There are just a few days left until the United Nations Climate Change Conference of the Parties (COP29) in Azerbaijan, but there is still no clear outline of agreement for a new climate finance target. In fact, the goal of this conference was to raise $100 billion for climate finance, surpassing previous goals set during COP15 and COP21. India has emphasized that developed countries must provide at least $1 trillion annually for climate finance, as called for in the G20 New Delhi Declaration.
Developing countries hope that COP29 in Baku will boost discussions on new financial targets, which is crucial to help them meet climate mitigation and adaptation goals. India has already submitted its request for $1 trillion annually to the United Nations Framework Convention on Climate Change (UNFCCC), highlighting the urgency of this financial assistance.
Developing countries, including India, are becoming increasingly sensitive to climate change and facing disasters such as landslides and floods. The Organization for Economic Co-operation and Development (OECD) reported that developed countries provided $150 billion in climate finance in 2022, surpassing the previous target of $100 billion, but still lagged behind in promoting climate change. trust between developed and developing countries.
The new funding target will support developing countries’ energy transition and clarify financing for their next national climate plans by February 2025. At COP29, negotiators will consider a multi-tiered approach to climate finance, starting with a fund core public sector of at least $100 billion, while leveraging resources from multilateral development banks (MDBs) and private investors.
Developing countries, including small island developing states, face severe climate impacts, such as devastating hurricanes. They are expected to present an updated nationally determined contribution by 2025 to help limit the global temperature rise to 1.5 degrees Celsius.
At COP28, countries agreed to phase out fossil fuels, making climate finance even more important for the transition to renewable energy. India is taking a leading role on this issue, with many states and stakeholders actively participating in COP29. Assam, in particular, has joined the global Race to Resilience initiative, working to strengthen vulnerable communities through the Chief Minister’s Climate Resilient Villages Grant (CMCRVF). Assam’s climate actions will be displayed on the COP website ahead of the conference.
