India Insists On New Global Climate Finance Target At CoP 27

Speaking at the Conference of Partiers (CoP) 27 currently in progress in Egypt, the Indian delegation has stressed developing countries require a lot more than the current USD 100 billion per year to meet their ambitious goals. They also said that rich countries need to lead the mobilisation of resources for achieving these goals, which is in line with what most developing countries want.

This ask comes in the background of rich countries who have repeatedly failed to sponsor their 100 bn USD commitments to developing countries. Earlier, during the 2009 COP15 in Copenhagen, developed countries had committed tomobilise USD 100 billion per year by 2020 to help developing countries tackle the effects of climate change. 

The new global climate finance target, also known as the new collective quantified goal on climate finance (NCQG) -- is said to run into in trillions as the costs of addressing and adapting to climate change have grown multifold. At a high-level ministerial dialogue at COP27 on Wednesday, India highlighted that climate actions to meet the NDC targets require technological, financial, and capacity-building support from developed countries, people aware of the developments said.