climate mitigation (emissions reduction) while it is more important to ensure the financial support needed for mitigation. He also said that the emphasis on mitigation by some countries only serves to divert attention from the responsibility of climate finance.
He said continued talks on mitigation mean nothing unless supported by the capacity needed to take climate actions on the ground. He said finance is the most important enabler for the new NDCs that we need to formulate and implement.
Developing countries did not offer financial assistance
In this case, according to the United Nations Climate Conference, industrialized countries should provide financial and technical assistance to developing countries to deal with and transform climate change. But some developed countries have expected developing countries to reduce greenhouse gas emissions without offering financial assistance.
India’s proposal in the conference
India said there is no point in continuing discussions on mitigation without the formal supply of financial support needed to implement climate actions on the ground. Let us tell you that India proposed public financial assistance of US $ 600 billion every year from 2025.
What is the opinion of developing countries?
In this case, developing countries say that they need at least 1.3 trillion dollars per year to deal with climate change, which is more than the promise of 100 billion dollars made in 2009. Although developed countries have not yet made any concrete proposals, EU countries have discussed a fiscal target of $200-300 billion per year. Along with this, developing countries also believe that most of the financial assistance should come directly from the government treasury of developed countries and not from the private sector.