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India Calls For $1 Trillion Annual Climate Funding from Developed Economies

Developed economies need to provide at least $1 trillion per year to climate finance for developing countries to meet the national and global climate targets, one of the biggest developing economies and a major carbon polluter, India, said in a proposal to the United Nations.  

Developed countries have pledged to support developing economies with funding to address climate change and reduce emissions. Developing countries have been arguing for years that they cannot meet climate goals without substantial international mobilization of finance. In addition, the worst effects of climate change are being felt in many developing and very poor countries that don’t have the financial means to recover and build resilience amid extreme weather events and natural disasters.

In the submission of the so-called New Collective Quantified Goal (NCQG) to the United Nations Framework Convention on Climate Change (UNFCCC), India wrote this week that “In line with the needs of developing countries, developed countries need to provide at least USD 1 trillion per year, composed primarily of grants and concessional finance.”

These goals are expected to be discussed at the next climate summit, COP29, in Azerbaijan in November.

At the end of last year, Climate Policy Initiative, an analysis and advisory organization, said in a report that annual climate finance flows exceeded $1 trillion for the first time in 2021, six years after the Paris Agreement was adopted in 2015.

However, flows must increase by at least five-fold annually by 2030 to avoid the worst impacts of climate change, according to the organization.

Future growth will need to come largely from private sources, while 51% of climate finance still comes from public sources, the report found.

Moreover, the geographic distribution of climate finance is also uneven, as the ten countries most affected by climate change between 2000 and 2019 received less than 2% of total climate finance.

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“While crossing the 1 trillion dollar threshold is undeniably good news, it is important to emphasize that this represents just 1% of global GDP,” said Dr. Barbara Buchner, Global Managing Director at Climate Policy Initiative.

By Charles Kennedy for Oilprice.com

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