COP27: India insists on new global climate finance target by 2024, says previously-set goal of USD 100 billion per year not enough : The Tribune India

PTI

New Delhi, November 10

At the ongoing UN climate summit, India has asserted that developing countries require a “substantive enhancement” in climate finance from rich countries by 2024 as the previously-set goal of USD 100 billion per year by 2020 was miniscule given the scale of their needs, official sources said on Thursday.

At COP15 in Copenhagen in 2009, developed countries had committed to jointly mobilise USD 100 billion per year by 2020 to help developing countries tackle the effects of climate change.

Rich countries, however, have repeatedly failed in delivering this finance.

Developing countries, including India, are pushing rich countries to agree to a new global climate finance target—also known as the new collective quantified goal on climate finance (NCQG) — which they say should be in trillions as the costs of addressing and adapting to climate change have grown.

Rich countries say the issues of numbers are political and should be under political discussions and not part of technical discussions.

At a high-level ministerial dialogue on NCQG at COP27 on Wednesday, India highlighted that climate actions to meet the Nationally Determined Contributions (NDC) targets require financial, technological, and capacity-building support from developed countries, people aware of the developments said.

Standing Committee on Finance has estimated that resources in the range of USD 6…