India Flags Climate Finance Concerns, Calls for Multilateralism at COP30
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New Delhi: At the COP30 meeting, India emphasized the importance of climate finance and warned against unilateral trade measures that could undermine multilateralism. Speaking on behalf of the Like Minded Developing Countries (LMDC) and the BASIC bloc, Indian officials urged developed countries to take responsibility for their climate actions. The LMDC, representing over half of the world's population, highlighted the need to address climate-related trade restrictions and their impact on developing countries. India proposed an agenda item to discuss Article 9.1 of the Paris Agreement, which requires developed countries to provide financial resources to developing nations. The country also cautioned against using the 10-year milestone of the Paris Agreement as an opportunity to change its architecture. Instead, India stressed the importance of staying committed to the principles of equity and common but differentiated responsibilities. India called for the establishment of institutional arrangements to integrate the principles of the UNFCCC and Paris Agreement into the Just Transition Partnership (JWTP). The country also emphasized the need for developed countries to transition to net zero emissions earlier than planned and to update their nationally determined contributions guided by the outcomes of the Global Stocktake at COP28. A recent study by the CEEW found that if the world's most responsible economies contributed 0.08 per cent of their GDP to the Fund for Responding to Loss and Damage, it could unlock $60 billion annually, a 75-fold increase over current pledges. While this is still short of the $400 billion per year sought by developing countries, it would raise global commitments to 15 per cent of the required finance. India's interventions at COP30 aimed to reaffirm its commitment to multilateralism and international cooperation on climate change. The country emphasized the need for collective action to address the pressing issues of adaptation and climate finance, particularly for the most vulnerable regions worldwide.
