India asks for higher global climate finance target

Developing countries require substantive enhancement in climate finance from the floor of $100 billion per year to meet their ambitious goals and rich countries need to lead the mobilisation of resources, India has stressed at the ongoing UN climate summit COP27.

At COP15 in Copenhagen in 2009, developed countries had committed to jointly mobilise $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.

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