New Delhi, Aug 17 (PTI) India has taken a firm stand, urging nations of the Global South to come together and advocate for ambitious goals related to climate finance during the upcoming UN climate change conference set to occur in Azerbaijan's Baku.
Speaking at the third Voice of Global South Summit, Union Environment Ministry Secretary Leela Nandan stated clearly, "COP29 must deliver concrete commitments to halt global warming and to achieve climate justice." She emphasized the need for unified voices to call for transparent, grant-based financial commitments.
Nandan pointed out the importance of setting new collective quantified goals, which would stipulate the financial contributions developed nations must commit to each year starting from 2025, aimed at supporting climate action initiatives within developing countries.
The pressure is on for world leaders to agree on this pivotal New Collective Quantified Goal as the discussions at the UN gathering loom. Reflecting on past commitments, there is apprehension about reaching consensus, especially after the disappointing progress seen at the mid-year UN climate discussions held earlier this year.
Many of these concerns circle around the fact developed countries have fell short on their promises, particularly the longstanding commitment to allocate at least USD 100 billion annually to help developing nations combat the impacts of climate change.
Nandan reinforced the notion, stating, "The new climate finance goal must be proportional to the needs of developing nations." She referenced estimates provided by the Standing Committee on Finance, which project funding needs as high as USD 11.5 trillion by 2030 to effectively meet targets outlined by developing countries.
This figure is significant as it aligns with the climate objectives outlined by these nations within their Nationally Determined Contributions, making the financial backing all the more critical.
Notably, Nandan also spotlighted the need to remind developed countries of their responsibilities, as articulated under the Kunming-Montreal Global Biodiversity Framework. Such contributions are necessary for supporting the Global South's efforts aimed at conservation and restoration.
Insisting on the urgency, she mentioned the imperative for collectively raising awareness and influence during the Baku conference, ensuring demands are echoed widely.
Given the stakes involved, India's call to action reinforces the broader narrative where the Global South is urged to clarify and assert its needs effectively on the world stage. Climate finance discussions are increasingly becoming interconnected with issues of justice and equity, emphasizing the necessity for fair contributions to support the most affected.
The financial assistance required is not just about addressing immediate concerns but also establishing long-term strategies for sustainability within the Global South. These revelations present a compelling case for developed nations to step up their game, recognizing the importance of equitable climate action.
This discussion is part of wider preparations leading up to COP29, with India advocating vehemently for realistic and actionable commitments from more affluent nations.
Stressing this point, Nandan stated, "Achieving consensus will not be easy," due to persistent challenges and varying interests among the global community. Yet, she believes it is feasible with concerted effort and genuine commitment from all parties involved.
Both developed and developing nations are urged to adopt innovative strategies to overcome the existing barriers to effective climate financing.
With the COP29 conference fast approaching, the attention now shifts toward how the Global South will unify its message and prepare its leaders to take part meaningfully. The response to this call may very well shape the future of climate finance and action initiatives worldwide.
