Developing countries, including India, are insisting on a new global climate finance target, also known as the new collective quantified goal (NCQG), which, they say, should be in trillions given the growing costs of addressing and adapting to climate change.
At a high-level ministerial dialogue on NCQG at the ongoing UN climate summit COP27 in Egypt, India highlighted that climate actions to meet the Nationally Determined Contributions’ (NDC) targets required financial, technological and capacity-building support from developed countries, officials aware of the developments said. The Indian delegation said that ambitious goals set by the developing countries required substantive enhancement in climate finance from the floor of $100 billion per year. “The mobilisation of the resource needs to be led by the developed countries and should be long-term, concessional and climate-specific with equitable allocation between adaptation and mitigation projects,” it said. The commitment of $100 billion made in 2009 by developed countries was not only miniscule given the scale of needs, but had also not been achieved yet, the delegation said, stressing on new global target.
According to a report jointly commissioned by the UK and Egypt, developing countries, other than China, would require $2.4 trillion a year by 2030 if they were to comprehensively tackle climate change and grow their economies.
It also estimated that emerging markets and developing countries (other than China) would require $1 trillion by 2025 to cut emissions, boost resilience and deal with the loss and damage caused by climate change impacts, and restore nature and land
While developed countries are expected to push developing nations to further intensify their climate plans, the former are seeking commitment to finance and technology needed to address climate change and resulting disasters in the ongoing climate conference.
Before the session, Environment Minister Bhupender Yadav said India expected action from rich nations in terms of climate finance, technology transfer and strengthening the capacity of poor and developing countries to combat climate change along with clarity on definition of climate finance.
$100 billion Promised by developed nations in 2009 to help developing nations meet climate change challenges
$1 trillion Needed by developing nations (other than China) by 2025 to cut emissions, boost resilience and restore land
$2.4 trillion Required by 2030 to tackle climate change and help developing nations grow their economie