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COP27: India Asserts On New Global Climate Finance Target By 2024
At COP15 in Copenhagen in 2009, developed countries committed to raising USD 100 billion per year by 2020 to assist developing countries in dealing with the effects of climate change
Photo Credit : @byadavbjp/twitter
To meet their ambitious goals, developing countries require substantial increases in climate finance starting at USD 100 billion per year and wealthy countries must lead the mobilisation of resources, India said at the ongoing UN climate summit COP27.
At COP15 in Copenhagen in 2009, developed countries committed to raising USD 100 billion per year by 2020 to assist developing countries in dealing with the effects of climate change. Rich countries, on the other hand, have repeatedly failed to deliver this financing.
Developing countries, including India, are pressuring rich countries to agree to a new global climate finance target, also known as the new collective quantified goal on climate finance (NCQG), which they claim should be in the trillions of dollars given the rising costs of addressing and adapting to climate change.
According to people familiar with the developments, India highlighted at a high-level ministerial dialogue on NCQG at COP27 on Wednesday that climate actions to meet the NDC targets require financial, technological and capacity-building support from developed countries.
“The ambitious goal set by developing countries necessitates a significant increase in climate finance beyond the baseline of USD 100 billion per year. The developed countries must lead the resource mobilisation, which must be long-term, concessional and climate-specific, with an equitable allocation of resources between adaptation and mitigation projects,” during the meeting, the Indian delegation said.
“The commitment of USD 100 billion made by developed countries in 2009 was not only minuscule in comparison to the scale of needs but has also yet to be fulfilled,” it said.
According to the Organisation for Economic Cooperation and Development (OECD), an intergovernmental organisation comprised of wealthy nations, developed countries mobilised USD 52.5 billion in 2013.
After falling to USD 44.6 billion in 2015, the finance flow has increased steadily. According to a factsheet published by the Centre for Science and Environment, developed countries raised USD 83.3 billion in 2020, up from USD 80.4 billion in 2019.
According to the Standing Committee on Finance, resources from USD 6 trillion to USD 11 trillion are required until 2030 to meet the targets set by developing countries in their NDCs and other communications, including the Needs Determination Reports.
Nationally Determined Contributions (NDCs) are national plans to keep global temperature rise well below two degrees Celsius, preferably 1.5 degrees Celsius.
The Indian delegation also said that the need for climate finance is enormous, even if estimates have not fully captured the identified needs, particularly those for adaptation.
This year's conference, held in the Egyptian seaside resort of Sharm el-Sheikh from 6 to 18 November, is expected to press developing countries to strengthen their climate plans.
On the other hand, developing countries would seek financial and technological commitments to address climate change and the resulting disasters.