November 21, 2024
4 mins read

India urges rich nations to honour finance commitments 

India said that the developing world bears a disproportionate burden of climate change impacts, largely driven by historical emissions from developed countries….reports Asian Lite News

India has urged developed nations to intensify their support for climate adaptation in developing countries, highlighting the heightened risk to lives and livelihoods posed by the increasing severity of extreme weather events, especially in poorer nations. 

Addressing a high-level ministerial dialogue on adaptation on Tuesday, Indian negotiator Rajasree Ray emphasized that the developing world bears a disproportionate burden of climate change impacts, largely driven by historical emissions from developed countries. 

“The growing frequency and intensity of extreme weather events are putting the very survival of people in the developing world at risk,” Ray stated, urging wealthier nations to take greater responsibility. 

India referenced the UAE framework for global climate resilience adopted at COP28 last year, which underscored the pressing need for enhanced support from developed countries. “This support must go beyond previous commitments, aligning with country-driven strategies while respecting their unique needs and evolving circumstances,” Ray added. 

A major challenge, India pointed out, lies in the sluggish disbursement of climate adaptation funds under current financial mechanisms. Ray criticized the “long, complex approval procedures and stringent eligibility criteria” that hinder developing countries’ access to these vital resources. 

India called for an ambitious financial framework post-2025, emphasizing the need for substantial grants and concessional finance. “Developed nations must play a pivotal role in mobilizing adaptation finance from both public and private sources for developing countries,” she said. 

Sharing its domestic efforts, India noted that adaptation financing has so far been driven by internal resources. “We are developing our National Adaptation Plan and have estimated an adaptation capital requirement of up to $850 billion in our initial communication to the UNFCCC last year,” Ray revealed. 

India’s appeal highlights the urgent need for global cooperation to tackle the growing climate crisis and ensure a sustainable future for vulnerable nations. 

Recently, India’s Minister of State for Environment, Kirti Vardhan Singh, said raising of climate ambitions to align with Paris temperature goals has to be preceded by free availability of green technologies, producing them on scale and availability of finance for their deployment, particularly in the Global South. 

“On the contrary, some of the developed countries have resorted to unilateral measures making climate actions more difficult for the Global South.” 

Delivering the national statement during a plenary session, he said about the emergent situation, “We are in, there is no option but to break all barriers to the flow of technology, finances and capacity to the Global South. The theme of this COP (Conference of Parties) — ‘enabling actions and enhanced ambition’ is very relevant in this context.” 

Singh said that COP29 is the COP for climate finance — the New Collective Quantified Goals (NCQG) on climate finance for mobilising climate finance for meeting the needs and priorities of developing countries. 

“We all need to appreciate that huge costs are being imposed on a developing country like ours for undertaking climate actions. What we decide here on NCQG must be founded on the principle of climate justice. The decisions must be ambitious and unambiguous, taking into consideration the evolving needs and priorities of the developing countries, and their commitment to sustainable development and eradication of poverty,” he said. 

Singh added that India was categorically clear in saying that the next round of Nationally Determined Contributions (NDCs) is due for submission the next year. 

India remains among top 10 climate performers 

India has retained its position among the top 10 countries in the Climate Change Performance Index (CCPI) 2025, ranking 10th out of 63 nations assessed for their climate action efforts, according to a report released on Wednesday. Despite dropping two places compared to last year, India’s standing is attributed to its low per-capita emissions and rapid expansion of renewable energy. 

The CCPI, published by Germanwatch, New Climate Institute, and Climate Action Network International, evaluates the world’s largest emitters based on emissions levels, renewable energy adoption, and climate policies. The countries assessed, along with the European Union, account for 90% of global emissions. 

India’s rank keeps it among the highest-performing nations, reflecting its ongoing efforts to address climate change. However, the report cautions that significant shifts in India’s climate policy are unlikely. The country is expected to maintain its growth-driven approach to climate action, fueled by rising energy demand from its expanding industrial base and population. 

Interestingly, the CCPI report did not award the top three positions, stating that no country met the criteria for an overall “very high” rating across all categories. 

India’s performance underscores its progress in renewable energy deployment, a key factor in reducing its emissions footprint, even as it grapples with the challenges of balancing development and sustainability. 

ALSO READ: ADANI INDICTED IN US 

Previous Story

Indian Army chief to receive Nepal’s Honorary General rank  

Next Story

Bangladesh eyes 1.1b loan from ADB, World Bank 

Latest from -Top News

Industry Hails India-UK FTA

£34 billion boost, sweeping tariff cuts and market access mark UK’s most ambitious post-Brexit trade pact; Indian sectors set for exports surge…reports Asian Lite News Business leaders from both India and the

India, UK Sign Landmark FTA

The pact is set to make imported goods like Scotch whisky, gin, luxury cars, cosmetics, and medical devices more affordable for Indian consumers….reports Asian Lite News In a landmark moment for India-UK

Farmers Win Big in India-UK FTA

There is a massive gain for rural India and exporters with zero duty on processed foods compared with up to 70 per cent earlier….reports Asian Lite News The India-UK Free Trade Agreement

Modi-Starmer Meet Ahead of FTA Signing

During the discussions, the two sides will also review the progress of the Comprehensive Strategic Partnership (CSP)…reports Asian Lite News Prime Minister Narendra Modi on Thursday called on Keir Starmer at the

Hindu Temple Vandalised in Melbourne

Confirming the incident, Victoria Police mentioned they are investigating “four linked incidents in Boronia,” including the temple and two restaurants….reports Asian Lite News In a deeply disturbing incident of racial violence, a
Go toTop

Don't Miss

Women wearing hijab must be looked at with dignity: Petitioners

As the bench asked Khurshid what was his view on

Israeli envoy assures safety of Indian workers

Gilon underlined that Israel is doing its maximum to protect