India issued statements on behalf of the BASIC (Brazil, South Africa, India and China) and the Like-Minded Developing Countries (LMDC) group at the UNFCCC CoP30, in Belém, Brazil and highlighted the importance of climate finance.
Key Highlights of India’s Stand
India called for:
- Definition: A clear and universally agreed definition of climate finance;
- Adaptation Finance: Strengthened and scaled-up public finance flows for adaptation;
- Adaptation Financing needs to exceed nearly fifteen times current flows.
- Strong outcome on Global Goal on Adaptation (GGA), introduced by Article 7 of 2015 Paris Agreement for enhancing adaptive capacity, strengthening resilience and reducing climate vulnerability.
- Article 9.1: Implementation of Article 9.1 of the Paris Agreement, reaffirming the legal obligation of developed countries to provide financial resources to assist developing countries in both mitigation and adaptation.
- Climate Technology: Strong outcome on the Technology Implementation Programme (outcome of first global stocktake of Paris Agreement), emphasizing that intellectual property and market barriers must not hinder technology transfer to developing nations.
- Narrowing Development Gap between Global North and South: UNFCCC Just Transitions Work Programme must result in action-oriented institutional arrangements, ensuring that equitable and inclusive climate transitions across economies.
Internationally Agreed Climate Finance Targets
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