COP29: India Asks Rich Nations To Honour Adaptation Finance Commitments

Calling for an ambitious financial framework post-2025, India said the new climate finance package for developing countries should incorporate substantial grants and concessional finance.

Baku (Azerbaijan):India has called on developed countries to step up their support for climate adaptation in developing countries, saying the growing frequency and intensity of extreme weather events are putting the survival of people, especially in poor nations, at risk.

Speaking at a high-level ministerial dialogue on adaptation on Tuesday, India highlighted that the developing world is disproportionately suffering from the impacts of climate change, which are largely the result of historical emissions by developed countries.

“The increasing frequency and intensity of extreme weather events are adversely affecting the lives and livelihood of those in the developing world, putting their very survival at risk,” Indian negotiator Rajasree Ray said. India recalled that the UAE framework for global climate resilience adopted at COP28 last year emphasises the urgent need for enhanced support from developed countries.

“This mobilisation should go beyond the previous efforts, supporting the country-driven strategies while respecting their evolving needs and unique circumstances,” Ray said. India said that one of the critical challenges in helping developing countries adapt to the warming world is the slow disbursement of climate adaptation funds under existing financial mechanisms.

“Long, complex approval procedures with the stringent eligibility criteria that make it difficult for the developing countries to access adaptation finance,” the negotiator said.

Calling for an ambitious financial framework post-2025, India said the new climate finance package for developing countries should incorporate substantial grants and concessional finance.

“Developed countries must play a pivotal role in incentivising adaptation finance flows from public and private sources to developing nations,” she said. India shared its efforts in adaptation, saying that financing so far has largely come from domestic resources.

“We are in the process of developing our National Adaptation Plan. In our initial adaptation communication to the UNFCCC last year, we estimated adaptation capital requirements of up to USD 850 billion,” she added.