New climate finance goal must be based on climate justice: India at COP29

Baku/New Delhi: India on Tuesday emphasised that the new climate finance goal to support climate action in the Global South must be rooted in the principle of climate justice. Addressing the UN Climate Conference, Union Minister of State for Environment Kirti Vardhan Singh urged wealthy nations to lead in reducing emissions and ensure sufficient carbon space for developing countries.

Delivering India’s national statement, Singh said, “What we decide here on NCQG (new climate finance goal) must be founded on the principle of climate justice. The decisions must be ambitious and unambiguous, taking into consideration the evolving needs and priorities of the developing countries, and their commitment to sustainable development and eradication of poverty.” 

He stressed that free access to green technologies and adequate financial support are crucial to enhancing climate ambition in the Global South.Singh also criticised restrictive trade measures, such as the European Union’s Carbon Border Adjustment Mechanism (CBAM), which he said hinder climate action in developing nations. The CBAM is a proposed tax on energy-intensive imports like steel, cement, and aluminium from countries with less stringent environmental standards.“Some developed countries have resorted to unilateral measures, making climate actions more difficult for the Global South,” Singh said, calling for the removal of barriers to the flow of technology, finances, and capacity-building. India has consistently opposed such measures at multilateral forums, arguing that they unfairly shift the burden of climate action onto poorer nations. Singh warned that the global carbon budget for limiting warming to 1.5°C could be exhausted within this decade, urging developed nations to advance their net-zero targets.

“The historical high-carbon emission pathways of the Global North have left very limited carbon space for the Global South,” Singh said, adding that developing countries must prioritise sustainable development and poverty eradication.with agency inputs