BAKU: With negotiations at CO on the crucial issue of climate finance heading for an intense round of talks against the backdrop of a new draft decision text, India has asked developed countries to commit to provide and mobilise at least $1.3 trillion every year till 2030 through grants, concessional finance and non-debt-inducing support, without subjecting developing nations to "growth-inhibiting conditionalities in provision of finance". It also emphasised that the support must cater to "evolving needs and priorities of developing countries".
The heavily-bracketed draft text was released on Friday without actually addressing the concerns of developing countries . Though the number of pages of the new text was reduced from 34 to 25 by removing inconsequential options, the key points of concerns of the Global South continue to be there without any acceptable changes. India through its intervention during high-level meeting on the issue also linked developing countries' move to update their climate action targets next year with climate finance commitment of rich nations, saying such a scenario (adequate financial support) is "vital for advancing towards COP30 , where all parties (countries) are expected to submit their updated Nationally Determined Contributions (NDCs)".
The remark is a clear message to Global North (rich nations) that the developing countries won't be able set ambitious emission cut targets unless provided with adequate and 'no strings attached' finance. Indi.
