India, China, other developing nations propose $1.3 trillion per year in climate finance

India, China, other developing nations propose $1.3 trillion per year in climate finance

The developing countries have also said that climate finance must be clearly defined so that it is not mixed up with other kinds of existing financial flows.

Most of the developing nations, including China, India and African countries, have sought at least US $1.3 trillion per year from the wealthy countries in climate finance starting from 2030—a demand that would be most likely to cause further consternation even as countries at COP26 negotiate on the amount.

A group of 24 nations that call themselves Like Minded Developing Countries (LMDCs), as well as countries from Africa, on Monday evening put forward this demand in a proposal for enhanced finance flows that they are pushing for inclusion in the final decisions that will be agreed at the climate conference in Glasgow.

India is part of the LMDC grouping along with China, Indonesia, Malaysia, Iran, Bangladesh, Sri Lanka, the Philippines and others.

Earlier in 2009 at COP15, the world’s richest countries had pledged to provide $100 billion per year of climate finance for developing countries every year till 2020. In the Paris Agreement, this period was extended till 2025.

But the deal never materialised, with many rich nations admitting that they won’t be able to do so before 2023 — three years after the original deadline.

The LMDCs have proposed to the United Nations at the summit said that half of the money must be allotted for financing renewable energy in developing countries, and the other half to them from the effects of global warming.

These countries said that a “significant percentage” of climate finance, not less than $100 billion, should be in the form of grants, with at least $700 billion per year to be allotted to Africa alone.

The developing nations have argued that the enhanced climate finance is essential to driving their climate ambitions and preventing a global rise in temperatures beyond 1.5 degrees Celsius from pre-industrial levels under the Paris Agreement.

India, China, other developing nations propose $1.3 trillion per year in climate finance
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The developing countries have also said that climate finance must be clearly defined so that it is not mixed up with other kinds of existing financial flows.

During a high-level ministerial dialogue on Climate Finance in Glasgow on Tuesday, India called on the developed countries to accept its historical responsibility and sought enhanced financing.

“We record our deep disappointment with the deliberations in COP26 so far. Developed countries must accept the historical responsibility and provide the financial resources to the developing countries,” it said in a statement.

“Developed countries had taken a commitment in 2009 to mobilise $100 billion per year by 2020 for climate action by developing countries. The promise has not been met. Scaling up mobilisation is pertinent given the huge gap between the requirement and extent of mobilisation,” said the statement.

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