India flags finance as Bonn talks end

Hindustan Times

3 days ago

India has endorsed the views of Like-Minded Developing Countries, G77 and China groupings that adherence to Article 9.1 of the Paris Agreement, which mandates developed nations to provide financial assistance to developing countries, is critical as the world approaches the annual climate conference scheduled for November. Bonn Climate Meetings act as a midway point before COP (AP)
During the closing plenary at the Bonn Climate Meetings, which act as a midway point before COP, India said that lack of progress on Article 9.1 has emerged as one of the foremost challenges related to climate finance.
'Lack of any progress on Article 9.1 is one of the foremost challenges related to climate finance. This is a global priority. This is a priority for Global South. This is not possible without international cooperation and the developed countries meeting their obligation and ensuring the urgent implementation of Article 9.1,' India's delegate at Bonn said.
India has also expressed concerns about unilateral trade measures.
'…we are concerned about the unilateral trade measures against the provision of Article 3.5 of the Convention. We are hearing unilateral carbon border adjustments, which directly contravene the principles of equity, CBDRRC, and the multilateral spirit of the Convention. We strongly urge parties to reflect on this and extend support to these matters in future deliberations,' Rajashree Ray, economic advisor, MoEFCC, said.
While Article 9.1 says that developed countries must provide financial resources to assist developing countries for mitigation and adaptation, Article 3.5 of the UNFCCC mandates countries to cooperate for a supportive and open international economic system that would lead to sustainable economic growth and development.
'We need to put our best foot forward to strengthen multilateralism, rebuild trust, and ensure to find a just and equitable solution that leaves no one behind. As ever, India stands ready to work constructively with all parties… India is committed to a scientific approach to addressing climate change,' she said.
One of the key agendas for COP30 is the 'Baku to Belem' road map to 1.3T, which is all about mobilising climate finance for the developing world.
The spokesperson for LMDC grouping said there were 'many, many unfulfilled promises' from developed country partners.
'We have faced a lot of resistance from our developed country partners in moving forward agenda items that would support actual implementation of the Paris Agreement... Instead, our partners prefer to talk about having more dialogues, obfuscating the real issues underlying their failure to fully comply with their long-standing commitments since 1994… And as if to add insult to the injury, against our needs which run into trillions of dollars, developed countries chose to offer to mobilise only $300 billion for the New Collective Quantified Goal on climate finance (NCQG),' said Diego Pacheco, Bolivia's climate negotiator and spokesperson for LMDC.
'COP30 needs to inspire all of us to implement the Paris Agreement, grounded squarely on the principles of the Convention, equity and CBDR-RC, while unlocking the provision of public finance through implementation of Article 9.1, while seriously addressing trade restricted unilateral measures,' he added.
At COP29, held in Baku, developing nations sought the mobilisation of $1.3 trillion with a $600 billion of this coming through grants and grants equivalent resources by 2030. However, the chair hastily gavelled a climate finance goal of 'at least $300 billion per year by 2035' from a wide variety of sources.
Experts said the Bonn discussions were an example of the 'hypocrisy' of wealthy countries.
'In Bonn, we saw the theater of rich nations once again dodging their duty, hiding behind the smokescreen of technical talks while communities in the Global South are left to drown in broken promises. After decades of negotiations, the fundamental truth remains unchanged: there is no climate justice without climate finance,' Harjeet Singh, Climate Activist and Founding Director, Satat Sampada Climate Foundation.
'And the hypocrisy is stark: wealthy countries can find trillions for military spending and the fossil fuel industry, yet they sideline the adaptation finance that is crucial for helping people suffering from losses and damages. We cannot achieve a just transition away from fossil fuels or protect our people from devastating climate impacts until the wealthy countries that created this crisis finally meet their commitments with real, public grants,' Singh said.